St. Paul daily globe., 1893-04-22
RESERVE CUT into.
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Continued From First Page.
world has stood by and witnessed the
doing of it. and yet tonight IN this finan'
clal center no quakings of the earth are
felt, and folks who are most interested
are wondering why there has been no
crash of worlds nor wreck of spheres.
Indeed. some financierS are looking
each into the others faces and ejaculat-
ing as to whe ther they have been fanatic
or uncannily SuperstltiouS. The entire
situation has seemed turning OH the
golden pivot, and here's the way the
matter stood here as the sun Went
down behind the Jersey chimneyS across
the river. The engagements OF gold for
export on the steamers sailing tomorrow
and Tuesday are as follows: LaZard
Freres, So. 900, 900: Heidelbach, lckel-
neimer q Co.. $3.50, 900; Kuhn, Loeb ~
Co., $780, 900; Ladenburg. Thaimann u
Coz $780, 600; Canadian Bank OF Com
merce, 100000; Bank of British North
America. S50O.000; Hasbier. Wood & Co.,
$4,000; Nesslage, Colgate u Co., S25, 900;
petty lots, 10000; total. ST, 10000. Then
came Boston, with word that Kidder,
Peabody q Co. had engaged there for
direct shipment to Barring Brothers.. in
London, $3.50, 700 more of gold. There
is the physical situation. SO much
dumb. yet richly clinky metal, about to
be transferred in wooden buckets from
here to there, and yet the deductions
from this fact are as many and as wise
as the people who became excited over
it today and who discussed it more
calmly tonight.
This is the first time since the resump-
ton of specie payment that the hundred
million reserve has been cut into,
counting in the subsidiary coin as
part of the available funds of the
treasury. Difference of opinion exists
as to whether the subsidiary coin should
be thus counted. Ii not, then the re-
serve has been encroached upon seven
times previous to now, as follows: july
l, 1882, reduced to 0,371, ,29l; Aug. l,
1882. reduced to S92,O52. 2o6; Dec. i,
1882, to 9S,O41, ,44S; Jan. 2. 1888, to 1885,
269. sos: Feb. /, 1885, to s94, ,275, ,944; May,
1888, to $93. .634, 146; June l, 1883, to S99.-
73O,949. The subsidiary coin was not
counted in the above.
The stringency of gold has made itself
evident lately in the customs receipts.
which used all to be paid i'll gold. OF
late scarcely any gold has been received
by the treasury from this source. To-
days receipts of duties at the custom
house were made up as follows: Gold
coin, S1,5OO; silver coin, Sl24; gold GER
tificates, none; silver certificates, Sl19,-
500; United States notes, S15,650; treas
ury notes, S132,15O. Late in the day,
Just before the subtreasury closed, it
was reported that officials there had
been notified of a demand which will
be made tomorrow for 100000 gold for
shipment OH Tuesday, and there was an
additional report, not verified, that 81
0OO,0 900 gold would be taken on Monday.
There is this much to be said: The
800, 900, 900 reserve has been broken
into once more. OF late it has been
favorite superstition of the street that
when the reserve dropped below the
limit set by ex-Secretary Sherman the
result would be disastrous, not only to
values, but also to the mercantile com,
munity. The fact that the shock has
been comparatively slight has caused
an easier feeling about the future, al
though there doubtless will not be any
surprise If the movements in stocks as
well as in the money and sterling ex-
change markets are erratic for some
time to come.