The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-09-16
NO FEAR IN BERLIN
DEATH OBJ PRESIDENT nm Nor
EXERCISE DEPRESSING Eff
Feet ON B0ERSE
FAITH IN ROOSEVELT POLICY
Other Untoward Events, EmbezzIe-
ments and Bank Failures, Have
Created Some Disturbance
In German Markets.

BERLIN. Sept. 15.-The announcement
of the death of Mr.. Mckinley did not
exercise any depressing Influence upon
the German boerses. it being believed
that Mr.. Roosevelt would preserve the
same policy as his predecessor, and also
that the efforts of New York financiers
to prevent a crash would succeed. Can
adam Pacific and Northern Pacific shares
fell off somewhat Friday, but this was
partly recovered Saturday. The Berlin
boerse, however, suffered independently
of the death of Mr.. Mckinley from
variety of untoward events. The week
began with the announcement that the
Allegmaine Kleinbahn Gessllschaft would
lose half it's capital through recent imam
c1al troubles. Later came the announce
ment that the Mecklenberg- Strelitz Hy-
potheken bank would lose half its capt.
tai owing to the difficulties of last spring.
Next came the statement that the report
OF the investigating committee regarding
the affairs of the Pomeranian Hypothe-
ken bank would be much more unfavor-
able than had been expected.
Friday brought news of embellishments
amounting to more than 100000
marks by the manager of the Breslau
United Shipping company, involving
number of Berlin and Hamburg banks in
losses. This was followed by news of his
suicide. Yesterday brought run upon
the Hebron Gewerb bank, causing
suspension. The same day witnessed also
reduction by the rolled wire syndicate
OF 10 marks per ton in the price of wire
and reduction by the wire nail syndi-
cate of marks per metric hundred
weight. In addition to the foregoing de-
pressing circumstances numerous annual
reports were published showing very dis
appointing results. Moreover the reports
from industrial centerS continued gloomy
A number of hrSt-clasS firms at Rem
scheid, the great hardware center, are in
difficulties. Some factories there have
reduced wages 10 per cent and many
Workmen have been discharged.
The coal situation grows worse The
coal syndicate is carrying on a sharp
struggle with British coal In Northern
ports and is reducing prices there IS
per cent. 1t was announced during the
week that the syndicate would meet soon
to consider a general reduction These
conditions made the week one of the
worst of the summer season Quotations
for industrials fell generally, some
heavily. Ocean transport shares contin-
ued to weaken upon declining freight
earnings. Bank shares weakened upon
the expectation of a rise in the Reichs-
bank rate of exchange. The announcement
that German banks will take the Russian
railway loan of 100000 marks has made
an excellent impression on the boerse
as showing confidence in the financial
situation, but it could not. impart any
strength to quotations. 1t is believed
the loan will be heavily over-subscribed,
owing to the present preference for inter
est-bearing securities over shares.
The sale Of the shares of the Ham
burg-American Packet company to the
value of 900 marks to New York
causes the Kreuz zeitung to raise a cry
Of alarm and to declare that ]. Pierpont
Morgan is trying to get control of the
German lines. The paper argues that this
is quite possible, adding:
The factors that make it possible are
the immense financial resources of the
Americans, the cheapness - of German
transportation shares and the fact that
the great lines must very soon raise new
capital, which the German market is not
able to supply