The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-06-05
SPECULATION SPREADS.
s Extending on Down Among the
People.


New York; June 5.-The Times fin
ancia1 cabIegram says:
A dull week with a lot doing is fair
description of the current markets. The
Stock Exchange settlement passed with
ease and money is plentiful at moder-
ate rates. except on Kaffirs and Kanga-
roos, and there 10 to 20 per cent does
not seem to count for much. The aver
age rates elsewhere are from 4 to 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 transactions steadily increases
and those are generally arranged for
outside the Stock Exchange. The
habit of speculation is spreading down.
ward among the people to an unprece-
dented extent, and as yet each petty
dabbler for the most part risks his own
money only. This makes business I'M
satisfactory but remarkably good, for
the markets are as quiet as the week
has been and with spectators away at
EPSON attending the races, as multi
tudes were four days out of five, we
have had but one or two incidents. On
Thursday last quite furry broke out
in Paris, whose bourse threw 5000 Rio
Tintos on the London market.
"HullO, copper has gone and the
smash has come already!'' eager bears
exclaimed. 1t is not so, but merely an
incident in the eternal Spanish gamble.
At the bourse. in their monthly settle
ment. the Paris banks as usual pro-
ceeded to scrunch the bears with Span
ish sealed bonds. In doing so, at least
one heavy operator was driven into
corner, being at the same time inter-
ested in the bull Tintos. the result was
that his account in both securities had
to be summarily closed. Spanish bonds
were bought back and Rio Tintos were
sold. The price of the former, there
fore, rose in the usual fashion and the
latter fell. 1t was all over in two days
and the market closed last night as
calm and firm as ever. The copper
gamblers are along away from ending
yet.
One other important incident has been
the issue of the Japanese loan. Origin
ally 100000 pounds was asked for, but
the Japanese themselves thought it pru-
dent to take One-ffth for home con-
sumption. So 100000 pounds was Of
fered here and the market was angry
on several grounds. The price, 80, for
4 per cent 55-year bonds, redeemable in
paper, was too high, the amount too
large and the security not first class,
etc.
There is much discussion and differ
ence of opinion stirred up by the par
ticipation of PARIS bank in relation to
the loan. This is one of the most push
ing of four big new banks, formed by
the absorption of small ones. The bank
has no business here, and its actions
are improper and unheard of, the critic
exclaimed. But the PARIS say that
not underwritten the loan nor any part
of the loan, but have merely Joined
others as agents for the issue of the
bonds" This is true, for the general
manager told me so himself, and this
innovation marks further beginnings
and encroachments by joint stock
banks on the domain hitherto occupied
exclusively by private financial houses.
The Russian loan of 100000 is COM
ing next week. This is also a part of
10 600. 900 wanted, but even thus reduced
it will not be a popular one because of
England'S dissatisfaction with RuSSia'S
actions in Pekin. 1t will be a per cent
70-year loan at 80. The fact is,
have no money to spare for state loans
of any quality at present. All of our
means are otherwise engaged and we
are busy dissipating the millions paid
by you for your railroad securities in
joint stock companies of all types, but
which are all we'll supplied with water.
1t Is good fun while 1T lasts, but it is
likely to prove expensive by and by.
Some of our bankers begin to feel I'M
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
filling his treasury with gold AS for
the Bank of England, the bullion bro
kerS nave declared KIM OF 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 the large amounts of gold are
lying in the custody of the Rothschilds
and other merchants. knowledge of this
case helps to make discount flabby 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 2