St. Paul daily globe., 1893-07-13
BUSINESS Is BETTER.
NOTWITHSTANDING THE BEAR RAID
~ WALL STREET
MONEY FLOWING INTO BANKS.

Country Banks Buyers of COM
merciaI Paper in New York
Another Shipment OF Coda
Leading Silverite Talks-UncIe
Sam Behind in His urchases
New YORK, July 2.-Notwithstand-
ing the f1urryin the stock market today.
bank presidents and others occupying
positions familiariZing them with cur
rent conditions, unanimously agree that
the general situation has improved and
continues to do so. There was nothing
in the financial situation of the coun-
try to produce such an unsettling.
At several of the larger banks it was
said today that considerable amounts of
currency had been received yesterday
and again this morning.
Two or three cases were reported to-
day OF country banks, mostly III Penn
sylvania, coming into this market as
buyers of commercial paper in a small
way, tempted thereto by the high rates
and the fact that they had the money to
their credit with theiI New York
agents. The amount of such purchases
IN the aggregate is not large. but it is
believed to indicate an easier monetary
condition in certain sections of the
country. The New York banks through
whom these transactions were consum-
ated rereported them gladly, although
it meant decrease in their own de-
pOsits.
Note Brokers
reported some buying of commercial
paper by three or four of the large
banks, but not to any great extent. The
banks, outside of one or two leaders in
that class of business, are still mostly
confning their dealings to their own
customers. The condition of the banks
i'll Philadelphia was reported to be
practically unchanged, and New York
exchange is only obtainable in that city
at high premium, averaging about
$3.50 per $1,000. Some of the PhIladel-
phla banks have reduced their indebt-
edness to their correspondents in this
city, in some cases between 25 and so
per cent, but their debtor balances are
still very large. The New York banks.
however, are treating them very
lenently, and not pressing them unduly
for payment. But the New York mer-
chants are suffering because of their in
ability to collect drafts on Philadelphia,
except after great delay. Some of the
largest banks in this city are only re-
ceiving drafts on Philadelphia for col
lection, and it takes many days to get
back
The Money for Them.
The North German Lloyd steamer
Trave, Capt. Sander, from Bremen,
which sailed hence at o'clock this
afternoon for New York, has on board
gold to the amount of S335,OO0.
j. and w. Seligman 81 Co. will ship
100000 ounces of silver, and Hoskier
Wood & Co., $4,000 ounces OH the steam
ship Augusta Victoria, sailing for
Europe tomorrow.
Regarding the silver question in the
West, the president of a prominent
downtown bank received the following
letter today from the head of a leading
| mercantile house in Denver, Col, which
has dealings throughout the silver
states:
"In regard to silver mining in this
state, will say that we candldly believe
| the present situation has been very
| much exaggerated, and that as soon as
| their is any prospect for obtaining
| definite price for silver great many of
! our mines will be operated on as large
! a scale as formerly. This we say on
the supposition that the present price of
| silver, say rs cents per ounce. is rea-
| sonable price, as silver costs very near
| this figure to produce. If the price of
silver should decline materially below
| Is cents per ounce, there will undoubt-
edly be curtailment on the production
in this state, but we believe that, as a
| rule, merchants
Will BE Able to Pay
their accounts in full, and that the loss
| to jobbers at that point in this state
ought to average very low percentage.
The talk and threat INDUCED in by a
| few rabid silverites is, in our opinion,
taken too serious in the East, as parties
who do most of this talking have no
| credit or standing at home. and we do
not see any reason why they should be
believed abroad. As already stated. we
| believe that when the skies clear little
the loss and damage will be found to be
very much less than the calamity howl
ers would lead one to expect"
! Mail advices from Panama under
date July 5 say: "The tumble in silver
has created general CONSERVATION
among our business men who trade in
countries which are exclusively silver
using communities. The extent TO
which the credit system prevails
throughout Spanish America is un-
| known IN the North, and the debtor
who sees his resources diminish by one
half through the sudden depreciation
of the money he uses is inevitably
forced to the wall. But one failure has
occurred here during the year, that of
| Oppario & Co., but that had no connec-
tion with the silver panic. The ex-
change dealers refuse to fix rates of ex-
change except for small sums, and but
| little trade is doing. Canal cable trans
fers on Paris to the amount of l25, coo
francs were sold during the week, at
| 3515 and that is about the only paper
which is available here today"
A BLAST FROM BLAND.