St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-09-04


bank statement shows the following
changes:
Reserve. increase. So. l7Osl 5O
Loans, decrease 49,. 49,. 3,34S. IOU
Specie. increase. 3.S2S.oOO
Legal tenders, increase. 2,123.IOO
Deposits, increase. 3.53O.2OO
Circulation. increase. 1.131,4oO
The banks now hold S1,567,5 below
the requirements of the 25 per centrule.
The subtreasury was debtor at
the clearing house today $105.-
600, and it paid 100000 OF that in
gold. The bank elearances were S92,-
100000, and the balances $500, 600. OF
the balances nearly rs per cent were
paid in cash, 81, POO, 600 consisting Of gold
coin. This is marked contrast to
week or ten days ago, when only about
per cent of the amount of the balances
were paid in cash. The daily increase
in the bank clearance was also said by
bank presidents today to be an
excellent sign of Improvement and
proof that confidence was returning In
business circles. The general improve
ment throughout the country this week
was UClIcNCu W UG ILulCdICu NY t1lC
bank clearings in the United States.
These showed an increase over last
week of S51. 496, It's. The clearings for
the week ended last night were $685.
9l5,2 03, decrease from the correspond
ing week of last year amounting to
1925, $40, 120. The market for foreign
exchange was nominal today, all the
mail steamers having sailed at an early
hour. But little business was therefore
done. The posted rate for demand
sterling exchange was $4.S7. 1t was not
expected that any
Loan Certificates
would be issued by the clearing house
loan committee today.
Money was quiet and merely nominal
in all departments. Call loans 3; time
money per cent and a small commits
sion. Prime mercantile paper s(@l2 per
cent. The premium on currency is
merely nominal, say 493S per cent.
Corporations with large pay-rolls
have had less difficulty in securing cur
rency this week than for month or so
past. Gold is unquotable.
The Post says: Prices went upward
today with a sudden leap, such as has
not been witnessed since the huge short
interest of July was driven to cover.
Today's advance was attributed largely
to the covering of shorts. and towards
the close the markets seemed to reflect
genuine scare among the late profess
sional sellers. What was most noticea-
bic, as compared with other recent raj
lies Of the kind, was the increased
strength in the market in the last half
hour. after the very favorable bank
statement had been published. Hith-
erto quick realizing by
The ManipuIators
of the rise has turned thu course of
prices downward at the close. Today
their sales were instantly absorbed by
eager buyers, something like STAN
pede to purchase stocks resulting at the
last. No doubt this haste of shorts to
cover was partly due to the state of
things in congress, where yesterdays
proceedings showed that the senate
vote may possibly come with unexpect-
ed suddenness. The statement of the
clearing house banks, however, was
factor OF prime Importance. The
gain of $5,170,150 in reserves has
brought the banks total reserves to
within a million and a half of the
legal limit. The gain over 100000 in
the stock of legal tenders shows with
certainty the volume of repayments by
interior banks indebted TO New York.
The further gam of nearly $4,000,0 900
gold comes partly from the treasury and
partly from gold imports bought at
premium, but partly, too. from the in
terror. The heavy Increase in deposits.
in the face of an equal shrinkage in the
loan account, marks steady return to
equilibrium. In another week or two
the savings banks may probably be ex-
pected once more as deposltors.