St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-29

stocks in London confirmed the news
published yesterday that New York
capitalists had combined with other in
teEests TO buy stocks here and carry
them abroad. A broker said:
The sense of such all operation is its
best explanation. Everybody admits
stocks to be cheap here, while in Lon
don there is plethora of money. 1t IS
therefore simple enough to buy stocks
here and carry them abroad. The mar
ket has turned. London is ready to
carry all the stocks that we want to
send over there. With stocks going out
ana gold coming in. there is very little
doubt as to the main movement OF
prices"
In connection with this statement it
was said that a conservative estimate of
the stocks to be shipped TO Europe TO-
morrow was between $4,000 and $4,000
shares.
Interest in Wall street today was
largely centered on the reports OF gold
impOrtations. According to well IN
formed bank officers some very errone-
GUS reports have been published con-
cerning them. One of these bank presI-
dents. leading member of the clearing
house committee, said TO reporter that
the talk of bank syndicate having
been formed To import gold. or that the
clearing house had arranged to assist
certain banks to do so. was not only
untrue. but it was absolute nonsense.
IF any one will study the rates OF eX-
change" he continued. 'he will see tor
himself that they warrant
Movement Of Gold
this way. Now, anything that is being
done bv any bank or banks 10 facilitate
that legitimate and proper movement
is simply and solely an individual mat
ter between the bank and its custom er
who imports the gold. The operation IS
very simple one.
Exchange is offering at a rate which
warrants the Importation of gold. But
to buy those bills the Importer must
have money to do so. Now, let him
have the money at 4 moderate rate OF
interest. say the legal rate OF . per
cent. to buy those bills on which he i'm
ports the gold. and the operation is
Ijl4 Now that is all the banks,
or certain banks, are doing TO
facilitate the importation Of gold,
ana they are doing that individ-
ually. and the clearing house has moth
ing to do with it. The members OF the
clearing house, however, 1 may say, ap-
prove of the transaction, as 1t will be
the means OF eXpeditiug aud strength
ening tie movement, and thus adding
to our cash resources by increasing our
gold supply. 1t is natural for gold to
come here now from Europe. but the
scarcity of money on this side, the hlgh
rates for money, undoubtedly acted as
an impeachment to the movement. As
matter of fact. the action of the banks
in the promises is substantially an
adoption of the course of the Bank OF
England.
~Bv letting importers have money at
Is per cent. with the rates for exchange
at their present figures, they can i'm
port the gold at profit. You may say
further that the gold which is to be
shipped to this side tomorrow consists
mainly of American coin, eagles ami
double eagles"
Another bank officer said:
This importation of gold is very
simple matter in reality. Brokers mere
are buying stocks for
European Investors
and are drawing against them. That
makes the rates low. Bankers buy
those bills. and they will get gold for
them on the other side"
The clearing house committee met
today, and after the session 1t was
learned that an additional issue OF
-, 100. 600 loan certificates had been
authorized. 1t was authOrItativeiy stated
that the issue of certificates was directly
connected with impOTtatiOns OF gOid.
The same statement was made with
regard to the certificates issued yester-
day. A member of the clearing house,
when asked the cause for the issue Of
the certificates yesterday and today
explained that there were large ma
turtles al this time, and the banks were
preparing to renew those which could
not be negotiated in the open market.
The bears. said this member of the com
mittee. might possibly use the issue of
certificates as an argument Ill favor Of
their pessimistic views. but in reality it
was good bull argument, as it was
evidence of tile liberal spirit of the
banks. and their determination to take
care OF their customers i'll the present
financial crisis.
The suD-treasury was debtor at the
clearing house this morning S472.OOO
and about S400. 600 OF that sum was paid
in gold. The demand at the sub-treas-
ury this morning by the BANKS for cur
rency was reported to be very lage up
to II o'clock. and 1t was said that the in
dications at II o'clock were that--pay-
ments today would be very large. The
| banks would be accommodated very
| largely with currency, the balance be-
ing made up with gold where small
| notes could not be given. At the banks
today II was said there were heavy de-
! mands for currency from Boston and
Philadelphia. The determination, bank
| officers said. of the Chicago clearing
house at last to issue loan certificates
would, it was hoped,
Relieve the BANKS
of this city of the necessity of shipping
more cash to Chicago. The orders for
currency continued to arrive during the
dav. and called for very large amounts.
one bank president estimated the
amount to be =. .00O, 600. The demand
Is quite general, though especially heavy
! for philadelphia, and heaviest of all
from Boston. The condition of affairs
in Philadelphia today was reported to
be unchanged. Several banks here
still refuse to accept checks on that city
for collection, and no little inconven-
Ience is caused to merchants thereby.
| The collection of out-of-town checks