The representative. [volume] (St. Paul, Minn.) 1893-1901, 1899-10-05
JUST AS WE FORETOLD.
The Blanket Too Short.

LONDON. Sept. 3o.-The prospect O
stringency in the money market occupie.
serious attention in financial circles. Their,
AFRICA since the crisis. Altogether. from
London and Australia, about 6 !, DOC. 900 hav,
been drawn, while it is impossible to ade.
quately gauge the future requirements If
the same direction. This, together with
American competition for gold. and the neei
OF gold to move the crops in Egypt ani
south America, makes promise of a create,
stringency than has been experienced 70,
years past.
The Statist comments on the serious pros.
pect especially with reference to America
and says:
Some means may perhaps be found
whereby the United States government NAV
make exceptional disbursements from the
treasury, although it is difficult to foresee
now 1t will be done. Were the stringency OF
the American money market removed. one
OF the most important factors pointing to
nigh rates would disappear. Fortunately
the secretary of the American treasury is a
banker of experience and ability. He has
already given evidence of his desire to a.
sist the bankers. and may, therefore. if me-
cess1ty demands, find some further means Of
relieving the market and reducing the
pressure upon London
A single great war, just now will
smash the gold standard and bankrupt
the world.
The money lenders are running
everything, and they will run it into the
ground. They are the grand apostles of
the gospel of grab" and have no more
philanthropy in them than there is in a
rat.
Then read the following:
Especial to the Chicago Times Herald)
NEW YORK, Sept. 24-The essential fea-
ture OF Saturdays bank statement is its re-
Election of the continued aflux of money to
the interior and the inability to meet the
GRAIN otherwise than by withdrawing loans
from local borrowers. Although the pre-
payment OF the $5,oOO.0 900 interest was be-
gun on Monday last the banks show a not
loss of $2.50O,O00 cash, which was more
IMAM offset by cutting down the deposit
liability to the extent of nearly s21 900 OO0
by reducing loans.
In the aggregate the So banks now hold
something less than 100000 above the re-
CURED reserve, the surplus standing to the
creolt OF a comparatively few institutions.
many are under the limit, and one hank
with deposits of $34, 1000, 900, is about q
million ulnder its required reserve The
. ranhs as whole are probably stronger
IMAM the statement of SATURDAY. would
indicate, for, while the coupons represent
ing october interest on the government
bonds were promptly collected at the he
ginning OF the week, the checks forwarded
Tor interest on the registered bonds were
slower in getting round, and the deposit Of
these made the sub-treasury debtor to the
banks to the extent of 81, 600. 900 in Frie
days clearings.
However, the treasury cannot nav ont
$o,OOO,OOO interest every week, and the
movement OF money to the South and West
VIII go on for at least several weeks tn
come AS ~
The ability of the interior banks to draw
may be inferred from the statement inst
compiled by the comptroller of the currency
giving the condition of the banks of THE !
city at the close of business Sept. Z and |
showing that the net amount due to Other |
bankers and banks was $685., 900. 900. At tho |
date of the previous returns to the conn |
troller June 30, this sum was $500. 001 mn |
The increase Of $45, 600, 900 during July and |
August explains the ease of money iurino /
those months and the concurrent rise in |
Wall street prices.
The rise In the rates for money caused n |
smart fall In the exchanges, sight sterlinr
bills declining three-quarters Of a cent in
the pound, but they are still about / cent |
IN the pound above the level which would
admit Of importing gold But for the un-
1prtunAfe state Of suspense in which forefan I
hanking circles are kept by thu threatened