St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-06-28
Foreign Exchange Sold at a
Price to Cause Gold I'M
ports.
subtreasury Pays Out a
Large Amount Of Money
for Interest.
Gew York Bankers Report
the Situation as Easier
Everywhere.

New YORK, June N.-While, accord
Ing to bank officers today, there was no
change of conditions to warrant any
marked increase on stock exchange
prices, there were not lacking reports of
q character calculated to inspire conf
dence, as we'll as some facts which justi-
fed the belief that the outlook was
brighter today than it was yesterday.
One of the rumors was that the,
president was going to call an
sxtra session of congress in July
TO repeal the Sherman silver law, the
reason for the change from September
to July being the action of the Indian
government in closing the India
mints to private coinage of silver.
The question was being discussed, it
was said. at meeting of the cab
met today. Another rumor was that
Drexel. Morgan & Co. were going to
import s2.000,000 of gold. Mr.. Morgan
when asked as to this story said that as
soon as he imported any gold he would
make the fact known. The rate of eX-
change taday amply warranted i'm ports
of gold if there were enough exchange
Obtainable at the figures quoted. Brown
Bros. & Co. sold demand bills at $4.83,
but it was not believed there were
enough bills offering to cause imports
Of gold at.thls time.
Paying Out Interest
The subtreasury paid out large
amount for interest today, its debtor
balance at the clearing house this morn
ing exceeding 81. .4O0, 900. most of which
was for interest. Early this morning
$4,000 in gold was deposited at the
subtreasury for telegraphic trans
fer to San Francisco, and it
was expected that 100000 more
would be sent in the same way today
1t was said also that there were some
inquiries for similar transfers of money
to New Orleans. No currency ship
ments to the country were reported at
the sub-treasury today. but the banks
shipped between $500, GOO and $400, 900 to
San Francisco direct, and also various
small sums TO banks in Buffalo. Indi-
cations ale that currency is returning
TO this city from the West. One bank
received $3.50, 600 from a bank in Chi
cago today.
Generally speaking, the bankers today
reported the financial situation as some
what easier everywhere, but they quail
fled the statement by saying that the
demand for rediscount, while no larger,
was very general from all over the
country. No New York clearing house
loan certificates were issued to-
day. There was no application for
any. Frederick ID. Tappen, president
of the Gallatin National bank, and
chairman of the clearing house loan
committee, speaking of the situation to-
day said:
''The clearing house balances were
small today and We'll distributed, and
everything looked easy and comforta-
Bile. think" he continued, ''tnat there
will be
A Great Improvement
In the situation after the July dsburse-
ments have been made. do not ex-
pect TO see any great Shrinkage in
values on the stock exchange. do not
see on what one can base N N.expecta-
tion of shrinkages. In my binion the
Shrinkage has already takenplace. The
action of the Indian government on the
silver question is the most important
piece of news published this week. 1t
leaves this country as the.only one in
which there is market for silver, and
is undoubtedly strong argument in
favor of the repeal of the Sherman
silver purchase law"
A very serious state Of affairs has
developed in Philadelphia. Several of
the big banks are practically unable to
remit to the banks of this city the bal
ances due them for remittanceS, and
Philadelphia exchange is practically at
a premium today in this city. The
Philadelphia banks say they are unable
TO procure New York exchange, and
they cannot get gold or currency
to ship. One bank in this city
has 100000 locked up in three
Philadelphia banks in that way. Of
course. it could send down and demand
the cash. but it is unwilling to do so.
The probability is that there will be a
larger issue of clearinghouse certifi-
Gates in Philadelphia in day or two,
and then the balances due in New York
will. it is presumed, be paid. In the
meantime, however, business men hav-
ing drafts on Philadelphia will not be
able to get credit for them here. except
at pretty large discount.