St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-20


Interest-Proposed Meeting OF
Business Men at Washington.
LONDON, Aug. 10. = Gold to the
amount of $4,000 was withdrawn today
from the Bank of England for shipment
to the United States. The Campania.
which sails from Liverpool to New
York today, will take eS65, 900 gold. and
the steamer New York sailing from
Southampton will take e3900O.
NEW YORK. Aug. 19.-The steamship
La TOuraine, which arrived from Havre
this morning, brought 5.741. 900 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 premium TO the money
brokers. The schemes advised for
temporary relief of the financial
stringency have so swelled ia char
acter and number that it is hard to keep
track of them. Every day some new
one turns up. The one which has conf
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-
lishments, and where a 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 aiioat, 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
wa Iii 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, s., So and SO, payable
shaud to nand 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 cJlaterals deposited
with the local bankers association. and
the money OH deposit in New York to
secure the holder against loss.
Not in years was such general
interest taken in the weekly
hank Statement as was the case with
the xhiblt of today. No two opinions
were alike, the movements of money
and the rates prevailing for the same in
the face of the unprpcedently 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,O0O, 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
OH the result. When the statement
finally made Its appearance it proved to
be favorable. Probably the item which
attracted
The Most Attention
was the further increase in circulation
| of 1902. 200. which makes the gain in this
respect for the past two weeks over
| S1.400,000 Loans were contracted
50. .255 500; deposits decreased Sl,901, ,O00.
There was gam in specie of 81, ,72S. GOO
and loss in legal tenders of S703. 700.
Reserve increased S4.499. SIS, which re-
duces the deficit 10 S12, ,405, 800. When
the statement was read at the stock ex-
| change it was received with long and
loud continued cheers. Money OH call
was quiet at per cent. There were no
transactions in 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@115 per
! cent. The subtreasury paid $4,000 OF
| its SSS, 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 is
| still premium on gold, and
this with the supply of grain and cot
| ton and provision bills augurs we'll for
continuance of the gold imports of the
movement. The imports of specie at
| the port of New York for the week
| were S11, ,253, ,OO6. of which 81, ,249, 200
were gold. and S4,246 silver. The gold
consisted of IS. 433, $40 American gold
coin. S1.662, sos foreign gold coin, and
81, 152, 16S gold bullion. The exports of
specie from the port of New York for
the week were 1924, eco, all of which
was silver.
An officer of the board of trade of this
city stated to reporter this morning
| that call for a meeting in Washing
ton of
The Business Men
of the country for the purpose of de-
manding the immediate and uncondi-
tional repeal Of the purchase clause of
the Sherman silver act would probably
| be issued by the board within a few
| days. In July last the board OF trade
and 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 al least two
delegates to a convention of commercial
| bodies in Washington about Sent /, If
| Gn., fknnad ov. SSxax.fh,