St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-03

that the short interest was being
cOrnered and in the last half hour the
bears were veritably panic-stricken.
Today's buying orders were in some
ways different from those on which
earlier recoveries have Deen scored,
noticeable feature being haavy pur-
chases in some quarters which sug-
gested real "buying for the rise"
This was genuine surprise to Wall
street, and frightened the bear contin-
gent into covering contracts at rapidly
advancing prices. If such purchases
were made, as past advances in these
quarters usually have been made,
chiefly with borrowed money. the
accommodation was not reflected
in the market tor time loans.
This was as tight as ever today, and ur-
gent borrowers had not only to pay full
market rates, but a handsome commits
sion through the loan broker. There
was, however, 4 general belief that in
the expectation of new issues of bank
circulation. and of large supplies of
gold by the opening of next week, call
loans had been granted literally, with
lowed to stand undisturbed.
Regarding the Chicago produce fail
ureS, there was an almost universal
feeling down town that great load had
been lifted off the markets. The cheer
fulneSS and even congratulatiOn with
which the collapse was discussed Oh the
produce exchange was an especially
noticeable feature. A good deal was
said of the disputes and factional diff
ferences which were thought to have
existed among the Chicago banks.
The chief drawback to the general
good feeling prevailing in financial
circles today was the condition of affairs
in Chicago, Philadelphia and Boston.
In Boston New York exchange is at a
discount of Sl5 per s1,000, and currency
| cannot be obtained in that city for less,
even for checks Cd Boston banks.
The loan committee of the clearing
house issued SS0a,000 certificates today.
The Sub-treasury was debtor at the
clearing house this morning S26S, 600,
aud that amount was paid in gold, the
| associated banks being the gamers
hereby of specie to that amount. The
sub treasury was busy this morning
giving out currency in exchange for
gold certificates. 1t also paid out about
$780, 900 in gold over the counter on gov
ernment checks to midday.
Referring today to the statement
made in Chicago that the banks of that
city could not get currency from New
York, and that New York exchange is
selling at a big discount in Chicago, a
well-knOWn banker said: "lt is mat
ter of fact that the New York banks
have lent large amounts of money TO
Chicago banks, which money is still
owing to New York by Chicago. On the
other hand, Chicago banks have remit
ted TO New York banks considerable
amount Of checks for collection, which
checks were drawn on banks all over
| the Eastern states. The New York
banks have been unable to collect these
! checks in currency and have re
| fused i'll most cases to credit them
| to Chicago banks except with under
standing that they are merely subject TO
| be drawn on in the regular course of
business through the clearing house and
would not be remitted i'll currency.
New York banks are willing and ready
to credit Chicago banks with any
checks cOlectible In currency, to be
PAID in paid in return over to the Chica-
20 banks promptly when wanted in
currency, but they naturally and wisely
refuse to part with their currency to aid
the collection business of Chicago finan-
cial institutions 10y remitting cash
| against country balances"