St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-18
BURDENED WITH GOLD.
STEAMERS SAILING FROM ENGLAND
ARE WELL LOADED.
TEE FINANCIAL SITUATION.
Clearing House Certificates to the
Amount of S365,OO Issued
Gold Arrivals Are Hoarded by
New York Bankers-specuIa-
tive Importers Selling in the
Open Market.

Open Market.
LONDON, Aug. II. = Gold to the
amount of eS14.O09 was withdrawn from
the Bank of England today for ship
ment to the United States. The Ham
bHrg-American line steamer Columbia.
which sails tomorrow from Southamp-
Ton for New York, will take consign-
ments of gold valued at Si,440.O0O.
SOUTHAMPTON, Aug. 17.-The Trave.
from Bremen, sailed hence for New
York at p. ID. today. She carries $780,
coo IN gold for American houses.
NEW YORK, Aug. II. The steamship
Lain. which arrived last night, brought
A6I3.550 gold from Southampton and
l,5o0,0O0 francs from Paris: e51, $50 is in
transit to the Bank of Nova Scotia of
Chicago. There was brisk demand
for stocks in the loan crowd today.
In addition TO the e672,055 and
Lo47.000 francs gold brought in by the
Lain, the Muncben, from Bremerhaven,
had $3.50, 600. The movement this way
shows more life, and local bankers were
In receipt of cables advising them Of
further heavy conSignments j. and W.
Sellgtnan & Co. have 100000 on the
steamer leaving Southampton tomor-
row, and have ordered 100000 addi-
tional. The Columbia will bring $780,
coo, and La B0urgogne, S250,000. The
clearing house loan committee issued
SS65.000 certificates, making total to
date, S37. .3S0,000. Call loans rule easy
at.3@4 per cent. Time money and mer-
camille paper remain unchanged. There
is an impression in banking circles that
the market, SO far as time loans and
mercantile paper is concerned. will ease
up shortly. The premium on currency
varies considerably, some brokers quot
ing it 4 per cent and others at 3 per
cent.
Gold to Arrive
next week is quoted at per cent. Tho
subtreasury debit balance of Sl44,6
was paid as follows: S4.654 Ill United
States notes and s140. ZOO in gold coin.
Sterling exchange was decidedly
firmer, more particularly for long,
which was strengthened by the fact
that discounts in the open market at
London were reported easier There
was an increased demand to cover gold
imports, and this naturally had firm
Ing influence. The market is still gov
el'ned to a considerable extent by the
variations i'll the currency premium.
Posted rates are now S4.S3 and S4.S71&
respectively.
The Post says: Nearly $4,000, 900 gold
came in by today's European steamer,
the consgnees being no less than six
teen in number This has been one of
the remarkable features in the present
specie import movement, that the Lon
don engagements have, as to their allot-
ment here been so widely distributed.
The reason doubtless lies in the diff
ficnlty of obtaining local money
0odations in amounts large
enougc to finance the operation
through a few powerful houses.
The result appears to be that the banks
importing gold under order hold their
consignment as intact as though it were
merchandise or grain, and that the
speculative importers sell their gold at
once in the open market. This is for
us a thoroughly abnormal situation, and
upsets all reasonable calculation regard
ing the effect of the imports on our city
Rank Reserves.
Even in the face of tOday's gold ar
rivals, there were further issues of
clearing house certificates, both here
and in Boston. Meantime. Chicago dis
patches report that the gold engage
ments from Europe for that city have
already fully aggregated s6.000,O00. This
~ r-l,
the. responsibility of moving the far IN
terror grain crops. That result not
wholly dissimiiar must come about in
finahces throug hout the Southern cotton
crop seems highly probable. The pres
sure from that quarter has this week
become extreme.
The Evening Posts London special
says: The bank reserve increased this
week e453.000, Notwithstanding the in
huX of eS26,000 iE gold for export dur
ing the week, the details being e691, 900
to the United Strtes. e145. 900 to Canada,
100000 in from Australia, 10000 from
ClHna and 100000 from the continent.
The reserve now exceeds e15.000,0 200.
TQday's stock markets were still stag
nar,s Americans, which had been good,
VIC. e fiat at the close. Bar gold was in
strong demand, with no quotation.
Silver was unchanged. Rupee paper
was down to 653ld in consequence of
the action of the Indian council yester-
dag. The Bank of England today sold
e144,o00 in United States gold coin.
One hundred and seventy thousand
pounds were withdrawn for New York.
Ninety-two thousand sovereigns came
IL r;from the continent. Although it was
officially announced that the gold with
drawn today was for New York, the
beat known quarters announce it for
Canada. More is likely to go there in
co,araiUns