St. Paul daily globe., 1893-08-06

MiIIionS OF Government BOnuS
Into Smaller Denominations.
New YORK, Aug. s. Hedelbach,
Ickelheimer d Co. are advised of an
| other shipment TO them of S7O0,000 gold
per steamship Lain. The Aurania,
which sailed from Liverpool for New
York today, took 9250,OJ0 gold for
American houses. The imports of
specie at the port of New York for the
week were 1858, ,429. of which SS67. .631
were gold, and SS5,79 silver. The ex-
ports Of specie from the port of New
York tor the week were S633. .73S, of
which $532, 23S were silver and $500
gold.
The treasury department is doing all
in its power to meet the demand for
small notes in and around New York
city. Last night s1,O0O,OOo was sent
here, and this morning an additional
Sl,000,000 was received.
The Money Brokers
reported larger business than ever in
small bills and coin. They continue to
buy gold and silver and cur rency at
premiums of q and q per cent, and
send the money so obtained to the
banks all over the country, but prin-
cipally to Chicago, Philadelphia and
Boston. They also reported that many
of the New York banks were anon G
their customers, being forced into the
market by the demands of their de-
positors.
1t was reported on good authority,
although Wall street was skeptical as to
the truth of the story, that such of the
gold now atlOat for this country as had
not been secured by the savings banks
had been sold to out-of-town banks
at premium of IL per cent. The
larger importing houses denied that
they had sold their gold. although they
admit that offers for it had been made to
them. The sub-treasury paid its bal
ance of S6S,05S at the clearing house in
currency. There was paid out over the
counter on checks $5S5.000, mostly in
gold, with sprinkling of treasury
notes. OF silver dollars $4,000 were
paid out.
A Washington special says: "The
registers office of
the treasury
has for the past week been in receipt of
numerous consignments of 4 per cent
United States bonds for exchange into
smaller denominations, the amount thus
exchanged during the past three days
a%gregating more than SI,000,000. The
orders come from all portions Of the
! country, but mostly from Boston, New
York and Philadelphia. One order came
in today from Indiana. These were
$1,000 per cent bonds, which, at the
request of the holders, were turned into
bonds of the denomination of $50 and
| Sl00. This same state of affairs as to
| bonds, it is recalled, at the treasury,
! took place shortly after the war. when
! large denominations of the 7-3O per
oent bonds were exchanged into small
| denominations and passed current as
money in general business"
Inquiry at the treasury department in
! Washington elicits the Information that
the government has now on hand about
| 100000 600 ounces of fine silver, costing
! Sl12,000,000. The coming value of the
| bullion OIL hand is about S167, 900, 0O0 If
| this were coined the government would
| realize a profit of about S4S. .OOO, 900,
| against which silver certificates could
be issued. 1t would take, however, it
| is stated, with the present coinage ca
| pacity of the United States, about five
years to convert this bullion into silver
dollars. Silver certificates by law could
only be issued on the profits as coined.
Few events in the history of Wall street
have been more astonishing and sensa-
tional than this weeks rapid advance of
Stock Market Prices,
in the face, of a money situation critical
in the extreme. Some time ago, in COM
menting on the violent declines of that
time, reference was made to the we'll
! known characteristics of protracted
! speculative movements by which the
advance or decline, rejecting at the out
| set real conditions, is certain to carry
| prices beyond the bonds of reason.
! That this was done by the recent ma
nipulators for the decline has long been
evident. So dark and hopeless did the
| outlook seem, the leading "bear" specu-
lators were tempted to increase their
contracts on the short side to an unprec-
edented volume. They were followed,
| as apparently succesSfut leaders in Wall
street always are, by a great and indis-
criminate rabble Of small spectators.
| The result was that. when an
upward turn in the market actually
came. the demand for stocks to take
| profits on the speculative sales was
enormously greater than the supply
offered at market prices. In particular,
the violent collapse on Wednesday OF
last week, when panic seemed imminent,
had led this class of operators to believe
| that every one was ready to sell. Bat
the event proved, what no one then
realized, that the forced liquidation of
that gloomy day came chiefly from the
Chicago produce spectators, then al
ready on the verge of ruin. New York's
investors are known to have held very
enerally to their shares.
MORE SILVER TALK.