St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-06-28
1 BRIGHTER OUTLOOK.
Confidence in the Financial
Situation Inspired by Sew
ePal Reports.
Foreign Exchange Sold at a
Price to Cause Gold I'M
ports.
subtreasury Pays Out a
Large Amount Of Money
for Interest.
New York Bankers Report
the Situation as Easier
Everywhere.

New YORK, June 27.-While, accord
Ing to bank officers today, there was no
change of conditions to warrant any
marked increase on stock exchange
prices, there were not lacking reports OF
a character calculated to inspire conf
1ence, as we'll as some facts which justi-
fed the belief that the outlook was
brighter today than it was yesterday.
One of the rumors was that the,
president was going to call an
sxtra session of congress in July
10 repeal the Sherman silver law, the
reason for the change from September
to July being the action of the Indian
government i'll closing the India
minis to private coinage of silver.
The question was being discussed, it
was said. at a meeting of the cab
met today. Another rumor was that
DreXel, Morgan 81 Co. were going to
Import 50. 100000 of gold. Mr.. Morgan
when asked as to this story said that as
soon as he imported any gold he would
make the fact known. The rate of eX-
change taday amply warranted imports
of gold if there were enough exchange
obtainable at the figures quoted Brown
Bros. IL Co. sold demand bills at $4.S3,
but it was not believed there were
enough bills offering to cause imports
Of gold at, this time.
Paying Out Interest.
The subtreasury paid out a large
amount for interest today, its debtor
balance at the clearing house this morn
ing exceeding 81, 400, 900, most of which
was for interest. Early this morning
$4,000 in gold was deposited at the
subtreasury for Geographic trans
fer to San Francisco, and it
was expected that 100000 more
would be sent in the same way today
1t was said also that there were some
inquiries for similar transfers of money
to New Orleans. No currency ship
ments to the country were reported at
the Sub-treasury today. but the banks
shipped between $500, GOO and $500, 900 TO
San Francisco direct, and also various
small sums to banks in Buffalo. 1ndi-
cations are that currency is returning
TO this city from the West. One bank
received $3.50, 600 from a bank in Chi
cagO today.
Generally speaking, the bankers today
reported the financial situation as some
what easier everywhere, but they quail
fed the statement by saying that the
demand for rediscount, while no larger,
was very general from all over the
country. No New York clearing house
loan certificates were issued to-
day. There was no application for
any. Frederick d. Tappen, president
of the GalIatin National bank, and
chairman of the clearing house loan
committee, speaking of the situation to-
day said:
''The clearing house balances were
small today and we'll distributed. and
everything looked easy and comforta-
Bile. | think" he continued, ''tnat there
will be
Great Improvement
In the situation after the July disburse-
ments have been made. do not ex-
pect to see any great Shrinkage in
values on the stock exchange. | do not
see on what one can base N,eXpecta-
ton of shrinkages. In my Onion the
shrinkage has already taken1place. The
action of the Indian government on the
silver question is the most important
piece of news published this week. 1t
leaves this country as the.only one in
which there is a market for silver, and
is undoubtedly a strong argument in
favor of the repeal of the Sherman
silver purchase law"
A very serious state Of affairs has
developed in Philadelphia. Several of
the big banks are practically unable to
remit to the banks of this city the bal
ances due them for remittanceS, and
Philadelphia exchange is practically at
a premium today in this city. The
Philadelphia banks say they are unable
to procure New York exchange, and
they cannot get gold or currency
to ship. One bank in this city
has 100000 locked up in three
Philadelphia banks in that way. OF
course. it could send down and demand
the cash. but it is unwilling to do so.
The probability is that there will be a
larger issue of clearinghouse certii-
Gates in Philadelphia in day or two,
and then the balances due in New York
will. it is presumed, be paid. In the
meantime, however, business men hav-
ing drafts on Philadelphia will not be
able to get credit for them here, except
at pretty large discount.