The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-05-17
London has PLENTY OF MONEY
rBa\sI AL loan BROIGHT 1T
INTO THE MARKET.
r,., Condition Not Expected 10 Last
Whining shares Weak. Partly Because
NJ the Labor situation In south Africa
The Continental Markets Arc Quiet.
,p,em' rabs Despatch TO THE sun

,p,e,a' abe Despatch 10 THE SUN
to>p,y. May le-The only effect hitherto
-, ,bo public markets Of the financial opera
sons connected with the Transvaal loan
hrs zen tho extraordinary plethora Of
money ready for the loan The contrast
Ia. been all the more marked. coming
A.. does after prolonged period Of strin-
zen, rates Short loans yesterday were
-,rrely offered at per cent, even after
All the money due TO the Bank OF England
had been repaid Weekly advances COM
handed only 2H@3 per cent. The present
.,sy condition Of the market will probably
no, las. beyond the end Of next week
The enormous dealings In Transvaal scrip
NJ premium have for the time diverted at
IGNITION from the other markets. Moreover,
The special weakness OF South African min
,ne shares during the last few days has
ended to depress other departments, So
much money owned by the general public
!, being locked up In these shares that II is
considered In many quarters that although
general improvement In stocks usually
begins with the gilt-edged description and
extends downward It will be difficult in the
present situation for any substantial adj
vance in values to occur until the South
pee, As regards the prospect for such i'm
provement, II is evident that almost every
hing turns upon the labor question. Until
cheap and abundant labor for the mines can
b. obtained any substantial, permanent
rallv In South African shares is improbable.
There was rather better tone In South
Africans to-day. following support from
eading financial houses.
The slight decline in the price OF consols
nav be readily attributed to the fact that
holders of these securities have been ex-
changing them into the more profitable
Trsnsvaal loan. II is likely that the money
from the Continent which came to London
With the loan applications and which re-
mains unplaced will be kept here for some
time longer
There has been complete quietness in
the leading Continental markets during
the week. Paris was quite idle. There
was eome recovery in Berlin, but the mar
ket there was largely under the influence
Of what was happening In the United States.
Industrial securities form a large part of
he investment stocks In Berlin, and In
dustrials are very materially affected by
American happenings. rise in the price
OF coal and iron In America has cheering
influence in Berlin; a fall has the reverse
s6ect Nevertheless, business in Germany
has unquestionably improved. and there is
likely to be further betterment. As Ameri-
ran purchases OF both steel and iron con-
linue, it 10 to be expected that more money
will come into demand In Germany, and the
balances employed in London by the Ger
man banks may be decreased. The fears
cabled from New York in regard to large
gold shipments are not generally shared
hero. Large Withdrawals are certainly not
expected.
Tho American railroad market 10 inactive
for local reasons. Prices are generally
lower on the resumption Of speculative
and arbitrage selling ordered from New
York. Fears OF extensive labor troubles
remain the chief depressing influence.
The copper market showed a dropping
attitude. owing to the preponderanoe Of
ceiling, while buying Is practically confined
10 one quarter. 1t is assumed that the ac-
oount for rise has been freely liquidated
SIX weeks ahead, whereas large quantities
have still to be delivered on contracts matur-
ing within that period. This largely ex-
plains the premium OF 81 90 which has actu-
ally been paid for near delivery