New-York tribune., 1901-07-08
FOREIGN FINANCIAL NEWS.
THE BRITISH MONEY MARKET.

London. July 7.-Paradoxical it may sound. all
| the conditions of the London Stock Exchange in
| the last week have improved while actual bust
ness has been worse. if possible, than ever Money
| has been exceedingly plenty and prices generally
| better. but dealings. from various causes have
| been at about the lowest ebb. An annoying feature
of the weeks stagnaton lies in the fact that large
sums of money actually yearning for invest
ment, but the public from the force of many
weeks habit. refuses to do anything except sit
| tight" The heated period In NewYork. together
with the holiday there largely contributed to the
| hesitation of investors here
The spectacle of England waiting for the initia-
tive of the United States in financial matters has
! become strangely familiar of late. The races at
Henley this week furnished a fresh for the
| absence Of many members of the Stock Exchange.
but the fact is. any excuse nowadays serves those
who anxious to ignore the inherent and
vous weakness of the English market.
Consols a shade better for the last week
and nearly points above their quotation during
the recent slump; home rails predicted i'm
proved slightly. Northern lines from one
half and one-half better. while southern
lines remained stationary had only fractional
losses. Interest centred in the forthcoming
nouncement of dividends. and traffic reports
showed Improvement in the number of passen-
gers handled. but also heavier working expenses
and falling off in freIghts The latter feature is
important Indicative of the general trade situ
alton In Great Britain. The fact is. the railroads
largely themselves blame for the killing of
this trade by the imposition of excessive freight
rates the poor service rendered and their callous
Indifference TO the appeals OF overburdened ship
pers.
American securities. with few exceptions quietly
continued their upward trend although the actual
dealings in the week comparatively small.
II is interesting to note however the change in
the tone OF English financial writer's toward the
American market. These writer's say that the
American boom created a rush of speculation
which has now become legitimate and the conse
quent enhancement OF values resulted in invest
ment by powerful financial interests 1t is stimuli
taneously pointed how English capital has
suffered. some writer's saying IL was hoodwinked
by the present development. II is further said
that American railroad managers for many years
sacrificed dividends to the Improvement OF equip
ment. with the result that the magnifcently
equipped lines fully ready to cope with
the present immense American Industrial develop
ment. These railroad lines largely financed
with British money. but the lapse of many years
with scanty dividends induced the British investors
largely to cast off these stocks rubbish Shrewd
Americans bought In these stocks at the prices
the Englishmen sold at. and have been steadily
reapng the reward of the present advance In
values
The Investors Review" which Is VIGOROUSLY
bearsh in its alone dssents from favor
able commentaries on the American market The
newspaper in question declares that under the
face a financial crisis is impending in the United
States, and warns bankers of the enormous amount
or American bills afioat here, and suggests the
throwing of a certain class O these bills in
order precipttate immediate panic, which,
The Investors Review says. could be better met
now than after more American securities have been
foated here.
In connection with the tightness of money at
tho end of the year. some authorities have been
seriously urging the banks TO consider establsh-
ing half yearly settling days-January 81 and July
3-so to bring the settlements after instead of
before the semi annual government disbursements
as these naturally ease the money market. In this
connection the authorities in question compliment
Secretary Gage on his alertness in helping the
financial situation by the redemption of bonds and
the forestalling of interest. etc
The Belgian outlook is exceedingly dark: fears of
serious industrial Complica tions held and the
of Span's financial reorganization has been
faVorably received.
South African mines show a steady improve
ment while West African mines apparently on
the verge of boom the strength OF recent re-
ports of the blanket formation OF ore but il will
probably take years to develop the present pros
poets in West Africa sound basis.