St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-12
A BRIGHTER OUTLOOK.
CONTINUED LARGE WITHDRAWALS or
COLD FROM ENGLAND.
MONEY OFFERED ON TIME
Four Millions Loaned in New
York, Much oft for Six Months
Mercantile Houses Will Soon
Feel Relief-S Sudden and Vic.
lent Drop in Sterling Exchange
Creates Comment.

Creates Comment.
NEW YORK, Aug. 1.-THE steamship
Normannia, from Liverpool, which ar
rived this morning, brought 9906, 967 in
gold.
LONDON. Aug. 1.-THE sum of $685.
600 in gold was withdrawn from the
Bank of England today for shipment
abroad. OF this sum ego. 900 is destined
for the United States and e45,000 for
Montreal. The bankers here expect that
the large withdrawal of gold Will cause
the directors of the Bank of Enaland to
further advance the discount rate at
their meeting Thursday next. Ii was
only yesterday that the directors raised
the rate per cent.
CHICAGO, Aug. 1l.-Chicago has SO
far ordered $4,000 gold direct from
London, and will get the first INSTALL
ment next Monday. The method is to
buy New York exchange at the big dis
count, and then get cable transfers in
New York. The result is that Chicag o
collects its New York balances via Lon
don, helps itself, and helps New York
at the same time.
NEW YORK, Aug. 11.-Probably the
most important development in finan
cial circles today was the amount Of
money
Offered on Time.
This afternoon 81, 900, 600 was loaned at
per cent for six months, ami the
total transactions in this line for the
day foot up fully s4.O0O.GOO. One mill
ion was renewed at per cent for SIX
months. Mercantile houses ought
TO be the next to feel relief.
and the deadlock on the market
for mercantile paper will prob
ably be broken shortly. The clearing
house committee issued S300,00O certifi-
Gates, making the total to date $37,-
065,000. A leading money broker says
that the premiums on currency and gold
are merely nominal this afternoon, and
he looks for their entire disappearance
shortly.
NEW YORK, Aug. 1.-THE Post saws:
There were several noteworthy develop
mentS in the money situation today.
somewhat confused in character. The
most conspicuous of these was the sud-
den and violent drop in sterling rates.
Exchange began to decline before the
close Of yesterdays market, and rates
for actual demand and cable transfers
by this afternoon had fallen fully three
cents from the weeks highest quota.
tiOns. This extraordinary break had
undoubtedly double cause: the heavy
sale, at the higher rates. of bankers
bills-perhaps against future exports of
northumberland at least partial de-
crease in demand. That the second of
these causes was not the sole
Controlling Factor,
appeared from the fact that gold was
again engaged for New York in Lon
don. A million more was taken from
the bank this morning. in the face of a
sharp further advance in London's open
market discounts, which rose to be
above the Bank of England'S rate. More
over, though the feeling Of foreign
bankers is-that the present gold move
ment can hardly continue at its present
| rate, it was learned today that the Bank
of France has been practically forced to
sell American coin. the purchase being
profitable so long as the local premium
on gold exists. This can apparently not
be long; premium on further contracts
was hardly traceable today. Yet pre-
dictions regarding such foreign ex-
change market as this should be eX-
tremely cautious.
A leading money broker said that
| premiums on currency and gold are
| merely nominal this afternoon, and he
looks for their entire disappearance
shortly. Arrangements have been COM
pleted 10 import gold from Paris, 81 ,OO0.-
600 having been engaged there TODAY
for shipment to this side. The Bank of
Germany took precautions today to
keep its stock of gold intact by raising
its rate of discount to ) per cent. The
Withdrawals from the Bank of England
today were e220,00O for shipment to the
United States. Offerings of spot gold
for immediate delivery this morning
were . per cenl, but the trades were
declined. 1t is intimated that by Mon
day morning S5.00O,0OO will be added to
the stock OF yellow metal. The assay
office, as usual, is giving checks for 80
per cent of the volume of gold received
in bars immediately on deposit of the
bars. Yesterdays gold was largely in
eagles, which were put in circulation at
once.