St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-01-27
GOLD IS COMING IN.
FOREIGNERS APPEAR TO he ANx-
IOUS TO SECURE NEW
BONDS.
THE CLEMS WEEKLY REVIEW
SHOWS THAT DiSTRUST GROWING
OUT OF WAR SCARE HAS
DISAPPEARED.
A STRONG ROAST FOR CONGRESS
Senator Davis and His Monroe Doc
trine Resolution Criti-
cised.

NEW YORK, Jan. 26.-In his week
ly review OF the financial situation,
Henry Clews says:
Financial affairs still move SLOWLY
in the rut OF suspense All waits on
the issue OF the treasury loan. with
out any one pretending to know what
the issue in detail Will be, though no
question is raised as to the govern
ment IN one way or another getting
all 1t has asked for. Such surface
symptoms rs appear from day to day
leave no doubt on that point Since
our adYices of last week there has
oeen no aggravation of the recent par
nal strinsency in money incident to
preparations for taking up the twenty
millions inStallment of the loan. The
reduction Of the bank loans, for the
week ending with the 18th inst. was
less than four millions; which shows
that the banks are not feeling it nee
essary to largely contract; nor does
that disposition seem to increase as we
near the awarding of the bids 1t thus
seems likely TO turn out that the banks
nave already largely anticipated the
erect OF the Withdrawals of cash to
provide for the loan payments.
1t is impossible to trace exactly the
process OF accommodating gold for pay
ing the hrst twenty millions There
~ NC I'LL &C principal CnanneIS
OF supply. First gold has been i'm
ported tat whatever cost by those
VINO dislike to procure it through the
exchange Of legal tenders at the sub
treasury, and about $1,000 900 is esti-
mated to have been provided in this
way. There is the greater inducement
TOT these people to collect their gold
abroad from the fact that they can
get 1t here only by paying q considera-
bic premium for it. It is not to be in
ferred, however, that these foreign
supplies have increased the local stock
OF Soid, Tor the amount exported at
the same time has been approximately
equal, and those shipments have been
supplied from the treasury, helping to
reduce It's reserve to about fifty mil
lions. a second source of procure
ment has been the sub-treasrrv
through the conversion Of legal tend
ers, the total amount so derived 1D To
the present time being estimated at
close upon 100000 Beyond these
supplies an unascertainable amount is
coming from the interior banks. to he
held on special deposit by their agents
here, and used in taking I'D any bonds
awarded to the senders. Taking no
account of this secret but possibly ma
terlal Item, we can reckon about ten
millions as already known and in
slght towards the payment for the
twenty-five millions due on first in
stallment, besides an uncertain further
amount. Indefinite rumors are current
or considerable sum to come, at q
later period. from Europe. The amount
Is not definitely mentioned but in
some instances it has been estimated
as high as ten millions of dollars. Pos
slbly these reports may mean nothing
more than that it is safe to assume
that liberal amount of foreign bids
viii be received. and that, if accepted,
the bonds will be fully paid at once
and also that as the gold could be
got cheaper abroad than here. the
transaction would involve a large re-
ceipt of gold from the continent which
is quite likely to prove true
There is probably d good proportion
or the gold still needing to be provided
against the opening Of the bids Other
wise, the premium on gold and on legal
tenders would hardly be maintained at
or one per cent, the current rate.
That premium moreover is calculated
TO defer certain proportion of the
prepare tons until near the close of the
bids.
Though business on the stock ex-
change remains very dull, yet the lone
in values is steady. No one thinks Of
taking long lines Of stock, nor do anv
considerable holders show any anxiety
" Seii. LOnQOn is beginning to show
a revival of interest In this market.
The tone Of feeling towards American
interests is recovering The distrusts
arising out Of the Venezuela dispute.
are gradually disappearing in Europe
and equally so on this side the Allan
tic. Some further approaches on both
sides may be needed to win back the
trust of British bankers and investors.
and it is possible that diplomatic for
mal1ties may involve some inevitable
delays at this point; but there is no
longer any serious doubt that affairs
will gradually move towards ar ami
cable settlement. This underlying feel
ing found a spontaneous expression
during the week by Il London purchase
of 10000 shares In one day.
The most discoursging aspect OF the
present situation lies IN the trifiiny
and Indifferent attitude of congress.
under conditions which ere seriously
unsettliDg the whole business of the
country. To financial dtstrust we arc
now having added an cqually serious