Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-10-23
MONEY AND STOCKS.
Complexion of the Bank Statement
BEGINNING to Change.
OTHER INFLUENCES IMPROVING.
A Short Week in Local Securities and Few
Big Features
THE LATEST NEWS FROM ALL SOURCES

SATURDAY. Oct %
The money markets, both domestic and
foreign, were frmer this week. the most i'm
portant development being the advance in
the Bank of Englaud's minimum rate of
discount from 9 to 3 per cent Rates for
money in the open London market were
also higher, indicating increased activity in
general business and that in case of
stringe ncy at home little or no relief need
be hoped for from abroad. But better
conditions developed here, which were re-
iected in to-day's New York bank state
ment, which showed the following changes:
Reserve, Increase. ...............T.793 793 S75
Loans decrease..-....... ........-.....7ls a lsi, 100
Specie, decrcase..... l. l33 700
Legal tender, increase. lo2 100
Deposits, decrease ase.....-....-.----.-- 3, W. 800
Circulation, increase. 49, 200
The banks now hold 8, 332, 425 in excess
of the requirements of the 25 per cent rule
as against SIS, 391, 900 at the same time last
year.
The United States Treasury also strength
ened its position. 1t has not been long
since gold exports were still in progress
long after their discontinuance h ad been
confidently and repeatedly predicted. Un-
usual and unreasonable shipments, ap-
parently inconsistent with the conditions
by which they are ordinarily governed,
had reduced the Treasury gold fund to
lower point than in more than a dozen
years, and the percentage of gold received
by the Government through the revenues
was correspondinglv small There was
little attempt to conceal the anxiety felt in
official and financial circles as to the possl-
Bile consequences of this continued drain.
The danger OF such a depletion of the gold
fund as would cause anxiety or distrust has
now entirely disappeared for the present,
and there is nothing in the condition of the
Treasury that causes the slightest appre-
hension or doubt rs to the adequacy OF its
resources for the requirements of the imme-
diate future: while the gold fund has in
creased by Sl2 001 0o0 within a few weeks and
the Treasury is not at present endeavoring
TO further replenish its stock.
This change, says the New York Bulletin.
is due to the conditions at home and abroad
that are usual in the autumn when our
agricultural products begin to move from
the iarm TO domestic and foreign markets.
1t is greater and more apid than had been
expected, however, in the same degree that
business conditions are more favorable than
had been supposed by those who underesti-
mated the beneficial and continuing inf1u-
ences OF last years haryests. or overesti-
mated the disturbing influences Of the
political campaign by the deficiency of this
years crops Indicated by the early reports.
The fact is that within few weeks of the
election the country is so fully engaged in
the business activities based on last years
abundant halHeSts and SO well contented
with the outlook for another year that
there is nothing in the financial situation
that causes present anxiety, and little even
I'm the economic issues of the campaign
that eXerts such a disturbing influence as in
other Presidential years. But had gold ex-
ports continued or the Government gold
holdings declined to the point of the estab-
lished Sl0000l0O0 reserve, or had public ex.
penditures exceeded the revenues and
threatened deficit, it would not have been
possible to avoid financial agitation, and the
silver question would have been forced into
prominence despite the conservatism OF the
political platforms and candidates.