Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1899-03-13
REPORT ON
FINANCES
The London Market Has Been
Unsatisfactory.
WENT AHEAD TOO FAST
Fortune Grabbers Bought so Much
in January That They Now
Gr0an Under the Load
WENT AHEAD TOO FAST

New York, March 13.-The Times Lon
don financial correspondent telegraphs:
The past week has been an unsatisfac-
tory one. Money has grown less abundant
and the Bank of England has again lost
some gold, while all the fresh arrivals of
the precious metal have been brought by
Germany. This alone has caused speou-
lators to hang back and to fear the fort
nightly stock exchange settlement. Con-
sequently dealings have been limited and
the movements of prices spasmodic. We
have got over that account all right.
There has been a scramble for credits and
discount houses in particular nave been
driven to the Bank of England for large
amounts to supply the place of money
taken from them to carry stock exchange
accounts. But the rate charged there has
been Only three per cent, and we should,
perhaps, ave been ready buyers again,
but for politics and the shadow of the
coming budget deficit.
China is again bothering us or rather
! Russia in China, and it is astonishing
how heavy the loads of spectators for a
rise become the moment a hint of war
reaches them. AS regards the deficit in
the budget, I estimate it at ga, 900, 900 at
the very least and enterprise and specu-
lation of all kinds will be more or less
timid until we see where the government
is going to find one My feeling is that
we will take the easiest way and suspend
the redemption of our national debt to
whatever extent may be necessary. But
no one can be sure and therefore we ex-
pect trOubled and sensitive markets here
for some weeks to come.
More bank figures do not indicate a
| situation materially different from that
of last year, but the none market has
a great deal more to carry and moreover,
the continental markets are all the more
heavily burdened. Paris is wrestling
bravely with it's Spanish rubbish heaps,
but it's success, purchased at an exhaust
ing price and added dearnesS of money at
each succeeding bourse settlement must
one day bear the inevitable fruit. For
such reasons as these n because the
politics of this unwieldly empire of ours
is always giving rise to s~quabbles at some
point, I think you must not count upon
US just yet as great buyers Of your securi-
ties.
Our disposition was decidedly getting
favorable until your w market f1atten-
ed before the dearer money. Perhaps 1T
you did not scare us with prospects of
shipments of gold TO New York and keep
your stock market up grade for a week or
two after April comes We might begin to
nibble again. At present we rather want
to sell both what we have and what we
have not. Also we look askance on your
great industrial and railroad combines,
both actual and prospective. The copper
Ombine has been believed in here, but 1t
has since been sliding off so that we are
becoming Skeptical.
The sum of the matter is that we are a
little out of heart and inflicted with
financial Indigestion. The professional
fortune grabbers, great and small, Went
ahead too fast in January and now groan
under the packs they carry-not of your
securities, although they have a good
many of them-but of home industrial
shares and mines and home and South
American railway securities. The invest
ing public cannot afford to buy your in
dustrial stocks nor spectators either.