The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1899-06-06
Markets Abroad Of Quiet and Un-
sensational Character.
London Stock Exchange Affected by the
EPSON Race Mestidg.
The Copper Gamble a Long WAY
From Ending-The Issue Of the
Japanese Loan One of the Feat.
ures Of the Past Week.

NEW YORK, June 5.-The Illness
financial cablegram says:
With a lot doing is fair description
of the current markets. The Stock Elk
change settlement passed with ease. and
money is plentiful at moderate rates, ex-
cept on Kaffirs and Kangaroos, and in
these 10 to 20 per cent. does not seem
to count for much The average rates
elsewhere are from to 5 per cent The
speculative account carried was heavy
IN most departments, and not the least
SO in American railroad shares At the
same time the number of small transact
lions steadily increases. and these are
generally arranged for the outside
| Stock Exchange. The habit of specu-
| lation is spreading downward among
the people to an unprecedented extentA
and as yet each petty dabbler for the
most part risks his own money only.
Ihls makes business unsensational, but
remarkably good, for the markets are
as quiet as the week has been, and,
with Spectators away at EPSON at
tending the races, as multitudes vera
four days out of five, we have put one
or two interesting Incidents
On Thursday last a. quiet furry broke
out in Paris, whose Bourse threw about
| o,UUO Rio Tinto shares on the London
market. Hello, copper has gone, and
the smash has come already" eager
bears exclaimed. 1t is not so, but mere
ly another incident in the eternal Span
lsh gamble. AT the Bourse in their
monthly settlement the Paris banks as
usual, proceeded to scrunch the bears
with Spanish sealed bonds. In doing so
a,t Loo.
into corner, and being at the same
| time interested in bull Tintos the re-
| suit was that his account In both secur-
| tiles had to be summarily closed. Span
| ish bonds We're brought back and Ria
Tintos We're Sold The price of the for
| mer, therefore, rose in the usual ridicu-
lous fashion, and the latter fell. 1t was
all over in two days. and the markets
closed last night as calm and firm as
ever. The copper gamble is a long way
| from ending yet.
One other important incident has been
| the issue of the japanese loan Origi-
nal1y, t10,O00,000 was asked for. but
the japanese themselves thought it pru-
dent to take one-fifth for home con-
sumption. So fS,O0O,000 was offered
here, and the market was angry on sew
eral grounds. The price, 80, for per
cent, 55-year bonds. redeemable at par.
was too high, the amount too large and
the security not first class, etc There is
much discussion and difference of opin-
ion stirred up by the participation Of
PARIS bank in relation to the loan This
is one of the most pushing of our new
big banks, formed by the absorption of
small ones. THE bank has no business
here, and its actions are improper and
| ,1,.1. ,,,IG
But the PARIS say that such comment is
all wrong. I'VE have not underwritten
the loan, nor any part of the loan. but
have merely. Joined with others as
agents fort the issue of the bonds" they
say. This is true, for the general man.
ager told me SO himself. and this inno-
walton marks further beginnings and
Entertainments by joint stock banks in
the domain hitherto occupied exclusives
1y by private financial houses
The Russian loan of $4,000 coo is COM
ing next week. This is also a part Of
tlOOO0O00 that Isl wanted, but even
thus reduced it viii not be a popular
one. because of Englands dissatisfac-
ton with Russia's actions in Pekin 1t
WIN be per cent, seventy-year loan
at 80. The fact is, we have no money
to spare for state loans of any quality
at present. All our means are other
wise engaged, and We are busy dissi-
pating the millions paid by you for your
railroad securities in joint stock COM
panies of adj types. but which are all
well supplied with water. 1t is good
fun While it lasts, but it is likely to
prove expensive by and by.
Some of the bankers begin to feel UNI
easy over the stupendous credit COM
mitments of this country and the steady
pressure ON the part of other countries
to get us to carry their burdens for.
them. There are schemes for strength
ening the gold reserves. therefore, In
the air, but they will come to nothing
No banker is going to lose the chance
of making a big profit for the sake Of
filing his treasury with gold. AS for
the Bank of England, the bullion brok-
ers have declared a kind of a. boycott
against it because it refused to buy
gold at anything over the statutory
mint price of IT'S Cd per ounce, except
through one house as it's agent. The
consequence is that large amounts of
gold are lying in the custody of the
Rothschilds and other merchants.
Knowledge of this fact helps to make
discount fabby, and now, with metal
coming to us from New York. as in all
probability there is. the market will not
be able to prevent the foreign bill rate
from falling below per cent.
To Take Dreyfus Back to France.
FORT DE FRANCE Qsland of Mar
| tinique), June 5.-The Admiral COM
manding the French squadron in these
waters yesterday received an order to
| send the cruiser Sfax to take Dreyfus
| from Devils Island, off the coast OF
French Guiana, and convey him TO
France. The Sfax, which Is commando
ed by Captain Coffinieresde Nordeck,
| left for DEVILS Island at 10 o'clock
yesterday evening.
Antitrust Convention.
AUSTIN (Tex.), June 5. = Governor
Savers to-day telegraphed to all the
Governors and Attorney Generals Of
the Southern States call for an anti
/ y~<~k T. r t.