New-York tribune., 1900-11-11
BRITISH MARKET REVIEWS.
CONDITION OF THE BRITISH TREAsURY-sPECU'-
LATION IN "AMERICANs"

London, Nov. 9.-The demand for money is fair
and discounts firm. The continued advance IN
New-York exchange and the growing frmuess OF
the check rate have reassuring effect but fail to
produce ease. owing to the increased scarcity. due
primarily to the Bank Of EnGland's operations
The hardening is satisfactory. however. and may
prevent a squeeze later
Business the Stock Exchange was mostly in
active. with features. Lord Salisbury's Guild
hall speech OF last night had appreciabe effect
Americans were the most active. They opened at
parity and the irregular advance was renewed
supported by New-York They closed firm. Lon
don continues to sell. The greatest movement was
IN Northern Pacific common which was ab-
sorbed largely by Wall Street. Grand Trunk was
lower the small increase in traffic receipts Bra
zilians were bought. Chinese were weak and Kaf-
frs fairly steady.
The Bank of England having adopted the policy
OF vigorous borrowing The Investors Review"
says;
The immediate aspect of the money market Is
ing OF money. discount and foreign exchanges have
improved somewhat Mr.. McKinleys triumph had
a Quietng influence on the money market New
York reducing loan rates and lifting exchange
ward are less acute The advance in the Bank rate
has been postponed Essentially. however the
treasury helpless against any foFsisn l 6Re de
Tenders for $4,000 treasury Bills Norember n
Will probably draw on an additional fl 500 900 from
momentarily assisted in sustaining market rates
The Treasury payments however. are SO enormous
beyond few days and the Treasury will be as
hard up before. How much 1t owes at the pres
ent moment there are no means of knowing but
the floating debt Is about f2S in Treasury bills
and Bank advances There is exaggeration in
estimating that another $4,000 would be required
to meet its liabilities account of the war TO the
present As many of these were contracted abroad
1t follows that the Government still threatens the
money market with crisis
Commenting the Stock Exchange THE In
vestors' Review" continues
The staid section OF the public has taken little
interest in the rampant outburst. Speculation in
Americans has been confined either to the House
or to a comparatively small coterie OF professional
gamblers. We should not. however. be surprised If
the public follow the example in increasing num-
bers during the next few weeks. Further advances
therefore. extremely probable without discrtnI
mating as to quality There Is a likelihood Of tire
mendous rushes In Atchison. Baltimore. Norfolk
Northern Pacific, Louisville, Southern Railway
Union Pacific, New-York Central and Pennsylvania
and, perhaps. even in Reading Erie and Southern
Pacific. Intrinsically. consider that a great ma
Jority of these at full price now and some are
too dear The Industrial outlook in America is un-
satisfactory. In regard to probable business there
1t has entered is about to enter a period OF
retrogresson OF capital and expenditure Many
american railroads are warning to expect another
season or troubled finance, following the flush
or prosperity OF the last two and a half years.