Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1899-02-20
FINANCES IN
GREAT BRITAIN
How the Market For Americans
IS Working.
The COMBINE IN COPPER
Is Thought to be Engineered on the
American Side--Faure's Death
TAI no Effect.
THE COMBINE IN COPPER

New York, Feb. 20.-The Times Lon
don financial correspondent cables:
our money market is now quite happy.
Rates are not high, whether for loans or
discounts. but they are hardening and
revenue collecting at last is beginning to
tell upon supplies and banking credit.
lhat, however,, is nothing more than
usual and is nothing to be disturbed.
n rather startled us was the extent
stock exchange dealings disclosed first,
by last weeks borrowings at the bank,
still more ~emphatically by the bankers
clearing house daily returns published
Thursday of each week. These latter
show the stock exchange payday over
turn of the money exceeded the corre-
spending day last year by G26, 600, 900 and
aggregated esq, 210, 600. the highest one
days total ever known. A continuance
OF speculation on the scale of these figures
simply would mean for Zach settlement
from now until April increased demands
on the Bank of England, because the open
market is growing poorer and such a gem
eral scramble for pecuniary assistance
would ensue as might cause more than
one bad upset. For this reason alone,
markets would have been more DISPOSED
to inspire caution all this week.
borrowings at the bank were so I'M
pleasantly heavy on the 10th that dread
haunts US lest it should be worse still on
the oath, which is the next pay day. Spec
ulation, however. has further checked and
prices set back by the liquidation of some
unWleldy accounts of operations in this
market. This has been successfully ac-
compllshed with wonderfully little dis
turbance anywhere and good investment
business is still quietly going on.
l. ma no change in the temper of the
public, which remains bullish. Attention
is sui being directed to mine shares more
than to your securities but this is not to
be wondered at since business has been
so restricted with you. But the desire to
American railroads has become so
less pronounced and an untoWard event
Of politics or a sudden wrench of money
rates can alone stitle the growing dis
to buy.
About politics, / cannot speak further.
than to say that the ticklish position of
France has not yet affected mems hope
fulness, either in the London or Paris. if
we may judge by the way prices are kept
up not only for all classes of mine shares.
but for securities the Spanish As which
have risen to So on what grounds no
mortal can say except that those most
interested in them must sustain the mar
ket. Promises are held out for financial
reforms and new taxes and so on. and
the most is being made of the 800, 900, 900
you are to hand the Spanish government
but old Spain does not change habits
lightly. 1t is her open ministers and the
cortes who impose what taxation they
please and equally open patriotic Span
iards who as usual refuse to pay or bride
collectors to take half or a quarter of the
sum leviable.
''The finances of all so-called Latin ma
tons are falling more and more into a
state of disorder which constitutes a
peril not to be ignored by our none
market or yours even in the most opti-
mistic mood. Yet their credit is man
aged with consummate skill. President
Faure's death might have been expected
to produce 'ahsharp fall on the bourse. II
did at first sshpW4th tendency but more
from precaution athan actual selling
Paris attempted to sell more, but met nc
response from buyers and immediately
desisted. Business momentarily in sus-
pense, has now been resumed with mar,
kets strong and ! do not think the situa'
ton will likely be much changed by the
election of the new president. Paris i:
overloaded, not only with Spanish, bu'
with Portuguese and Italian bonds, bu'
puts a bold front on the situation an(
plays the game with a strong hand
Loubet's election, therefore, presages
more active dealings.
Markets for copper and tin are more
affected than is the market for stocks
The copper gamble is alleged to be con
trolled from your side, but dealings here
are large. as shown by the overturn o.
nearly S, 900, 600 tons this week against thu
consumption of less than 1000 tons
European producers are accused of hold
i ing back supplies for higher prices bu
supplies. nevertheless, are nearly equa
to the demand. | think speculation is no
vet at it's height out it is within a mar
row range and therefore liable to BAT
breaks"