The representative. [volume] (St. Paul, Minn.) 1893-1901, 1899-09-28
ON THE BRINK.

The government already has over $50, OOO,-
600 deposited in national banks, the largest
sum for many months, and has leit lttie
unGione to ease financial conditions In wall
street. The great expansion in bank loans,
the heavy decrease in reserves. the high
prices at which securities are quoted and
the overextended condition OF many specu-
latOrs and cliques are responsible 1or the
belief entertained by some of the most ex-
perienced observers that the market is In a
dangerous position.-Financial News Item
Have any Of the Popultst papers reported
financial conditions any worse than this!
Eighty millions borrowed from the govern
ment without interest and still the banks
are on the ragged edge of despair. with less
than 50, SOC, 900 Of surplus funds on hand
reserve constantly decreasing, although loans
are being called In wherever possible Sup
pose the government should call Tor that
$50 900 600. What then will become OF our
boasted financial prosperity? The above
clipping is proof positive that we have not
money enough to9 expand our business any
further, we cannot even keep it where 1t is
without serious danger OF universal collapse.
Speculation has been compelled to call
halt on account of the growing scarcity OF
money in New York. Stocks and securities
of all kinds are declining. Grain also is go
ing down, wheat, is only worth so cents in
Nebraska although the worlds crop OF
wheat is zoe, 900 900 bushels short. A few
years ago present conditions would have
made every bushel of good wheat in the
West worth a dollar Republican farmers
that support the gold standard are paying
dear for their patriotism when they sell
their products at half price on account OF
present financial conditions and pay double
for those necessaries that are controlled Dy
the trusts fostered by their party.-The
Non COnfOrmist.
The New York bankers are now i'm
porting gold at loss,-one firm brought
s., OOO, 900 in one shipment the other
day, and the printing presses OF the
treasury department in Washington are
pouring out paper money by the MIL
lions. A desperate struggle is going on
to make the gold blanket stretch long
enough to cover the cold toes OF the
world.
We are on the brink. The collapse
may come at any time.
Special to the St. Paul Dispatch
WASHINGTON. Sept. 1S.-New YORK
bankers are in financial STRAITS ana IL Is
another case Of chickens com-ag nome 10
rost. For a long time the associated clear
ing house of New York has been charging
Western bankers for collecting checks. the
Western bankers some few weeks ago made
protest and requested that the vast
amount of exchange In the Iorm OF COM
mercial checks be credited up at face value,
without deductfne collection charges. The
New York banks would not consent to this.
AS a result millions of money deposited to
the credit of Western people has been with
drawn. In fact, the surplus reserve Is
about exhausted, for in addition to large
Withdrawals Of account vast sums are be-
ing sent West to move crops. Another
reason for the New York money famine is
that millions have been absorbed in float
ing so many new trusts. Conservative
financiers here who have been watching
business conditions say that in due course
Of time the money market and the Compel
tive rush for business will settle the trus.
question more effectively than gatherings
like the one recently held in Chicago The
Produce Exchange Trust Co.. of New York,
has already broken the east iron rules
of the consolidated banks, and gave notice
today that it would withdraw from the
Clearing House association.