Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-03-20
India Helps Out the Bank Of Eng
land with Millions.
MARKET FLAT AND TIMID
u the Prediction from London Cop
per Market n Gamble Want
American. TO the Rescue.

New York, March 20-Thc Times
London financial correspondent ca
bius.
our money market ~ going exactly NJ
was anticipated. ~ iho government
financial year ncafs 80 end. bankers
balances grow scarcor. and all the week
the market had 10 lean on the Bank OF
England. The scarcity would have been
greater than II il but for the unusual
wealth Of the Indian government. II
was estimated n year back that We
would want is.0oo.000 pounds In Lon
don by the sist instant. but the India
office here has found such q demand In
London Tor It's drafts on the treas
urlca In India. that H. sales N them
have Melted nearly 100000 pounds. So
the India council II In funds and CONE
potcs with the Bank 81 England BY
lending freely at "a pet cent right up
10 April Z. the day before the british
and Indian stock dividends becomc pay
able. The Bank Of England charges Q
per cent FOR threc-day loans. and nat
urnily gct little OF the current business
when money can be- found elsewhere.
Discount under these circumstances
would have been easy at per cent but
for the strong German demand for
gold and the Tightening W ~ your
money market. Even with the help of
the fears about gold thus created, hlil
brokers have much difiiculty In secur-
ms "a per cent ON rcmlttcd bankers
papers because they all atiil think
| chsapntnH IL certain 60 come next
month. ! doubt N u VIII ana look Tor u
/ restless and timid market. Hat one day
or weak and fcvorinh the ncNt We
| hsv. too littln gold In stock To preserve
~ from money rcnrccs.
You have mo- nineteen day accounts In
/ your stock exchange and may be-
| thankful that you have not. when such
spares ~ time intervene between pay
day and payday, We have either a
series Of dashing Ramblcs or slow and
| rrumhlinr markets with the dealers
fully convinced that stock iuhhing u
/ not a reproductive Industry.
The current long account ~ 81 the lat
ter description and We keep signing ~
calling out for a public that comes not
Little spurta 81 activity In spanish
/ bonds or In tintua, with an industrial
/ counter here and there. We See daily
but not general business nom "A wide
/ public.
! An support 81 the copper market
/ comes either from Paris or New York
| and BOSTON. and your people have nh.
| Fnrhcd large blocks Of Anaconda copper
shares this week. Parts cannot keel
the play active and the death of So
cretan this week shook interest IN
| prices for a day or two. Hut ne was
merely tool In stronger hands and
/ the market was accordingly hruccd ut
again by the prime manlpulaiofH. II u
| all gamble In which the public has M
Interest and our constant marvel " how
| Paris should h. able to carry all the
| trash IL hnA acquired IN recent years
/ In copper and gold mines. discrrdited
government bonds and Industrial sccur-
/ tiles very much "lloolcyixed." The
tintos might be- good at ~. but at 10 10
one enyira the holders enough to buy,
A. yet there arr no superficial indicn'
lions Of any crash On the b1urre. We
| only know that tho position n strained
| and that the business between Parts
and London has become wholly profess.
| riunnl and much restricted nt that. A
/ feeling ~ pVcrluadodnrFn hnuntH both
| markets ana u N most difficult to see
| how II can be- conlurrd away
! We have al. nH u matter ~ fact. got
too much to carry and business a. hin-
derod hy the masses ~ securities held
In pawn at high prices. Unless you
come to the RESCUE We shall bye and
bye h. In a bad way, No European
/ market ~ at ease ~ the present mo.
nent. Vienna. iiorlln. Paris and Ans.
terinm are al hard M aud want 90 sell
and can INA no moncycd customers 10
/ unload upon.
iiut We may have several Hpurta he.
fore one or the other Of them topplo
/ over.