Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1899-12-18
Higher Rate For Money is
Foregone Fact.
CAUSES DlSTRUST
Need of More Gold Becomes Apparent
Expected Shipments From the
United States Will Not be Sufficient
Continental Markets. $50

Nc" York. Dec. 1S.-The Times'-T ondbn
financial correspondent cables: A waaL
ol strain and anxiety has ended i'm Soma
'nhs very near to a panic, both on the
~ eAehahse and in the money market
.""h"s 10 ohe news yesterday morning of
uen' buffers defeat. All the good effect
'nat othef"lse would nave been certain
W iolioW the announcement of gold c,,,-
'i"s from New York was comnlete1v OMIT.
eateu ana the effects of the disaster az,
~ me greater because on Thursday a.,
rlioaS we We're buoyed up nv tho ho,i>e
CT a great victory. WAY
But there is too much ra,so, g.
no" when the gold arrives If will, ha
h haaMl OUT of the Bank of E,np,a nd IVA
no',"eu. Already some of 10y
$50 ",e stttlng alarmed and a ,,n a.
- ~ no means a remote contin-
a.ntS d. things at present look IF wa,
~, an.e 70 spare us G10, O00, 600 s%terlinp Wa
th;s n,a"u d shock, but l fear that ha,f
a 49,. sum lost in New York might hr;nn
our looming troubles on your narLa MS Ms
49, aole 10 draw gold now SOLELY hac,usa
- 'htlcipated quantities of cotton haya
not come forward. Bills drawn in anti
elpa'lon OF these shipments have there
iure 10 De renewed and the rates on such
.au ,. ~ oiscount last week were gem
'AANA vi oiItI IOfGI&n ma.
Pefs. ON Friday 6O-day American, dra.ts
coihlll3 TINS week in some cases sold at
"a per cent discount and from 6a5 to g.,
r. 'e1lt was une common rate earlier in
the week. Add to this the advance in
the banks price for American eagles
alu me necessity for gold, relnitta nces be-
comes evident. Yesterday business was
paralyZed and the discount rate hard az
ot2 per cent with the banks refusing ia
ouy from brokers. Small contin gents of
soiu are arriving from the continent but
ollS from the open markets. a source of
supply soon exhausted. Directly the
stocks of the state banks are m raa ta,ad
up Will go their rates. -
Open markets discount in Berlin ID now
. per cent and it is probable enough that
the fte!chsbank will put it's rate up TO 7
per cent. Other markets on the con1i-
tlnent EXHIBIT less signs of strain but all
are unable to help US and although it was
reported all last week hat the Bank of
France was going to send cons derable
amounts of bullion to the Argentine re-
public none has gone yet. The position,
therefore,, is anxious at all points in spite
OF the gold on the way from New York,
Australia, Berlin and Paris.
Our stock exchange last week was put
to an extreme strain and stood it well.
Money to the end of December rarely cost
at best less than seven per cent and fire.
quently 10 per cent, bnt payments We're eff
fected without a serious hitch. Ten firms
so far, have failed. but non of them i'm
portant ones. Yesterday, however, the eX-
citelnent was again understandable and
prices dropped. Rand mines opened at six
below Fridays price and dealings being
often impossible. The latest prices were
worse than the opening in most cases.
Further snaashes are therefore inevitable
and the recOil here is sure to reach dis
a~strously to Paris, where the buying has
followed ours.
In the feverishness of our mood we have
been turning to your stocks. but it was
the wholly wild sort of gamblers who
bought. In spite of all the great activityt
in our iron and steel industries. for in
stance, iron ore merchants complain that
they cannot book orders equivalent 10
their output. Although we are not kappy
just at present but evils f~oreseen and
dreaded are often mock prophets of dis
aster, SO we hope for the best.
y friend just returned from Spain in
forms me that that country is more pros
porous than before the war, so prosper
Gus in Catalonia that the mill owners
could not afford 10 close their works as
a demonstration against the new taxa
ton and therefore concluded the best way
WAS to compromise and wait for bad
The government, however. is as
vicious and intert as ever, with eternal
talk and nothing done, and with all the
corruption clamoring to be fed. The
debt of outer London o amounts to al
most 43,500,0 geo pounds, and amounts to al
lays come to at least 5000, 900 pounds
more. The nnu charge is 2,771.0 900
pounds or about 1Sd on the pound. Many
municipalities throughout the country
are fully as much or more bnrdened but
has spent less or public works,
yielding more revenue than on any other
These figures are exclusive of the
debt of the old city corporation which
when added brings the total to the metro
polls no to IS, 5000, 600 pounds. The city
livery companies enjoy revenues esti-
mated at eta5.Co0 Il year, none of
goes to the relief of this formidable