Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1899-06-05
Markets of the Old World
In Good Condition.
THE GOLD IN THE VAULTS
The Paris BOurSe Fluctuated Wildly
During the Past Week--A Big
Bunch of Rio TintOS Were Thrown
on the Market There.

New York, June 5.-The Times finan-
cial c%ablegram says, A dull week with
a lot dong is a fair description of the
currents markets. The stock exchange
settlement passed with ease and money
Is plentiful at moderate rates. except on
kafiirs n Kangaroos. and there 10 to
20 per cent does not seem to count for
much. The average rate elsewhere is
from 4 to 5 per cent. The speculative ac-
count carried was heavy in most depart
mentS, and not the least so in American
railroad shares. At the same time the
number of small transactions teadily
increases and those are generally ar
ranged for the outside stock exchange.
The habit of speculation is spreading
downward among the people to an un-
precedented extent, and as yet each
petty dabbler for the most part risks his
own money only. This makes business
unconstitutional, but remarkably good.
On Thursday last quite a furry broke
out in Paris, whose bourse threw about
5000 Rio Tinto shares on the London
market.
Hello! Copper has gone Il the
smash has come already!!' eager bears
exclaimed.
1t is not so, but merely another Incl
dent in the eternal Spanish gamble. One
important incident has been the issue Of
the japanese loan. Originally Flo, OOO, 900
was asked for. but the Japanese them
selves thought it prudent to take one
fifth for home consumption. Sc IS, 0OO,-
GEO was offered here and the market was
angry on several grounds. The price,
80, for 4 per cent 55-year bonds, redeem
able at par, was too high, the amount too
large. and the security not first class,
etc. There is much discussion and diff
ference of opinion stirred up by the par
! = =, { NO %io,, 80 1~~r. ---Y- =
the loan. This is one of the most pushing
of our new big banks formed by the alb
sorption Of small ones. The bank has no
business here and its actions are i'm
proper and unheard of, the Critic ex-
claimed. The Russian loan of f3, 900, 900
IS coming next week. This is also a part
of f10, COO, 600 wanted, but aver thus re-
duced 1T will not be a popular one be-
cause of England's dissatisfaction with
Russia's actions in Pekin. 1t will be a
4 per cent, 70-year loan, at 80. The fact
is. we nave no money to spare for state
loans of any quality at present. All
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 it lasts, but it is
likely to prove expensive by and by. Some
of our bankers begin to feel uneasy over
the stupenuouS credit commitments 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 strengthening the gold re-
serves, therefore, in the air, but they
will come to nothing. No banker is 60
ing 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 brokers lave declared a kind
of boycott against it because it refused
to buy gold at anything over the statu-
tory mint price of us Cd per ounce, ex-
cept through one house as its agent. The
consequence is that large amounts of
gold are lying in the custody of the
Rothschilds and other merchants. knowl-
edge Of this ease helps to make discount
habby, 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 2 per cent,