Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-09-02
BANKS RESERVES INCREASED.
Favorable Effect of the Statement Issued
Today.
Prices I'm Wall Street Advance-Few
Withdrawals of DepOsits-Rail-
way Earnings Increasing.
peciaI Dispatch to the Evening Star.

special DlSpatcn 10 the Evening star.
NEW YORK, Sept. 2.-Today's market had
an old-time air about 1t that proved both
promising and profitable to the bull follow
ing. After strong opening. varying from
IA to 1 per cent, prices continued to ad-
vance steadily until the close and the last
sale in every case showed a gain over open
ing figures. During the first hour the ad-
vance was led by three or four stocks and
the remainder of the list was almost en-
tirely neglected.
These specialties, however, served as
pacemakers and the whole market soon
swung into line and prices were marked up
all around the room. The shorts were anx-
ious to cover and prices became a secon-
dairy consideration in the face of strong
bull arguments and the high rates for car
rylng borrowed securities, a premium of
Lie to BIG of 1 per cent a day being de-
manded by lenders of stocks that have be-
come scarce by reason of a large short in
terest
AS in yesterdays market there was no
pressure to sell, and buying orders were
abundant. The immediate cause of today s
activity and strength was due to the an
tcipdted improvement in the condition of
the national banks and the statement made
public at IL 80 showed that early estimates
were correct. The banks have gained some
thing over s5,OOO,0OO in lawful money, but
the best feature of the statement is the
increase of over $3,JO0,O00 in deposits
against similar decrease in loans. The
net increase in the reserve brings the deficit
down to about 81 100000, which will be en-
tirely Cancelled, In all probability, next
week.
The statement shows a most gratifying
Improvement and will be reflected in next
weeks money market and the price Of
stocks.
A detailed copy of the statement follows:
Reserve increase, $5.170,15e loans decreased.
S. +s, 100; specie increase 600; legals in
creased. 81, 123, 100; deposits increased, 49,
$50, 20O and circulation increased, 81, 131 400.
The week closes with a decided improve
ment in conditions generally and more
aggressive spirit on the part of the bulls.
supported by some good investment buy
ing, which may lead to a continuation OF
the excellent showing made today.
Even with the ultimate result of silver
Hesitation assured the market will con-
tinue sensitive and fiighty until the Sem
ate's vote finally settles the question. Re-
actions followed by rallies that will more
| than recover the losses made on the de-
and should prevailing conditions continue
the tendency will be in the direction OF
higher prices.
| Encouraging Signs.
The thirty-day notices Of withdrawal of
deposits from savings banks expired yes
| terday. and 1t is encouraging to note that
not more than 10 per cent of the money was
| withdrawn, and that deposits with these in
situations are daily on the increase.
| railroad earnings, Wnlcn nave unlIOrm-
/ ly shown a decrease of late, are reported
to be improving. and will show an increase
| by the end of the month
| Rumors of a tie-up along the lines of the
| Louisville and Nashville and New York and
| New England based on a reduction OF
| wages. seem to have been without founda-
ton. and had no effect on the price of either
| stock.
Chicago Gas carried off the honors In
| today's trading by advancing from % Il
l to 60 1-2 on quick sales. Sugar was the
I most active and sold up to 81 3-S. an ad
vance of l SIS per cent.
| In the regular list Jersey Central scored
! the greatest advance, moving up three
points to 1G3. st. Paul was the conspicuous
| feature and sold up to 62, gain of g.
per cent Nashville sold up to IS 81, an ad
vance of per cent Burlington gained l g..
| to 81 3-4, and Rock Island advanced 1 SIS
| to GA.
| The improvement in the bond market
! still continues. Bargains now find ready
purchasers and prices daily move up In
sympathy with the demand.