Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-07-10
MARKET
TOPSY TURvy.
Money Scarce Instead Of Cheap,
as Was Expected,
INCREASE IN BANK RATES.
knowledge Of Financial Danger the
Greatest Safeguard Against u uoer
War IndIa's Goid standard.

New York. July io-The Times Lon-
don financial correspondent cables,
our money market has been n little
topsy -turvyish this week. The bill
brokers were working the rates down
below 2 per cent. with full belief that
money viii be cheap. II has not fallen
as expected on the contrary II has
been scarce and dear. Instead Of pay
ing back all loans due the Bank u
England. the market has had 20 renew
portion. and the bank charged 49,
and Tor the last two days 4 per cont
for three aud four day advances. Ihen
the two biggest banks that usually hold
FROM twenty 10 twenty-five millions
sterling In bills between them. have
been holding on tho market Either
they would not buy az all orr they rec
fused 90 take bills nc lpHH than "a per
cont. The bankers, therefore. were
thrown back on floating credits IN the
market. Tor which often ana aomc-
times 2M and . per cent has been
charged. Even No. the Bank OF Eng
land has been master of the poaltion.
Perhaps greater ease will como next
week. but IN any case extreme cheap
ness ~ not possible
We are doing an enormous trade and
N
az the returns OF the bnnkors' clearing
house ~ the past week prove. They
show an Increase OF 5000 900 pounds
sterling on last years total Tor tho
same week. and no 2i3,f21.ooo pounds
sterling represent the highest weeks
total ever known, Throughout tho
provinces u n Just the same. The cuun-
Try banks ind local employment FOR
their money and can spare less for
London.
Gold is stili going to Scotland IN.
stead OF coming back. nH o usually does
nt this period ~ the year. The foreign
banks. too. loan more ana more on Lon.
don. yet the universal cry on the cone
uncnt " that thorc lH not enough
money 10 20 around aud the Bank M
Amsterdam has twice put up iB rate
within three weeks
Paris has got through the Boursc prt.
ucmcnt without "a big smash. but the
market has been crippled and Hulky
ever since. to- condition being such
that the greatest caution a necessary.
Were n Hoor war 10 arise. upacttinT
the knfiir nharv market ! am afraid
20 think what the consequences might
be-. Both In Paris and here perhaps
knowledge OF tho danger ~ tho great
cHt safeguard against war.
India ~ 90 have "a gold standard.
Such IL the probable decision OF the
committee now sitting. This means
that 20.000,000 pounds In gold must De
collected 10 form q basis of the gold re-
serve. Money must be borrowed. and
doubtless could be with comparative
ease. but the effect ~ this artificial de-
mand for the metal must be- import
ant ON the rates of discount every
whore and not least here. The bank.
perhaps, n keeping a hand on the mar
ket. IN anticipation, and II h quite
right 10 do 80 IN any case. with the
home credits demand 30 great and ~
nffalrs are shaping abroad.
The new Mexican conversion loan Is
gruuted az by many. NO catch IN Il
shall take my money old-stagcrs say.
Nevertheless. the prospect n good Tor
Mexico, and not bad FOR the Investors.
especially " i've million Of tho now
stock ~ already sold IN New York,
/ That win give Americans an interest
/ M the government % the country. per-
| h1pa, TO prevent trouble when pmza
| rylgn ~ over. our great fear ~ lest
/ tho Mexican bonds should merely rep.
| resent Dinz'H llfc annuity hut mean
! while, one big stock dealt IN ON "a halt
] dozen markets r. better than q bundl,
| uf small ones mostly held by German
banks M fnhnuIerH ana FOR this rca,
son, the conversion Is likely 10 be d
/ success.
Copper IL admirably manipulated and
the ring has every appearance OF helna
able 90 keep "a hold on tho market foi
many months. Iron la also rising and
Rhipyarda are fovuriHhly busy.