The Topeka state journal., 1900-04-30

SN per cent and call money roamed
about between this figure and 5 per
cent Money to the nnid-May settle
ment was likewise 5 per cent, as the
minimum.
In these circumstances the Bank of
England continues to do a considerable
share Of the current discount business
and the market has increased its in
debtedness, Notwithstanding the refiux
of coin and notes from circulation. Ex-
asperatiOn continues over this helpless
ness. and the wrath takes the shape of
accusing the bank of remissness over
gold supplies Instead Of putting up its
prices for American Eagles and other
coins, it lowered them, and therefore
lost the chance of securing considera-
bic parcels available some weeks back.
Now the bullion market is bare and the
competition OF other credit centerS in
creasing for whatever supply is avail
able, while the bank sits calmly by and
squeezes handsome profits from the
generally impoverished condition of our
credit institutions.
Dip below the surface at any point
and it will be found that nothing can be
considered to come within the scope of
the fine discount rates telegraphed from
abroad, except finance bills pure and
simple such as banks create for lending
each other assistance, often at the ex-
pense of the London market where one
legged bills of this sort are still too
plentiful.
ton in calling the ST. Petersburg
bankers together for the purpose of de-
nying to them officially the stories
about the Boer sympathies of the czar
reveal plainly enough under what
propped-up conditions credits there ex-
lists. Only a few months ago, NJ. Witt
organized a market-prepping sort OF
trust for the purpose of keeping up the
price to the purchases of shares of COM
panies started with preposterously large
| capitals. Liquidation of the rotten
! gaseous fringe of Russian industrial
| development is therefore inevitable and
1 am not confident that we can draw
much or any gold from the imperial
bank save at the risk of a crash at St.
| Petersburg.
Given such conditions. what better
course could the Bank Of England pur-
! sue than to act so as to render its rate ef-
! fective without making any sudden pull
1 upon other markets. Its managers
know well enough that we must have a
| 6 per cent bank rate again later in the
/ year, and work now with the avowed
| object of postponing the advance as
/ long as possible. Doubtless enterprise
| is gagged meanwhile and the public IS
shy of subscribing to any new security,
| however good, but this cannot be help
| long as our resources are all ear-mark-
| ed for the use of the government.
The East Indian Railway company Of
! fered G1,000, 900 of 3 per cent debentures
| last Friday at 95, or G3 lower than the
| lowest price ever asked before, and by
dint of persuasion got the amount ia
| ken at an average of about 96 over the
minimum Home municipalities cannot
do even this, and as for new industrial
commercial ventures they just need not
try. A shipping combine with a. capi-
tai of nearly $4,000. 600. had to be with
drawn last week after being fully un-
! derwritten.
This week comes the 10 per cent in
stallment on the Khaki loan, and the
market has no money with which to
pay it. In last Thursdays bank return
the market looked richer by &200. 900,
but that is really government money to
a great extent, representing the portion
of the loan paid up in full by small al
lottees and not yet handed over to the
treasury.