St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-19

Plenty Another HalfMillion
Loan Certificates Issued-Gos-
sip About the Northern Pacific
Management.
LONDON, Aug. 1S.-GOld tn the
amount Of e796,0O0 was withdrawn
from the Bank of England today for
shipment to the United States; $4,000
was Withdrawn for shipment to To-
rOntO.
SOUTHAMPTON, Aug, 1S.-The Column
bia, from Hamburg. sailed hence today
for New York. She has on board ST.
10000 in gold for American houses.
The Eibe will take s50O.OO0.
NEW YORK, Aug. 1S.-Speyer & Co.
will ship $4,000 gold. and the New
York Produce Exchange bank &25.000
American gold coin on the steamship
Campania leaving Liverpool tomorrow.
The steamship Fuerst Bismarck,
which arrived last night. brought $780,
OBJ gold.
Kuehn, Loeb & Co. yesterday re-
ceived 9lOl,5S3 gold. This brings
Lahn's total up to 9Sl9. $50. The steam
ship Campania, sailing from Liverpool
tomorrow. has $4,000 gold on board.
consigned to Heidelbach, Ichelkeimer
81 Co.
The Post says: "The days news was
not of All unfavorable character. 1t
comprised the arrival of 100000 gold
and the engagement of $4.060.090 more
at the Bank of England, largely, it
seems, for the account of Canadian
banks. The local stock market was too
duh and too purely professional to
merit detailed comment. It is hardly
too much to say that the really active
and variable money market has been
shifted to counting rooms of currency
brokers. The regular time money and
commercial paper markets are practl-
cally closed. Cali money is indeed
abundant, and its abundance explains
sufficiently the existing stock specula-
ton, but this. reflects merely the tenn
porary use of credits based on the
Imported Gold.
probably today's revival of the pre-
MUM ON gold for future delivery was
due to the peculiar needs of the cotton
shippers, and it is precisely such out-of-
town demands which render so uncer-
tain the condition of the clearing house
bank reserves. Nobody, except perhaps
in the case of savings banks, bids pre-
mum for gold unless he fOresees the
certainty of reimbursing himself. At
ruling rates for time loans of all kinds
it would not be hard for owners of gold
to find such profit, aud it is possible
that our banks are using their own gold
purchases privately for the accommoda-
ton of local borrowers. This has been
openly done with Chicago:s direct gold
imports, and 1t was openly done here
last week with part of the gold shipped
against the deposit abroad or our own
securities. But the question. nevertne-
less, remains whether the Out-of-town
demands upon our city banks have been
great enough to absorb the new bank
supplies. and this tomorrOw's bank
statement will show. 1t must not be
forgotten that our heavy merchandise
export movement is establishing credits
here for interior institutions, and that
these, directly or indirectly, are certain
to be drawn upon"
Money OH Call
remains about 3@4. Time money and
mercantile paper are dull and neglected.
The premium on currency was shade
higher this morning at 3 per cent. The
continued scarcity OF currency and gold
and the prevailing high rates can only
be accounted for in one way, and that is
the gold must be going into trust COM
panies aud savings banks. Spot gold
opened at 21a(G3 per cent. and declined
to 2 per cent on the heavy arrivals.
Futures were quoted at IL for next
weeks delivery, and l0l 4 for longer
period. The Subtreasury had debit
balance of $107.534 at the clearing house
and paid $500 of it in gold and the re-
mainder i'll treasury and United States
notes. The loan committee of the clear
ing house at its session this morning
issued S500,000 additional certificates,
making the total outstanding s3377, 500, 900.
Chairman MagOun, of the Atchison,
Topeka & Santa Fe board, says: 1.-The
Atchison company has arranged for an
extension of the guarantee fund notes
which fall due in November. There
are $9,000.000 of these notes bearing 6
per cent. the terms on which the ex-
tension has been made will probably be
announced later:
Bradstreet's review of the stock mar
ket says: The only event of impor-
tance during the week was the fall in
Northern Pacific
securities, followed by the placing of
that property in the hands of receivers.
Severe as was the decline in the North
ern Pacific stocks and in the per cent
consolidated bonds of the company, it
| nevertheless had little fleet, except OIL
properties with which interests con-
nected with Northern Pacific are identi-
fed, North American falling to what is
termed ''receiverShip price," while
| the beariSh attacks on General Electric
were renewed with some success. Con-
siderable criticism has been expended
| on the Northern Pacific management
for disclaiming almost up to the mo-
| ment the application was made any
allegation that the intervention of the
courts would be necessary, although the
way the receiyership was obtained DEM
onstrated that the preparations there
| IOT Hdu Uccn VI Iilc ulOSt tldUOEdtt kluu.
! The security holders Oh the ''street' at
large were deceived by these denials,
though it would appear that a section
| of the bear traders had shrewdly de-
| tected
Inside Selling.
and formed correct opinion from the
known facts of what had to come. With
Al
eral list was increased in the early part
of the week. and good many shorts
put out, thereby increasing the already
,overgrown bear interest. The change
in the general condition of the market
was therefore the most apparent when
! the receivership was announced. In
stead of demoralizing prices and forcing
Fliquidation, as was the case with the
Erie receivership, the bear party ex-
| perieuced difficulty In tindip< c'ocks