The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-08-21
LONDON MONEY MARKET.
No Advance in the Rate lis Likely
for Some Time.

for Some Time.
| New York. August 20.--The Times Lon
don financial correspondent cables: our
me notary position is decidedly better anu
unless an unforseeable change for the
worse comes. no advance of the Bank OF
England is likely until well into next
month. / do not recall such harmony VI
action between bank and open market as
! exists now.
Hitherto when the Bank of England has
made efforts to force rates up in order
to protect bullion or attract 1t from
abroad, the other banks have been In the
habit of contendng as too which should
work the cheapest. In consequence, the
bank of England was soon beaten. such
a thing has not happened on the present
occasion. Whether because they had but
little spare money or because the preca-
diousness of credit on the continent In
spired them with prudence, our leading
Joint bank stocks have all striven to main
tain rates rather by purchasing bills spar
ingly from brokers or by eNacting rates
higher than the Bank of England rate
That bank itself only worked at 3 IL per
cent when bills of sixty days currency OF
less were presented for discount. For
longer dates its charge is ga per ceit.
snd opan market accordingly charged
8 IS and ga per cent. Yesterday and to-
day the market worked about IA Off these
rates. but the weakness is hardly eX-
pected to continue.
To attain this rightly the Bank of Eng
land has had to borrow freely, going up TO
5 Ia per cent for money into September
The desired object, however. has been at
tanned. Gold flows in steadily; foreign eX-
changes are more favorable and the bank
reserve accordingly strengthened. Next
week II promises to be considerably FUR
Their improved on tho return of holiday
money from circulation as souvenirs are
now pouring in. The flow of the yellow
metal from Germany is now slack because
of the shortage of the supply of the Reich
bark. But we are pretty comfortable now
Until autumn demands arise.
This has been the poorest week on the
stock markets for years past. yet all the
departments are wonderfully strong con
s.dering the outlook. Even kaffir shares
have tlinched but little, thanks mainly 10
the marvellous calmness in Paris. Malci-
cious minds indeed, declare that one sec
ton of the market is strong because our
brand new African millionaries sold short
to an enormous extent before the latest
row with Kruger began. There will be no
war, these people declare. The market
bosses don't want war They are merely
maneuvering for a slump and the agita+
ton will be kept up until the slump ar
rives
Certainly bear contingent of considera-
BILE size exercises some influence. 1t IS
likewise true that people as rule do not
believe that war is coming. We are al
most more concerned about the state of
affairs in France than about the duel be-
tween Dom Paul and Chamberlain ana
Stead. Reports of the Rennes trial and
of the ferinent in Paris are read with lar
more avidity than the South African dis
patches. What alarms us most is the
apparent inability of the French to use
the police to enforce public order, 1t APP
pears to be headed by traitors and it -
openly said that the assassin of NJ. Labori
acted in concert with gendarmes If this
is true revolution may be upon us any day.
Anxiety deepens hourly in Paris and I'M
de: these circumstances you must not OK
pect us to take more active share in the
revived speculation of your stock mar
kets. The shouting goes on, however
and Louisville is still the first favorite
with professionals. but the public either
does nothing or sells.
Meanwhile industries all flourish
througout the United Kingdom and even
the harvest is not so much below the
average as was at one time feared. We
shall perhaps reap nearly one-third of the
quantity of wheat required to feed us for
the next twelve months.