The representative. [volume] (St. Paul, Minn.) 1893-1901, 1899-10-12

1As ssaae IS - sss@s. tx ,aSfaang
c cherished "a : :'sse - sc ~
weeks soperatifss - IN sasss'- a. i,
days SUSPENSE. AZ ssss.s,sS; ss@3 ~,
much realizing IL It's ts.s sts 4 u .sse,sss 8
the Dewey reception. Aassas sa@ she
that this selling ana a. fss r .srfs.s
which 1t had produced W III ~ fof1s,.. 81
py strong and rising MARI 81 sx,3a zfss H,sss
Th1s reasoning seemed plausis Ma. 0sf !,
uid not sufficiently reckon upon ktts pos.
sloliltles OF unforeseen contingencies. nss.
tween Thursday and Monday the drift 81
events was unpropitious; and this week
opened with decided preponderance of
hn oear lnnuences. The African situation
Iad become so critical that the avoidance
OF war seemed almost beyond the power of
| diplomacy; for although England seemed
10 De so1tening her attitude, yet the Beers
were yielding to the impulse of a. war
lever whlch Kruger might prove unable to
control me Bank Of England had ad-
eanced lts minimum rate Of discount from
Shs TO Az per cent, which was followed
Dy like rise in the London open market
III sympathy with this expression of the
great banks estimate of the situation. for
elen exchange suddenly became frmer. and
iast weeks hopes of early importations of
gold had to be Indefinitely deferred indeed
IN the estimate of some. it had become
question OF whether WE MIGHT NOT
have TO SHIP THE METAL TO LON
DCN. Most people seem to have over
looked the fact that on Monday some
$lo, 100000 had to be transferred from tho
city banks to the city treasurer in pavment
1or taxes, and they only realized the i'm
portance OF this factor WHEN 10 PER
CENI HAD TO BE PAID FOR MONEY
On THE STOCK EXCHANGE. The state
menu OF the associated banks showed loss
iaosi 1.vvyo IN reservese, the surplus over
legal requirements being only s., 900 |
compared with an average of s24 650 OO0 |
at the same date Of the preceding five years. |
Inc expectation OF falling off in the shin |
ments OF money to the interior was dis |
appointed, and bankers had come to the
uunciuslon: from the high rates of exchange
WIN WIZ interior points, that we have to face a
sun considerable outflow of currency to
the West and South ..s4,,.,gs..
Ihls was the changed aspect of affairs
with which the week opened. The effect
;C112, to ALMOST A PARALYSIS ON
three days of the week the TRANSACTIONS
aggregated only 1,101, 800 shares, or little
more than one-third the volume on an
actlve market Outside spectators stood
aloof. and the principal buyers, other than
,overing pears, were few strong oper-
ators who purchased for future use on the
more extreme depressions. To add to these
depressing conditions. London was a free
selier OF our securities on Monday and |
tuesday, while Berlin was understood to be
carrying large amount of Americans.
which might be thrown on our market in
he event of the money pressure in London
becoming more severe. During the first |
!aI OF the week money was scarce and
nousn tnere was rate show the urgency
i the banks position and it's resolution to
trengthen itself from all possible sources
. Il preparation Tor Whatever may come out :
\ the African position; SO that, if these
lses prove insufficient, a further advance
lay De expected. In the latter contingent :
y, a return OF securities from London
no Berlin would not be unlikely; it could
e only a question OF the volume of the !
ehux. Some important changes in tho t
ondon situation must occur before we can e
Eel assured against possible exports of gold
utner, still more before we can hope for
nportatfons of specie. Thus one Of the e
lief expectations Of an early relief to the
eserves OF the banks is indefinitely post q
oned; 1t ceases to be an element in esti a
ates OF the more immediate prospective v
oney supply. The outlook for relief from d
)mestlc resources is by no means equally p
scouraglng. 1t seems quite likely that 5
the money could be easily had, the West 1
nc south would take from this market
rther considerable amounts of currency !
Ut, with such high state of tension as
wv exists at this center, the procurement II
1unds Will involve pressure that must p
mpel some yielding in interior demands .
oere Is now vastly larger amount of u
'a.ing FUNDS IN the interior than ever ex- d
[ed before; and between contributions ~
ON that source and the further contrac ~
On OF loans, and arrangements between m
Banks and their country correspondents. tr
should be found possible to work out
adual relief from the prevailing string
cy. in
Clews deals only with the surface in al
cations He does not attempt to pen st
rate into the causes of these condi- 81
ms. He knows that the shallow le
honey power" has produced them. W,
ey nave called up the devil, and will FL
unable to control him; and the result of
" be the end of their villainous WI
nasty of destruction. IN of
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