New-York tribune., 1901-01-27
TIE LONDON MONEY MARKET.
WEAKNESS IN SILVER ATTRIBUTED TO THE
TROUBLES IN THE FAR EAST.

London. Jan. 2s-Money was In fair supply TO-
day but was harder. there being much Uncer-
tainty regarding the immediate future Discounts
were sympathetically firm. the joint stock banks
not being disposed 10 take three months bills at
anything below per cent
Business on the Stock Exchange restricted,
but prices were firm. except in the case OF West
Australians and West Africans. At the opening
Americans were parity and afterward became
easier closing hrn. The feature the strength
OF the better class OF dividend payers, such as
New-York Central and Illinois Central. The CHIEF
speculation centres in St Paul The market is
settled and a continuance Of the seesaw movement
is looked FOR. Operators in mines preparing
for the carryover on Monday, which is anticipated
with much anxiety. There are signs of oninous
difficulties. which may compel number previously
helped 10 succumb. The West Australian
position is very weak owing, directly Indirectly.
70 TIE London and Globe Finance Corporation,
Limited trouble the end OF which has not yet
been reached II is gossip that well known
American a prominent dealer who promoted
dominating West Australians for some time. will
be forced 10 iquidate He had been heavily in
voved in some Of the most important Of the Lon
don and Globe group.
Owing TO the Stock Exchange authorities treat
meut Of the London and Globe system OF specula-
ton. prudent firms have been compelled in self
defence, only 10 curtail the speculative busi-
ness they have been doing for reputedly wealthy
clients. but hold back investment transac-
fellow members. and fear the worst developments
The bad news Of the early part of the week was
discounted by the Stock Exchange beforehand the
Exchange resuming business Thursday more
cheerfully. Several earlier losses wiped out
The dealings mostly small. although there
were sorpe important huctuations in connection
with railroad dividend announcements. Consols
began heavy. II was believed the Bank OF Ireland
had been selling freely in order 10 finance its loan
OF q 100000 to the Government Americans were
spasmodic. Statements about the St Paul deal
We're plentiful. but the market was inclined 10
pin more faith TO the of the dividend being
raised 10 or per cent in March.
Apart from the pressure or settlement require
ments and month end incident ais discounts are eX-
pected 10 remain quiet and weak, while the Gov
ernment pay out the revenue as last as II
comes in. The Statist says II considers that
New-York and the maintenance of per cent in
terest London there may De addltonaI go!o
shipments from New-York and Paris, and possibly
London may exchange The Bank Of England is
money in New-York Paris and Berlin and the
high rates here. The French banks now hold
nearly half the British Treasury bills outStand-
ing. and also several millions In sterling DllS II
is essential that these bills be renewed az maturity
consequently the value of money must De mann
tained in London so as to give an nducemeht 10
renew. ,
effect of the troubles in China and India The
banks of Shanghai full. instead or oelns nard
pressed as usual on the OF the ChineSe New
Year; Consequently not an ounGe mas t;, pen sS
bought on Chinese account IN weeks, Whls the
bazaar demand in India is non-exlstent
The silver market, therefore. IS entlrey de-
pendent on the purchases OF the Indian Govern
ment. about f150.000 weekly. The arrivals are
considerably exceeding this, and are Cutting the
stock.