Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-31
LONOON'S VIEW OF IT
How Financiers Regard Drop in
ConsoIs.
FINANCIAL TRADE LIFE
Engineer Found Guilty of Causing
Train Disaster.
NOTABLE CONGRESS IN APRIL
Interest in Visit Of Gen. Botha-
Honors and Receptions Planned
for Boer Leader.
NOTABLE CONGRESS IN APRIL
Special Correspondence of The Star.

Is low-water mark since their conversion,
is accounted by deep-seeing fnanciers as
indication not Of adversely but of booming
prosperity.
In all large European centers Of industry
every penny that can be scraped together
Is required for financing trade, the require
ments of which are all the greater because
Of the high price to which industrial COM
modities have been forced by this same ac-
tivity. Every merchant and manufacturer
wants all the capital he can obtain, and, If
he has securities in his tin box. brings them
out and turns them into the sinews of in
dustrial war His demands also react on
the price of credit in the open market, and
enable money dealers who commonly hold
large lines of government stock to employ
their resources to much greater pront by
financing trade. They also are thus sellers
Of consols and have been for some time
past.
The decline in consols is thus believed in
England to be the elimination of world
wide demand for capital, which results IN
the price of money being higher, the yield
on investments more satisfactory to the
buyer and their price less gratifying to the
seller; and q symptom which at first sight
looks like an indication of financial sick
ness translates itself, on examination, into
fresh proof of commercial buoyancy.
Nevertheless, 1t is necessarily accompanied
by considerable discomfort in financial cir
cles, for holding of consols Is as neces-
sary as Office furniture to banks and many
other credit Institutions, and the fall in
wolves them in losses which made a hole in
the rich harvest that they earn from the
keen demand for the commodity In which
they deal. The banks, of course, can well
afford to face the loss involved by this
depreciation. but some of the smaller
wheels in the machinery of credit have been
severely Jared by it. and the situation Is
not altogether free from anxiety.
The demand for capital also leads to q
certain strain on Londons store of gold.
and yesterdays fall in consols was to some
extent due to fears that the Bank Of Eng
land, in order to protect it's vaults may be
obliged to return to 6-per-cent official
discount rate. However, this may be, Lon
don financiers believe it is fairly safe to
assert that the present money famine Is no
mere passing phase. The price of capital
is likely to be high-with the result that
consols will be low-for some time to come
until, in fact, trade slackens it's activity
relieving the money market or the extra
burden that is at present imposed on it by
the requirements of trade and finance.
Found Guilty Of Train Wreck.
America, seeking to trace responsibility
for the railway accidents that are always
happening in the United States, may be in
terested in the verdict Of a Scotch jury
that has just found guilty George Gourlay.
the engineer of the train that caused the
loss of twenty-five lives. Gourlay has been
sentenced to five months Imprisonment
without the right to appeal.
At the time of the disaster, when Gour-
lays train ran into another, the conditions
were a blizzard of unsurpassed severity.
complete breakdown Of the Understanding
system, train derailed on the joint line,
complete congestion at Arbroath and all the
human instruments frozen and weary.
Gourlay admitted In his evidence that
both the station master at Arbroath and the
chief porter told him he was to travel to-
ward Dundee ION the caution SYSTEM" and
the warning was repeated by the signalman
outside Arbroath, who reminded him Of
what he already knew-that the block sys-
TEN was broken down and that a local train
was in front of him with only ten minutes
start. Under the caution system, with the
block signals imperative, the arms having
fallen down. Gourlay should have stopped
at every signal until told to go on. Yet
after moving out of Arbroath he passed the
distant signal without seeing 1t, but know
ing where it was. and he also passed the
home signal
This is the crucial point of the whole
case. and two theories Of Gourlay's action
were advanced. An engine driver passes a
semaphore Of which the arm is down in
obedience to longformed habit. Gourlay
may, therefore, have passed this home sig
nal with it's drop as result Of habit and
in forgetfulness of the conditions Of the
day In that case he committed an error.
The other possible theory is that he re-
solved to chance it, and drive right into
the station and in that case he was guilty
of the criminal recklessness with which he
was charged. The jury decided for the lat
ter alternative and found the engineer
guilty.
British Intercolonial Congress.
The fourth British intercolonial congress
is to be held in London next month, and the
colonial premiers will need to be made of
stern stuff to survive all the Inequalities
which are being prepared for them here. In
addition to the official festivities number
The Pilgrims will act is their hosts at
Claridge's Hotel April 49, while the 1900
Club banquet at the Albert Hall will also
be a tremendous function.
Big as the Albert Hall is, 1t is not big
enough to accommodate all who desire to
be present at this dinner. The boxes are
already disposed of, and the arena floor
seats will soon be at a premium, judging
are pouring in. People who wish to be
present at the after-dinner proceedings are
to be accommodated In the balcony.
Popular interest will be chiefly directed
upon Gen. Botha, the new Transvaal pre-
mier. South Africans Of the .imperialist
school, of which Lord Miner is now the
foremost representative and leader in Eng
land, are preparing to give Premier Botha
a cordial welcome to the conference. There
was some debate as to whether London
would include Gen. Botha in the general Of
fer of the honorary freedom of the city to
the premiers. 1t has now been definitely
decided to confer the honor on the former
Boer commander-in-chief, and a seventh
gold casket is being prepared for him.
Strange Habitues of Museum.
There is weeping and wailing among the
strange folk who frequent the reading
room of the British Museum to such an ex-
tent as to suggest that they live there.
Every subject under the sun Is studied in
this famous room and some of its habitues
have come to regard themselves as belong
ing to 1t quite as much as the books them
selves.
For some time they have been living
over a sort of volcano. UNOFFICIAL hints
have been given that the room Is to be
closed, and at last definite news Is forth
coming The room is to be closed for
what may be called its jubilee cleaning and
decoration, and it will not be available for
the 'fllustrious study of the worlds
scholars until the early days Of next win
ter The roof and ceiling Of the reading
room have not been cleaned since the OPEN
ing Of the famous chamber in 1857.
Sir Ernest Cassel bears a strong resem-
blance to the king. At Bierritz. where Ed
ward IL spending a holiday. the knight is
constantly mistaken for his majesty. He
is the same height. has a similar figure, and
although ten or more years younger, the
fact is not very perceptible The king is
vastly pleased to have his double SO near