Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-07-24
English Money Market Becomes
Decidedly Easier.
SAVED 1T BY A CORNER.


New York. July 24-The London n
nancial correspondent OF tho Times ca
blts;
The cloud has lifted from the money
market M swiftly as Il arose. on
"wednesday AN uneasy tendency nrst
began TO display itself and dealers with
credit began to think that the bank
rate need not necessarily be- changed.
No change was made and the weekly
bank statements indicated that the alb
sorption Of gold and notes Ia olrcula-
tion had paused. II not come 90 an
end. More important still, the figures
proved the atrlnEcucy to be- artificial
ana the productof the banks own nc-
ton. To mako money scarce In the open
market " has borrowed more than Il
| lent. either that or it sold stocks Tor
cash. Instantly the market felt nc ease
with Itself again. and rutc-cuttlng was
suspended. Early In the week the bill
brokers stood out against the market
and refused 30 buy bills under 3h per
cent ON Thursday they ana a small
business at 3ih per cent. occasionally
less, ana yesterday the rate was about
~ per cent ana threatens To 10 below
per cent this week. Al the same time
money has fallen o. and "a per cent.
These wObbllngH are unpleasant and
everybody h inquiring why the bank
was seized with such alarm producing
energy. The explanation " simple
enough. Had the bank not acted us u
has done, gold would have been cx-
ported and we should have seen fvo
per cent rate established before we
could set u back again iiy curnering
the market at once. the bank forced
rates up, turned exchange In our favor
and drow gold from the continent 20
potent has been its influence that the
Bank pf Amsterdam has been obliged
by swift successive steps 10 raise It's
own rate from "a 10 ~ per cent In Or
der tu protect IT, bullion.
Trouble has perhaps only bouu post
puued. because the situation on the cons
uncnt u sim prccariouH. but domosti-
cally all seems trim and stable.
secondary cause of the banks ac-
tion Is % be- found in the Evil reports
| which have been circulating about the
stability of the BirkbgCk Society. In
The course ~ years. this Institution has
developed "a large business as o deposit
| bank, ana now holds about iO.Ou0OO
poun " sterling of money. 40 rcpaynblc
on demand, besides n million sunk In
brick and murthr By allowing ID liberal
lntercHt 10 dcposlturH. lts management
has been driven a. Invest in many Hc-
curltieH % speculative character TO
relieve 10 OF some of those. u years ago
created two trusts each with 900 900
/ pounds rtUr'ug capital. but this was
not enough nnd q fortnight ugr. u run
| began, Threatening 10 pun u down.
| Happily the hirhock puHauHsca some
millions oi good securities and was able
| 70 ma hfAnH Go puy, The danger,
/ thereil r' b. now over. but rr-organIzn-
/ ton must follow. Had this concern
/ stopped payment the consequences
| must have been most lnmcntnblc Tor
deposit making bnnla In general and
| Bank uf England, therefore. did well
/ 10 act 'nerscticnlly "a bring ln gold.
Abroad, affairs have not npprcclubly
/ mcuded. The Paris bourse u overload
ID ana lcthnrgic. Frankfort and
| Lsydrn are In the same nX and ugly
Suspensions are dreaded for the nu-
! tumn Perhaps the fear may work itH
| remedy without crisis. but the situation
| ~ precuriuuH, In Norway the Eruut
wood pulp Industry Is parnlyzed by tho
| 'hriHtuphrrHon failure, which hits Cor
| man bankers severely. his liabilities be-
! INK nearly $4,000 pounds sterling with
| assets doubtful, nH His business was
| kept Heating by accommodation bills.
| Spain falls from bad Co worse. re-
| trgnchmpnts cannot be- enforced hy It's
| feeble government. and the people are
| determined 10 refuse to pay the new
! taxes The Noumunlnn harvest o. a
disastrous failure but the Russian
shortage n declared less than earlier
estimates.
ftili ull the world wants money and
three parts ~ Il cannot 70 more. our
own moucycd classes apcculntl0nH are
terribly locked ~ and ar consequently
ufuble at present 10 operate freely even
In American rails. whose bright pros
poets are now daily set before them Ina
glowing cOlurs, A Tor copper shares.
the public Interest In the gamble is at
zorro.
m. npt,Ipttn.pt ~ 9,tt,t,,, r,,,.tt,..
10 be- senior London partner of tho
Murghns b. generally approved here.
| Ills career beats romance, but all say
his success o. cmiuently deserved