St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-24
THE WORLD OF MONEY.
CURRENCY IN DEMAND FOR MOVING
The CROPS.
A PREMIUM STILL FOR CASH.

A PREMIUM STILL FOR CASH.
Throughout the Country Is Still
Being Hoarded - Premium on
Gold Has Temporarily Vanished
Tho Present Currency Broker
Business.
LONDON. Aug. 23.-Gold to the
amount of 100000 was withdrawn from
the Bank of England today for ship
ment to Montreal.
New YORK, Aug. 23.-The steamship
Teutonic, which arrived last night.
brought ten boxes of gold consigned to
the Anglo-SwiSS Condensed Milk COM
pany. and to Malcomb Mackey, care of
American Express company, at st.
John, n. b., $4,000. e20,00 to McFad-
den Bros, and $4,000 to j. and w.
Seligman q Co. Total, eS9.0OO.
Ladenburg, Thalmann & Co. are ad-
vised of a shipment of ESQ, 600 gold on
the steamship Augusta Victoria, leav-
ing Southampton Friday.
The steamship Havel, reported down
the bay this morning, has 81, GOO, 900 geld
on board.
The rates for call loans ruled higher
today, per cent being freely paid for
accommodations. Time money con-
tinues stringent. Rates are per cent
per anuum and commission, which
makes the rate anywhere from Is to 25
per cent per annum. There is little
doing IN mercantile paper. The demand
for money for the purpose of moving
the crops IS beginning to be felt. Cur
rency still commands premium of 1(02
per cent, but is light. As long as the
banks refuse to pay out cash freely on
checks, premiums will continue, so
money dealers say. Gold to arrive is at
premium of Is per cent. Spot gold is
offered at ~ per cent.
The loan committee of the clearing
house at their meeting today neither is
sued nor cancelled any
Certificates.
A good supply of bills against cotton,
provisions and cereals has weakened
the market for sterling exchange, and
further reduction III posted rates to
s4.S215 and S4.S713 is noted. Some
drawers, however, are still asking 81. 81
and S4.SS13. The further reduction in
the premium paid for currency was
also an important factor in bringing
about the decline in sterling. Bankers
are now specializing as to the chances
of gold imports after the premium on
~, no
impression is that the market is not
broad enough just at present to permit
of any important movement of gold this
way without adventitious aid.
Silver is dull At the stock exchange
certificates were 76c bid and TIC asked.
Commercial bar fell to 755Sc and Mexi-
can dollars 10 $500.
1t may be stated on good authority
that the IS, 1853, 600 Northern Pacific rail-
road mortgage per cent bonds and the
2,040 shares of st. Paul & Northern Pa
cific common stock pledged by the
Northern Pacific company with Speyer
" Co., for money advanced, will not be
sold at public auction today, as was
expected. Receiver Cakes has applied
at Milwaukee for leave to issue receiv-
ers': certificates. The proceeds will be
applied to protecting maturing leans
and to keep the
Property Intact.
1t has been suggested in some quarters
that the decline in Northern Pacific
consols to 2415 at the stock exchange
this morning had tendency to make
the creditors Of the company less exact
ing in their demands. as it would be
difficult to produce forced sale at this
time.
The Post says: The premium on gold
to arrive has temporarily almost van
ished, and sterling exchange, whose
rates have lately been governed almost
wholly by this premium, returned today
to normal conditions. But the premium
on currency in smaller quantities con-
tinueS, and indeed it can hardly be ex-
pected to disappear until the banks re-
sumo unrestricted cash payments to
depositOrs. 1t is clear enough, to any
body who considers the situation care
fully, that the present currency
broker business represents much
rather a discount on certified checks
than premium on money. The
transaction in effect begins in almost
every case, with the sale, by large en-
ployers of labor. of drafts on their own
| deposit for less than face value. To de-
| positOrs with long pay rolls their ow
| certified checks are certainly not now
| worth face value, nor will they be
| worth it until they can be cashed in
! full at bank The reason WHY the
premium of gold disappears more quick
| ly is that the specie is not only less con-
yenient for employers purposes, but
| must as rule be bought in larger
quantities; besides which bids for gold
to arrive by steamer run the risk of a
change in the general sit uation prior to
its arrival. Moreover, it is perfectly
plain that the boarding of money
throughout the country has as yet re-
! npjVad little ahprk