St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-21
THE WORLD OF MONEY
GOSSIP AMONG THE GOTHAM FiNAK-
GAL BROKERS.
SOME BIG GOLD SHIPMENTS.
More Schemes for Relief Of the
Financial Stringency-Buffa
Plan Strongly Commended
Bank Statement EXcites Great
1nterest-Proposed Meeting of
Business Men at Washington.
From the SUNDAY GLOBE. I

LONDON, Aug. 10. - Gold to the
amount of $4,000 was withdrawn today
from the Bank of England for shipment
to the dotted States. The Campania.
which sails from Liverpool to New
York today, will take eS65, 600 gold, and
the steamer New York sailing from
Southampton will take 100000.
NEW YORK, Aug. 19.-The steamship
La Touraine. which arrived from Havre
this morning, brought 5,741.00 francs
gold.
If the scarcity of money, actual cash,
continues much longer, it is to be ex-
pected that stories OF the payment of
red-hot dollars over bank counters will
be revived. Many stories are already
being told Of the way in which bank
tellers prevent willy depositors from de-
pleting the banks Golfers by drawing
cash for the purpose of selling
it at a premium to the money
brokers. The schemes advised for
temporary relief of the financial
stringency have so swelled i'll char
acter aud number that 1t is hard to keep
track of them. Every day some new
manded most general approval Is that
adopted in provincial city, where cur
rency cannot be got with which to pay
off the hands in the Industrial estab-
Hshments, and where resort has been
had to payment in certified checks. the
checks being accepted at par by butcher
and baker, who III their turn deposit
them as cash in their own banks and
draw against them as they would
against cash balance. thus keeping a
credit currency af1oat. not subject to
discount. Doubtless inspired by this
example. the City Bank of Buffalo, an
institution organized under the state
law, has
Set New Plan
before the public which has drawn forth
warm compliments from prominent
financiers in New York and elsewhere.
Briefly stated. this plan is for the city
bank to issue New York drafts in uni
form sums of 81. 81, s. and $40, payable
to bearer, and let them be passed from
hand to hand as cash until it becomes
convenient to redeem them in govern
ment currency. Being drawn to bearer,
no Endorsement Will be needed to pass
title, and, being drawn on New York,
they have both the collaterals deposited
with the local bankers association. and
the money on deposit in New York to
secure the holder against loss.
Not in years was such general
interest taken in the weekly
bank statement as was the case with
the exhibit of today. No two opinions
we're alike, the movements of money
and the rates prevailing for the same in
the face of the unprecedently heavy ar
rivals of gold from Europe having been
most confusing. Even bank officials
were at sea, some predicting a heavy
increase in reserves and others mod
| crate decrease. The latter argued that
| the shipments of currency during the
| week aggregated over S6,00O,O 900, and
considerable amounts of gold must have
been boarded. The statement would be
unfavorable was the sole topic of dis
| cussion, and many wagers were made
| on the result. When the statement
finally made Its appearance it proved to
be favorable. Probably the item which
| attracted
| The Most ttention
was the further increase in circulation
of S702, 200, which makes the gain in this
| respect for the past two weeks over
Sl.40O,0O0. Loans were contracted
1926. 500; deposits decreased 81, 900.
There was gain in specie of S4,72S, GOO
and loss in legal tenders of sos, 200.
Reserve increased 4.499. SIS. which re-
duces the deficit TO S12. 405, 500. When
the statement was read at the stock ex-
change it was received with long and
loud continued cheers. Money on call
was quiet at per cent. There were nc
transactions i'm time loans and mercan-
tile paper. The demand for currency
was moderately large at 1902 per cent
premium. Spot gold is at 2115 per cent,
and for future delivery at 114@1}S pei
cent. The subtreasury paid $4,000 oil
its $Ss, lis debit balance at the clearing
house in gold and the remainder in
treasury notes. The foreign exchange
market closed firm at about the top
notch of the week. An increase In
the supply of cotton bills is reported
while there is no falling Off In
the exports of grain. There /:
still premium oil gold, anC
this with the supply of grain and cot
ton and provision bills augurs we'll fol
continuance of the gold imports of the
movement. The imports of specie al
the port of New York for the weet
were s11,253,oO6. Of which Sill, 249. 7O(
were gold. and $4,a46 Il yer. The golt
consisted of IS. $40 American colo
coin, s1,662,69s foreign gold coin. anG
s1,152, 1853 gold bullion. The exports Of
specie from the port of New York fol
the week were S624,6C0, all of which
was silver.
An officer OF the board of trade of thi:
city stated to a reporter this morning
that call for meeting in Washing.
ton Of
The Business Men
of the country for the purpose of de.
handing the immediate and uncondi.
tional repeal of the purchase clause OF
the Sherman silver act would probably
be issued by the board within few
days. In July last the board of trade
aud transportation sent to all important
commercial bodies throughout the
United States resolutions adopted by
the board, requesting the repeal at the
coming extra session of congress of the
compulsory silver purchase sections OF
the Sherman law. AT the same time a
request was made that certified copies
of any action the commercial bodies
had taken be forwarded to the board to
be printed for presentation to con.
gress. The commercial bodies were
also requested to advise the board as to
their Willingness TO send at least two
delegates to a convention of commercial
bodies in Washington about Sept. l, if
the holding of such convention was
deemed necessary to take action upon
the financial and business situation.
Five hundred replies have been received
up to date, all of which express the will
ingness Of the bodies sending them to
narticinata i'm Such a nnnyaptiop t. l.,