The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-07-30
FIGHT For GOLD.

CONTINUED From Page One.)
sum can hardly arrive in time to on
set any further continental demands.
The bank Of England return is ex-
pected to show a large increase in the
loan business, a smaller stock Of gold
and a sharp shrinkage in the proper
ton of reserve to liabilities. which the
higher bank rate and the expected
gold arrivals will partly restore. The
continental financial and political sit
uation is so acute that 1t Is essential
for the chief financial institutions In
London to take measures of protec-
ton.
Gloom ON Change.
The open discount market will be
able to work more freely now that un-
certainty has been removed with the
establishment of a higher official min
imum bank rate. Absolute gloom pre-
walls today on stock exchange. Yes
terday's crop of failures and the fact
that there was no improvement in the
European crisis had a most depress-
ing effect. Brokers stood about in
groups, waiting for something to turn
up but they declined to do any bus
mess. Quotations were somewhat under
yesterdays figures but were purely
nominal and what little business was
| done was a matter OF prolonged nego-
| tiations. British consols opened at yes
| u, We1o
half below yesterdays closing prices.
They quickly recovered half a point.
! however, to the price at which the gov
eminent broker was buying.
The only other transactions heard of
were in Canadian Pacific which opened
at 1877 and then fell to 1854, or Y below
yesterdays closing price. The Deren-
burg company, firm with large con-
tinental connections, announced that it
was unable to meet its obligations. All
the failures thus far announce d have
been of firms which do continental
business. The change in the bank rate
had no effect on the market as it had
been anticipated.
i Amsterdam Bourse Reopens.
;. Amsterdam, July 30.-The bourse re-
opened today, a committee Of bankers
Having placed large SUI of money al
the disposal of the bourse committee
l for loans on national securities.
: No Coin Obtainable.
Paris, July 30.-The bank of Francs
, today raised it's discount rate from
!, 1-2 to 4 LIZ and its rate for loans from
, 1-2 to 8 IL
The Paris bourse opened today a.
usual but there was no business, tn
3 nominal quotation of French per cen
:, rentes was unchanged. 1t was an
e nounced by the committee of tn
d bourse. the monthly settlement for Jul.
n had been postponed until August 81 70
d all stocks including rentes. The Frencl
: minister Of finances declared today tina
q he was resolutely opposed to suspension
J; OF specie payments, which had been ad
vocated in some quarters. He said
u state OF war alone would justify such
measure and only in case of imperiou
= necessity.
"a The French public seems to regar
a general war as q certainty. .Th
:, crowds outside the savings banks to
y day were three times as numerous q
those Of yesterday. Private hoardfn
r and precautions taken by the bank G
Al! France have almost removed minte
j. coin from circulation. The directc
Of a large industrial establishment tc
I'll day sent fourteen men to scour tn
le banks in the city to change bills int
asi coin in order to enable him to pay h
id workmen's monthly wages.
nj They were met by an almost II
10 variable refusal A line Of sever
~ thousand stcrekeepers waited out1id