St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-11
OUR GOLD SUPPLY.
BANK or ENGLAND ADVANCES The
DISCOUNT RATES.
THE IMPORTS WILL BE LESS.

THE IMPORTS WILL BE LESS.
Great Scarcity of Currency in New
YOrk-Money Brokers Getting
4 1-2 Per Cent-Assistant Sec
retary of the Treasury Curtis
Doing All in His Power to End
the Money Famine.
NEW YORK, Aug. 10.-The steamship
Spree, which arrived last night. brought
e949, ,750 gold. The Bank of Nova Scotia
OF Chicago has consigned to it e51. $40.
The Illinois Trust and Savings bank,
of Chicago, has engaged S375,OOO to be
shipped from London, and $3.50, 600 have
been secured by other Chicago parties.
The steamship Orizaba, which arrived
from Havana yesterday, brought $780,
| 600 Spanish gold.
| LONDON, Aug. 10.-The sum of e262,-
coo was withdrawn from the Bank of
England Today for shipment to the
United States. The Hamburg-American
| line steamer Fuerst Bismarck. from
| southampton for New York, will take
| cOnsignments of gold amounting to
ESQ, 600.
NEW YORK, Aug. 1O.-The Post SAYS:
| Upwards of 81, ,000, 600 in gold came III
by todav's English steamer, and more
was taken for import from the Bank
| of England. This latter amount
was. however. comparatively small,
a result due partly to the
banks advance in discount rates and
IN the selling price of American coin,
and partly to the fact that no other
steamers sail from England for New
York until Saturday. This financiering
on the part of the banks directors is
plainly governed by the purpose of
shifting the strain from their own gold
supply to that of the Bank of France.
which is much better able to meet it.
Paris exchange on London is indeed, as
yesterdays quotations showed. Squarely
at the gold shipping point. Meantime
the relief anticipated here from the
shipments OF
EngIand's Gold
shows itself very slowly. The time
y
ing signs of willingness to renew ma
turing local lOans-a disposition ell
couraged by the premium rate fixed by
the city banks on out of town
orders. This measure, III fact, was
one of the most justitiable steps
yet taken. If outside trims OF
Institutions need accommodation badly
enough to pay their II per cent.
it is at their command; il not, they
must do without, or seek rediScount
| elsewhere. The Bank OF England Itself
adopted precisely this policy in the
crisis OF 1890, when it freely supplied
its regular customers at per cent,
aud exacted or more-ah abnormal
Charge III London-for outside accom-
modation.
The Posts London financial special
says: The reserve decreased this week
E22. 1917 900. of which 41.72O,0OO was in
| gold exported, the details being I.65l,-
600 to the United States, 500, 600 to
Montreal and 950,0O0 to Constan-
tinOple. One hundred and thirty
six thousand pounds came in
! from the continent and 100000
pounds from Australia. Today the
Bank of England sold e232, 600 in eagles.
Thirty thousand sOVereigns were also
withdrawn for New York. The bank
has raised the rate of discount to per
cent. and the selling
Price OF Eagles
| to 76S 1Od ana practically refuses to sell
any more. Bar gold was in strong de-
mand at 78s. Silver was up to 3494d,
| and rupee paper was lower at 6S5S.
Markets were qbiet today ana unde-
! cided, pending evidence that the gold
drain Will be met from France. Paris
exchange has tendency less fayora-
| bic.
The noses of men and concerns who
| need cash are yet held hard down on
! the grlndstone of currency pre-
miums. Necessity turns the crank,
While thrifty money changers and
/ misers of the gold circulating
medium have their grip on the neck of
! the situation. The scarcity of currency
| was very great again today, and the
money brokers' officers were thronged
| with customers who were selling their
! boards at big premium. 1t is a matter
! OF surprise TO many persons that the
| scarcity of currency does not show signs
/ of abatement,i in view OF the great amount
of gold now on its way to this country,
but according to reports the premium
! paid for any kind of currency and for
! gold is higher now than at any time
since the currency premium set in
Money brokers were getting AZ per
cent for currency and gold today on I'M
mediate delivery, and were pay ing as
high as pet cent for it. They were
contracting to deliver gold at 21z per
cent. and foreign exchange was proper
tionately strong in consequence. a
well-known bank president said this
! morning:
New York mas $50, ,OOO.0OO in cash
today, against $50, 200, 600 in 1873. In ten
days we will have SIT, 100000 more, and
III a fortnight o. three weeks we Will
have enough to give away, so to speak.
Then watch the little
Country Banks
loosen their hoard. That is where the
money is. know one bank with s5O.-
600 capital that has $4,000 in cash
boarded in its vaults. That is why
money is scarce"
Assistant Secretary of the TreaSur,-