Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1899-09-11

\ again to throw business into the hands of
the Bank of England. Apparently the
bank has been allowing the market to
drift, but this is not really the case. 1t
continues to borrow floating balances on
favorable opportunity, and the ease in
short money rates enables it to do this at
5 per cent, and into October or a little
more.
No new business went to it last week,
as it will not discount BE- percent. or
lend for short dates below Az per cent.
but it is sure to find full employment for
lite funds, both in loans and discounts
should the present temper of other banks
continue. Holders of bills cannot stand
off much longer, and If the market re-
fuses this week to take bills below 3A per
cent. the bank must get the business.
Inc stock exchanges quarter will close
next FRIDAY and promises to be a nasty
one. Last Friday and Thursday large
quantities of real stock We're flung on the
market. and money must be found to car
ry them. Thu market believes that war is
to come. 1t said to itself the Beers are
sure to give way at last. Now the people
are thoroughly scared for the moment,
and are disposed to fling away right and
l9eft. Unless this mood changes before
Tuesday, I fear that the stock exchange
failures and a small panic will ensue.
The leading classes of speculative secur-
tiles would have closed Friday night
! much lower but for New York and Paris
| buying. o bought your own stocks
thrown away here by weak bulls in terror
and Paris absorbed kaftirs shares in
thousands. This helps considerably to
relieve the tension and nothing resem-
bling a panic is to be unprecedented. Many
ask how Paris has been able to buy Afri-
ca shares. For some things Paris has
plenty of money. It's bank is able to is
sue notes without reference to the gold
reserve. but only the statutory limit
which is placed very high. A week ago,
for example, it's notes circulation rose
nearly El0, 500, 900, and it's stocks of both
gold and silver slightly declined. Last
week it's bullion remained practically the
same. but it's note circulation again
shrunk nearly G3, 500. 900. The total, how
ever, is still fully G7, 900, 900 above that of
a fortnight ago, Or a year g The trade
of France requires none of this extra
money, it is all absorbed on the bourse
in carrying securities, many OF them at
an -extravagant valuation. Until this
breaks down, French operators are likely
to experience difficulty in buying what
they please. AS regards African mines,
moreover, Paris is still as sceptical of
war as we were until last Wednesday.
This scepticism is founded on the belief
that the Beers are towards, a mistake
that when found out may produce strik-
ing developments.
News a just come from India that the
government has in Solemn Durbar or
dered hat Is silver rupees be henceforth
given in exchange for the sovereign to
the end of time Or of British dominion.
The true exchange value is about "a ru-
PEGS for a sovereign and the device is a
~laughable one. Yet the government is
confident hat all the world will now be-
gin to pour gold into India, in a fever to
make the losing bargain. The govern
ment is willing to take anyone's gold on
it's own terms, but canno promise TO give
it back again on the same terms as it
could never do SO but by borrowing the
/ yellow metal.