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

New YORK, Aug. 1.-THE steamship
La Normandie, which arrived this morn.
ing, brought /, $4,000 francs gold.
Ladenburg, Thalman & Co. have
100000 gold on the steamship iucatan,
from Havana, due here today.
Heidelbach, Ickelheimer d 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 S1,450.000.
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 rule. renewed.
and at the old rate, about per cent. 1t
was reported that several cities, Progi-
dence and ST. Paul being especially
mentioned, had adopted the rule of
stamping ali
Checks on New York,
Payable through the clearing house."
Bankers said these cities were not by
any means singular in this matter. that
on the contrary the practice had become
SO general throughout the country that
the exceptions, If any, would he worth
knowing.
The steamship Yucatan. which ar
rived from Havana, had $3.50, 900 Spanish
gold. The steamship Lain, due from
Europe on Wednesday, has $3.50 600
gold on board. The steamship Ems
has S1,4S0,000 gold on board. The
steamship La Normandie today brought
1,044,00O francs to Barring. Magoun &
Co., and 535, 900 francs to Hedelbach.
Ickelheimer IL Co. The $50150 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,S50,000 gold consigned to local bank
erS
The sterling exchange market was
| firmer. and posted rates were put up to
| $685. and S4.S7}@. 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-
Ginning to 72114c and 5S3lc respectively.
Gu rreney Was Firmer
| this afternoon at the premium up to
IL 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 frmer in the late dealings,
| and posted rates were advanced another
| 15c to S4.S4 and s4.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 premium. Re-
garding the source and purpose OF these
| bids, we have more or less public
evidence. Much of the gold unques-
tionabIy 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 intermediary, 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 Sc
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
strengthening their own reserves, even
| at a heavy cost,