The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-11-27
GOLD SCARE IN ENGLAND.
Yellow Metal Is Leaving Too Rapid
IL For Comfort

New York. Nov. 27.-The Times London
financial correspondence cables:
The English market worked itself up
to the apprehension point last week Short
loans continued easy at from to 4 per
cent but VariOts causes were instrument
tai in producing the dread of an immed-
late advance in the Bank of England rate
the drop in your exchange with London
taking the lead. Day after day that kept
slipping back. and it slipped discount
rates rose until on Friday brokers re-
even demanded and 81 per cent on paper
bought outright. fearing an advance IN
Ihe bank rate today and now this has
become the general quotation for three
months bank bills.
Inc recovery on your exchange on Fri
day removes the immediate danger in
that quarter, but we have plenty of
count with Germany is 50 to 8 per cent
and our market has worked itself into the
expectation that the Reichsbank directors
fear may be premature and the Refchs-
bank is not likely to move so near the end
demands nor indicated in asceTfai ma HE
open market conditions
equanInity remains the big gold exports
originating in war requirements The
bulk OF the gold withdrawn on Friday and
yesterday was sent to nav for Argen tine
near future therefore a higher bank rate
is certain soon. ANY move here must
produce limitations elsewhere for the reas-
Ons already often explained. and no cheap
money is possible this winter
Happily. the Indian government apDears
to have been told to hoId It's hand for
no gold was ear marked BY it last week
Its ind1scretiOn threatened to be that last
straw which does all the mischief The
effect Of the money shivers on the stock
in consols which have been falling slight
~ day by day. The selling is partly spec
ulatiVe and partly compulsory. since il no
longer pays to use stock as collateral in
grade securities feel the weight of cur
rent rates OF interest in the same fashion
but quotations sink slowly and inter1nit-
tently, and stagnation rather than col
lapse IS the real condition of our invest
Apparently a little more attention is di-
rected to your railroad securities on the
part of investors, but not enough to count
upon. As for speculation in them it is
IeI5 WhQIy 70 the professional element,
and weeks pass without question being
put TO me whether l think this OF tha8,
american stock worth buying: Our peo-
pie are not even playing with copper
shares and it is said that most Anacon-
Those who a short time ago did an active
business IN them now find the trade dried
Between London and Paris a Ianguid
gamble drags along in Tintos. In the last
Two GAYS OF the week Paris also purchas-
Cd cape copper shares at nearly two
pounds higher than what they sold at a
er advance in the price of the metal and
undoubtedly the consumption is ncreas-
ing mere Iever1shly at present, through
war office orders alone
ManuTacturers of instruments of de-
SlructlOn are working at the highest pres
sure ever known to get orders completed.
Doubtless some of this custom VIII find
its way to the United States. and already
orders for the new Colt automatic gun
have been given out by our government
The news of this does not prevent the
shares of the English Colt COMPANY lust
issued. going at a discount for the public
has neither thought nor money for any
thing except kaffirs. But the boom even
IN these was less rampageOus last week
although dear money is no more regarded
by operators IN that market than a show
The corporation of Glasgow has sent its
oIders Tor new steel work for an electric
power station to Pittsburg. and there
ought to be many other kinds of steel
and iron supplied to US by YOU in the
present high pressure condition of our