St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-22

y
eign Steamers Have Brought
Us Thirty-Three Millions of the
Precious Metal.
LONDON, Aug. 21.-The steamer
Gallia. which will sail from Liveroool
tomorrow, will take e2O0,O 200 in gold for
American houses.
New York. Aug. 21.-Che City OF
Washington, which arrived this morn
ing from Havana, carried 100000 gold.
The Etruria. which arrived Saturday,
brought e53S, 199 gold.
The Campania, which left Liverpool
Saturday, carries s4.sOO,O00 gold. The
Ems, due today, has 100000 gold, and
the Columbia, due next Saturday, has
S500.000.
The money market shows no changes
so far as call loans are concerned, the
ruling quotation being 3@5 per cent.
Time money and discounts are quiet.
Currency premiums were about per
cent, with fair demand from out of
town firms and institutions. Spot gold
is quoted at 2@219 per cent. and for next
weeks delivery IL per cent is bid. The
clearing house loan committee at its
morning session neither issued nor can
celed any certificates. The sterling eX-
change market was strong and higher,
posted rates having been advanced to
s4.S4@4.S41a and s4.sS14@4.s9. Foreign
houses are almost unanimous in the be-
lief that the
Bank of England Rate
of discount will be advanced on Thnrs-
day. In the open market the rate is 4
per cent and rising. The impression
here is that the governors will take this
action in order to stem the tide of gold
exports, and if possible divert the de-
mand to other quarters. The market is
also influenced by the high premiums
on currency. 1t was announced this
morning that Receivers Oakes and
Rouse. of the Northern Pacific railroad,
will leave here tomorrow for Milwau-
kee. where they will meet the other re-
ceiver, Henry c. Payne. and together
they will make an examination of the
roads affairs. Until this examination is
completed, they will make no more
statements.
The Post says: There were large re-
ceipts of gold from Europe today, and
despite sharp advance in sterling eX-
change, more was purchased at the
Bank of England. The impression is
now general in London that the bank
will advance its discount rate TO or 5
per cent. Whether such move would
or would not serve to check the Amer
ican demand-the local premium makes
Hat
give continental exchange rates suffi-
cient twist to force some specie out of
the French and German banks. Paris
exchange on London rose today to the
level of q premium OH gold. The move
ment of our own interior markets is
slowly shown the influence of this
Imported Gold,
though the tracing of its actual present
resting place has become a matter of
mere guesswork. Everybody knows at
least where it has not gone. The pick
ing up of gold in London began with
the close of June. Since then the for
eign steamers have delivered at New
York no less than $50, 100000 of the
precious metal. Yet the United States
treasury gold balance has within that
time increased only S3,S00,0 while the
specie supply of the New York clearing
house banks has actually decreased
| S4,635.5 There is, of course, only one
explanation of the phenomenon. The
newly imported gold has gone
wherever it was most impera-
needed somewhere much more impera-
| lively than in the New York national
banks. Moreover, there is probably
larger quantity of it now in hand-to-
hand circulation in the Eastern cities
than at any time during the present
generation.
A London special to the Evening Post
| says: The Bank of England today sold
e25,000 in United States gold coin.
| Fifty-two thousand pounds in sover-
eigns were received from Paris, 100000
from Holland and a12,OOO from Portu-
| gal. A large effluX of gold from the bank
to America is expected tomorrow. The
bank rate may possibly rise before
Tuesday, but this is not very likely.
The stock markets were fiat today in
| all the departments, on the expectation
| of rise in the bank rate. There was a
slight recovery at the close, chiefly in
Americans.
Silver bars and dollars were Sid,
with no supplies. Rupee paper was
down to &C. Bar gold, rs and 11t5d.
WASHINGTON, Aug. 21.-Orders have
been issued by the treasury department
| to all subtreasurer5 to pay out gold over
| the counters, the same as other classes
| of money. The effect of this is to prac-
tically place the gold reserve among the
| available treasury cash assets. As a
result. the gold balance has been some
what reduced, being slightly below
500, ,000,0OO The net treasury balance
is s11. $50, 900. Receipts continue light.
and expenditures heavy, so that before
the month of August expires the treas
ury balance and the gold balance will
both be probably lower than now.