The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-01-27
London Monev Market.

London. Jan. 26.-NOney was in fan
supply today, but was harder. there
being much uncertainty regarding the
immediate future. Discounts were sym
Patheticaiiy firm, the joint i.tOck banks
not BEING disposed TO take three months
oills at anything below 4 per cent
operators IN mines are preparing fOg
the carry-over, Monday, which is antic-
iIateu with much anxiety. There are
signs OF ominous difficulties which may
compel number previously helped
over TO succumb. The West Australian
position is very weak. owin-~direCtly
OF indirectly, to the London q Globe
FINANCE corporation. limited, trouble
the end of which has not yet been re-
ported. It IS g0ssiped that a we'll
hnoWn American, a prominent dealer
VINO promoted dominating West Aus
trdlians for some time. viii be forced
to ilquidate- He has been heavily in
VOWED in some of the most important
Oh the London & Globe group. Owing
10 the stock exchange authorities Ireat-
ment of the London & Globe system OF
speculation. prudent firms have been
compelled in self-defense, not only to
curtal the speculative business they
nave been doing for reputedIy wealthy
clients. but to hold back even invest
ment transactions.
They are puzzled about the credit of
many FELLOW members, and fear the
worst developments. The bad news of
the early part of the week was dis
counted by the stock exchange before
hand, the exchange resuming business
Thursday more cheerfulIy. Several
earlier losses were wiped out. The
dealings were mostly small. although
there was some important fluctuations
IN connection with railroad dividend
announcements. Consols began heavy
1t was believed the Bank of ireland
had been selling freely in order To
finance its loan of a million to the gov
eminent.
Apart from the pressure of settle
ment requirements and mOnth-end in
cidentals, discounts are expected to re-
main quiet and weak. while the gov
eminent must pay out the revenue as
fast as il comes in. The Statist says
II considers that with the continuance
of very cheap money in New York and
the maintenance of 4 per cent interest
in London, there may be additional gold
shipments from New York and Paris,
and possibly London may exchange.
The Bank Of England is rapidly gain
ing strength. owing TO the ease of
money in New York, Paris and Berlin,
and the high rates here. The French
banks now hold nearly half the British
treasury bills outstanding. and also
several millions in sterling bills. 1t is
essential that these bills be renewed
al maturity, consequently the value of
the money must be maintained in Lon
don, so as 10 give any inducement to
renew
The weakness of silver is attributed
to the after effect of the troubles in
China and India. The banks of Shang-
hal are full, instead Of being hard
pressed as usual on the eve of the Chi
nese new year Consequently not an
ounce has been bought on Chinese &c
counts in weeks, while the JaZaar de-
mand in India is non existent. The
silver market, therefore, is entirely de
pendent on the purchases of the In
dian government, about &150.000 week
ly. The arrivals are considerably ex-
ceeding this. and are Cutting the stock