Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1899-08-07
London Money Market.

New York. Aug. 1.-THE Times London
financial correspondent cables: The week
did not differ materially from the previous
week. We now wait the cor,rsa of eya,+s
take our holidays and leave speculation
pretty wen alone. The supreme question
IS SUN dear MONEYS it coming or not!
Inc Bank of England people say: YES.
1t must come" and they do their best To
Keep the market from slipping away. The
market, though the worst was over a
week ago and was deeply chagrined last
week to find the bank still the master
on Monday discount was 81 to 3h nor
cent, and on Wednesday the SUNNY of
credlt was so short that the market had
70 go 10 the bank and discount1O October
DIS at Sc per cent, besides raise a LITTLE
money on short loan at AZ per cent This
was rather a staggerer, and accordingly
brokers' made haste to change it to ~.
per cent, the rates they had been before
quoting and cutting. Short loans in the
open market, however, were still procur-
aoie' ordinarily at pa to 3 per cent. While
II is possible somebody VIII usually take
pllls below the published rates at the
bank OF England. the opinion now is that
,he rate may go to 4 per cent. next week.
out much depends upon foreign ex-
chanses, especially with that of New
York. w"
should your brokers claim gold from
Lohuon TINS autumn the consequences
lh'sht easily be a nasty crisis. partly here
ana especially on the continent. If the
frehch wheat crop is at all short this
year, necessitating increased Importation.
.he monetary dlfflculties in Paris are al
most sure to reach an acute stage. AS Il
IS, speculation on the bourse is paralvzed.
and the official brokers are onenlv ac'
cused or m~aneuvering to deDress rentes
against the government. The accusation
mas not been proved, but the fact that if
has been made reveals the atmosphere of
suspicion IN which French people exist.
Ana the bourse and the people are smoth-
eleu m financial commitments, from
which there can be no immediate deliver
The deadlock continues to prevail
both in France and Germany, and in a
MINOR degree here, so that time and gold
can alone permit us all to escape without
sacrifices.
The efforts daily made to engage us in
new speculation in new stocks are so far
utter failure. I last week again made
1t my business to inquire around the city
among investment brokers whether the
clients had begun to buy. "Certainly
was the invar.able answer, and
added: ours are still selling, n
we have orders on our books now to sell
Pennsylvania, Norfolks, Northern Pa
cities and Balt.mores." A fringe of gam !
blers is no doubt punting in and out, but
SOLID markets are never thus established. |
truth is that until the fears about |
money are ended still more until the ex- !
commitments to speculation in in
dustrlal and mining securities are worked /,
off. means to make the American market
N hand will not be available.
Add the industrial activity which every
week demands more currency to the dan
ger of autumn demands Upon our gold
many quarters, and it is not difficult
to understand the legarthy that has fallen
upon us. Last week the Bank of England
received fS44 900 in gold from abroad and
6 sos 900 Of it has gone into circulation.
Usually large sums do go into circulation
at this time Of the year, but they come
back again soon. This year, so far, no.
thing has come back n people say that
it is because some stocks begin to hoard
gold on their own account, instead of
wholly on the Bank, Of England
stock. There is not much truth behind
his assertion, for it is trade which re-
luires the cash. However,, l look for a
stiff, uncertain and choppy money mar
get all the rest of the year. For the cur
rent month, the changes may not be
greater than / nave indicated, but condi-
IONS are so uncertain that a small acct
dent might upset all our calculations.
And we are by no mean clear of the dam
ger Of a South African war, which would
temporarily shut off the rand gold sup
ply. On the other hand, the new decree
ordering a gold standard for India seems
A kin of owlish joke, since India is una
BILE to collect gold save by borrowing.