St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-15

The Balance Represents Wheat
and Stock Purchases st.
Paul's Style of Stamping New
York Checks.
NEW YORK, Aug. 1.-THE steamship
La Normandie. which arrived this morn,
ing, brought 1, ,179.000 francs gold.
Ladenburg, Thalman & Co. have
100000 gold on the steamship Yucatan.
from Havana, due here today.
Heidelbach, Ickelheimer & Co. are adj
vised Of further shipment of 100000
gold per steamer Ems, which sailed last
Saturday.
SOUTHAMPTON. Aug. 14.-The Ems.
from Bremen. sailed for New York at
midnight last night. She had on board
consignments in gold amounting in
value to sl.450.0O0.
NEW YORK. Aug. 14.-As was expect
ed, the demand for currency was very
light here today, although it was known
several large pay rolls had to be pre-
pared for. Those dealers in money who
were conspicuous during last week
found their shops almost empty of Gus
toners. They were buying only to fill
orders, they said. and paid l per cent
premium for small lots. No premium
was offered for gold to arrive.
Maturing loans in the city, it was said,
are and have been, as a rule. renewed,
and at the old rate, about per cent. 1t
was reported that several cities, Progi-
denee and st. Paul being especially
mentioned. had adopted the rule of
stamping all
Checks on New York,
Payable through the clearing house."
Bankers said these cities were not by
any means singular in this matter, that
OH the contrary the practice mad become
so general throughout the country that
the exceptions, if any, would be worth
knowing.
The steamship Yucatan. which ar
rived from Havana, had sSS0,000 Spanish
gold. The steamship Lain, due from
Europe on "Wednesday, has ESQ 600
gold on board. The steamship Ems
has s1,4s0,0OO gold ON board. The
steamship La Normandie today brought
1,044,000 francs to Barring. Magoun e.
Co., and $4,000 francs to Heidelbach.
Ickelheimer IL Co. The $50.7750 gold,
consigned to the Canadian Bank of
Commerce, and brought in by the steam
ship Aurania, is for the Bank of Nova
Scotia, of Chicago. The Etruria, which
sailed from Liverpool on Saturday, has
St,S50,0O0 gold consigned to local bank
erS
The sterling exchange market was
firmer. and posted rates were put up to
S4.S9l9 and s4.S71sS. The receipts of
bills by mail were, fairly large, es-
pecially against grain and provisions.
Silver at the stock exchange today
was neglected. Commercial bar silver
and Mexican dollars were weaker, de-
clining to 7214c and 5SMc respectively.
Gu rrency Was Ffrmer
this afternoon at the premium up to
11a per cent gold. and paper was wanted
particularly. silver in measure being
disseminated against on account of the
expense of handling. Spot gold was
quoted at ~ and for delivery at IL per
cent. The market for steIling ex-
change was firmer in the late dealings.
and posted rates were advanced another
1ac to S4.S4 and 81 SS. Gold importers
were the heaviest buyers Of bills, and
this had much to do with the improve
ment in the market.
The Evening Post says: Perhaps the
most interesting of all present market
problems is who has the newly imported
gold and what use will be made for it?
Its true destination is considerably less
plain. from the fact that the real i'm
pOrters brought it from London only to
sell to local brokers at a premium. Re-
garding the source and purpose OF these
bids, we have more or less public
evidence. Much of the gold unQues-
tionably represents London's cash pay
ments tor its own wheat purchases in
the West-an operation commonly
financed by the use of New York bank
reserves as inter rmediary, domestic and
foreign exchange playing their prop er
parts. By reason of the breakdown in
interior exchange, Chicago has wisely
| resOrted to drafts direct on London.
Part of the gold was bought by local
| savings banks, to whom the operation
means dead loss. except when reckoned
as the price of safety. Another portion
was purchased indirectly by private
capitalists for use as credit in the se-
curity and time loan markets. Part
again was bought at premium by
clearing house banks themselves,
either as agents for their out-of-town
customers, or with the simple wish of
at heavy cost.