The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-29
LONDON MARKETS WEAKNESS
THE DECLINE IN CONsOLS HAS
NOT BEEN CHECKED.
'ms Demand for Money on Settlement
pay-The Fall In Copper Shares and In
spanish Securities Has . Had Enect,
Paris support Also Wtthdrawn.
sp,ela coas psspoten 10 TIE Sus.

Paris support Also Wlthdrawn.
speeli Code pespoteh 10 TIE SuS.
LONDON, March 2s-The settlement OF
A,the account in general securities, which
nroceeded on the Stock Exchange to-day,
found the markets more than ever At the
mercy Of holders OF ready money. There
has been a very large business In loans
and renewals at the Bank Of England.
The demand for money was such that
holders OF bills In many cases were in
dined 70 borrow rather than discount.
IN the hope that after the turn Of the month
conditions may be moro favorable. Tho
fact that bills are being held back has not
prevented an advance In discount rates.
The Governments financial year ends on
April /. and it is in plight similar to that
Of the private investor. There arc only two
things which will stem the subsistence Of
oonsols-a big exchequer payment into the
sinking fund OF the national debt. thereby
canoellng an equivalent amount Of consols.
and big purchases OF consols by national
hanks and savings banks. Neither Of these
things can be expected from the present
economic situation.
The Chancellor Of the Exchequer's budget
has to meet increased OUTLAWS for the army
and navy from revenue which, to say the
least. is not likely to show expansion.
The Bank OF England's post ion IL re-
markably strong, but specifically go to
finance the Government heavy oblisa-
nearest, and the grant toward Irish land
purchase the most recon ly announced.
4 is expec ed that The Transvaal loan will
bear in eres. at per cent and will be is
sued a. 85. This expec a. ion tends further
10 weaken consols as an invee, ment.
a'ive account for a rise in consols since
peace was declared. They have dropped
FIVE points since then and the # rtiggle 10
re. afp holdings for better times Is con-
siderable fac or in the hard none airy 81, =
Ss ion .f hoTg zh i, s,u sc admit ted tia;
10 New York for the time al least.
Lon don does not look at present for
relief acroee the Atlantic. It Is the strength
vi Paris that has furnished what support
London has recently been able to secure
today consequently reacted badly here.
The fall in copper and copper shares.
together with the drop in Spanish Govern
ment securities, upon the resignation OF
Sehor Villaverde the Finance Minister Of
Produced a peesimistic feeling. The effect
Of this in London was the selling here OF
French holdings in South African mines,
besides the withdrawal Of money loaned
herr: Money has also become scarce In
Berlin and the leading German banks have
withdrawn a considerable proportion OF
the balances they have been employing on
The London Stock Exchange.
These aggravated the fall In consols and
helped the general depression In stocks.
Rates to-day for loans till Monday were
a1iGsH per cent The markets are practi-
cally at a standstin while the account 10
teing settled
All the markets have been affected BY
the depression in Americans At the OPEN
ing to-day New York Central fell Z; Chicago,
Milwaukee and St. Paul, 8; Norfolk and
Western, ~; Wabash debentures, Louis
nile and Nashville. Canadian Pacific and
Baltimore and Ohio, O. Chesapeake and Ohio
md Union Pacific, tx; Atchison, Illinois
Central, Southern Pacific and Wabash
preferred. M Pennsylvania, ": Southern
|Acifc and Denver and Rio Grande, /;
kaneas Pacific. y; Atehison preferred and
: !. G Railway. Il Reading and Ontario
preferred and Gnion Pacido preferred u :.