The representative. [volume] (St. Paul, Minn.) 1893-1901, 1899-12-21
THE BUBBLE BREAKING.

Banks Bursting and Gold Going Out
of the Country.
England is in bad way.
She has lost nearly 5000 soldiers in
the Transvaal in two months.
Three of the armies have been defeat
ed in one week!
First Gatacre, then Methuen, then
greatest and last resource-Buller!
He lost II cannon and LOO men in
an effort to cross the Tugela river.
The despised Beers are proving them
selves the greatest soldiers in the
world
England is the center of the gold
Standard; and it looks now as if she
would wreck her empire-"on which the
sun never SETS"
South Africa shipped annually $780,
100000 in gold to London. Now every
dollar of it is cut off, and likely to be
for long time to come.
The gold blanket is getting smaller
and smaller and the nations are Juggling
for it.
They are pulling it off the United
States.
The gold is going out by the million
NEW YORK, Dec. 15-Wall street re-
ceived with little surprise today announce
ments OF gold shipments to Europe There
has been talk to that effect all the week
and with change in foreign rates it was
declared that exports were inevitable The
first engagement announced was that of
$500. 900 by the banking house of Belmont
q Co., and although the news first came
from the subtreasury it was stated that
the gold would not be drawn from that
place. The second engagement was that of
Barring, Magoun & Co., who ordered $500 900
OF double eagles at the subtreasury and the
third and last Official announcement was
that Of Kuehn, Loeb & Co., who engaged
100000 in double eagles. All the gold
engaged today will leave on tomorrow's
steamers, and it is believed that further
engagements will be made tomorrow.
Report had it that one Of the biggest
banks in the city had completed arrange
ments to ship a big sum from the reserve
I'm its own vaults. and three prominent for
eign exchange houses. not yet down for
shipments, are likely to be heard from.
England is paying a premium for our
gold. She must have it. If she takes it
all we shall see the most awful collapse
ever seen in the history of the civilized
world.
The banks are bursting already.
The Chicago Times Herald of Dec. -
says:
There was great demand for money today
Is per cent ruling for some early transac-
tions. large bank which has made heavy
loans marked up those outstanding to 10 per
cent and scrutinized closely the collateral
offered for new transactions at higher
rates. One Wall street bank required from
20 to 25 per cent margin, besides 10 to is
points to spare on the stock for 500 900
loans.
Fifteen or 20 per cent of good industrials
were accepted on this basis where the bor-
rower's name was satisfactory. In all from
$35, 900, 900 to $40, 900, 900 was called and paid
off, then $2,O00,00O or 81, 900 900 loaned at 6
to per cent; large supplies then loaned
down to per cent. Sterling exchange ad-
vanced n per cent for demand bills
While bankers were puzzled over the
money situation here and abroad the pre-
dictiOn was made that demand bills would
rule higher throughout the week with no
prospect, however, of touching the export
j, ing point. One Of the largest foreign ex-
change houess reported today's rate as
fully cents below the figure at which gold