The Topeka state journal., 1899-06-19
TURNED THE TIDE.
Our Gold Shipments sRestoreFinencial
Equilibrium In Europe.

New York. June 19.-The Times Lon
don financial cable says:
The small amounts of gold shipped
from New York to Europe have just
turned the scale and sur money market
has now fallen dead fiat Some bank
ers are buying bills at rs per cent and
it is expected that the rate will go lower
still. The Bank of England has at
tracted very little of the gold arriving
from any quarter but sovereigns have
come back from Scotland and its re-
serve therefore is up almost to the mill
lion mark and quite enough to inspire
the belief that ease is assured all sum-
ner. Yet gold is in demand for the
continent and the urgent requirements
of the German market have not abated
much. The more rates fall here the
more liberty is accorded to the for
eigner to buy the metal and to keep
our bank from getting any. But there
is apparently no pressure on the banks
present stock, at any rate before
August Stock exchange business was
half destroyed this week by the mid
monthly settlement and still more by
the renewed wrangle over the eternal
Uitlander question in the TransvaaI.
People do not actually believe in war
but many fear lest war should be rush
ed by the cosmopolitan gentry who con-
troll the gold mining industry. Some
among this band did their best to smash
the Kaffir market when the babbIe be-
gan and failed merely because the
French bought the shares offered. The
French are a marvellous people. Their
hands seem full and certainly they have
refused lending any more money to
their beloved Russia which accordingly
came here with but poor success. Yet
Paris never failed to buy Rand and Rio
Tfnto shares and above ALL Spanish
bonds when any came to the market.
The French pay, too, for what they buy
and a political crisis at home and war
scares abroad make no difference. The
whole nation seems to have put on
blinkers that prevents it from seeing
anything but an immediate chance of
gain on market operations Spanish
sealed bonds are now 66. but they
prices They fell to 2S when the war
broke out and the intrinsic position of
the country is worse now than then.
But the astute Jews who have all along
controlled Spanish finance now ,calcu-
late in gradually farming the country
out to monopolists. Its forests and
other public domains; it's mineral
wealth, including the quicksilver mines
Rothschild's lease of which expires next
year; its drinks and smokes in fact
everything vendable will be laid hold of
by degrees for the behoof of foreign
creditors. The Spanish people, helpless
and careless, may submit, but even so
these creditors will not be paid in full
What matter if the French do think so
and buy against the world?
We are threatened with an agricul-
tural disaster that may, among other
evils, inf1ict upon US a woefully short
grain crop June, usually rather wet
are already half ruined in many parts
of the country. The same conditions
prevail over the greater part of Europe
and in South Russia the wheat crop is
said to be lost; so If your farmers are
favored by the weather they have again
splendid prospect before them, even
with India competing
The underwriters have had to take I'D
almost the entire capital of the new
copper companies f1oated here lately
The public holds aloof from the dreaA
OF the coming Smash-which smash is a
long way off, but sure to happen some
day, for money has been found and the
new mines are steadily getting to work.
The mid-month copper statistics
showed a slight gain of consumption on
They need cheering, for the supplies
must increase while consumption is ev-
erywhere vigorously curtailed