St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-08-20
CHICAGO MONEY IN EUROPE.
A Close Estimate Fixes the
Amount at 100000 for Thi

A Close Estimate Fixes the
Amount at $4,OOO,OOO for Thi
Summer.
Chicago Tribune
Chicagoans went to Europe this sum-
mer 5000 strong. They took in their
pockets some four million of good dol.
lars. 1t might be incidentally suggested
that worlds exposition is an excellent
scheme for attracting foreign COMA
great magnet with an affinity for gold
so strong that its power is felt around
the world.
The Tribune asked the Chicago bank
erS yesterday how the total amount of
foreign letters OF credit issued to travel
erS compared with previous years, aud
learned the increase was decided one.
Some banks report their issues of for
eign letters of credit amount to four or
five times as they did last year. At
every bank having foreign correspond
ents the increase in this line has been
great, some of them jumping from an
insignificant amount to 100000 or
$500, 900.
1t is impossible to get at the exact
figures of the amount of money the
pilgrims took with them. They did not
all, of course, take letters of credit.
Many had credit already established
with European houses. The funds of
others were conveyed with their COM
mercial credits, and there is no way of
separating the accounts. Many of the
people who are going to Europe on a
few hundred dollars may have taken
the gold with them. The amounts is
sued by each bank could not be aecu-
rately given without long search. The
figures obtained were approximate esti-
mates, and are practically correct.
The First National leads the other
banks in foreign business. The in
crease in letters of credit issued
amounts to over SO per cent. This bank
has issued so far this year $1,000, 900 to
travellers. The Chicago National in the
last year has issued S6S5,0O0: the Hi
noiS Trust and Savings bank over $780,
600 in the last ninety dayS-four or five
times the amount for the corresponding
three months of last year. Among the
other banks doing the largest business
in this line are the Union National, the
Merchants Loan and Trust, the Amer
lean Exchange National, and the Bank
of Montreal. These banks all did for
eign business this year greatly in ex-
cess of former years. The four of them
have probably issued foreign credits in
return for the travellers cash to an
amount not less than 81. 100000.
The Metropolitan Nationals business
in this line has so far this season
amounted to 1925, 000-two and halt
times as much as it did for the whole of
last year. The Merchants National
has issued nearly 100000, against s40,-
600 last year. These are the banks
which do the largest foreign business.
The smaller amounts issued by the
other national banks and the numerous
private banks with foreign correspond
entS would add several hundred thou
sand dollars to the list.
To learn how many people this great
sum of money is to provide for the
steamship agents were asked how many
passengers had been booked at Chicago.
The Cunard leads. The clerk was not
able to give the exact figures, but his
estimate was $500. The White Star Of
fee has booked $50 and the Allan and
the Guion lines about 100 each. These
are all cabin passengers. 1t is con-
sentative estimate to say that 5000 Chi
cagoans went TO Europe this summer
and carried with them S4,000,000