St. Paul daily globe., 1893-09-03
STAMPEDE TO GET STOCKS.
Splendid Showing Made by
Clearing House Banks.
5000, 900 GAIN IN RESERVE.
Heavy Increase in Deposits
Indicates Confidence.
BRIGHT FINANCIAL OUTLOOK.

NEW YORK, Sept. 2. - The weekly
bank statement shows the following
changes:
Reserve. increase. .........S SO. 20. 100
Loans, decrease 3,34S,I ,IOU
specie. increase. SsSZS.6OO
Legal tenders, increase. 2.l23. 100
Deposits. increase. ........ 3.5SO.2OO
Circulation, Increase. 400
The banks now hold s1.567.525 below
the requirements of the 25 per cent rule.
The subtreasury was debtor at
the clearing house today s105,-
900, and it paid 100000 OF that in
gold. The bank clearanceS were S92,-
100. and the balances S5,900,000. OF
the balances nearly % per cent were
paid in cash. 81. 200. 600 consisting of gold
coin. This is a marked contrast to a
week or ten days ago, when only about
per cent of the amount of the balances
were paid in cash. The daily increase
in the bank clearance was also said by
bank presidents today to bs an
excellent sigl of Improvement aud a
proof that confidence was returning In
business circles. The general improve
ment throughout the country this week
was believed to be indicated by the
bank clearings in the United States.
These showed an increase over last
week of $51.496.175. The clearings for
the week ended last night Were 1886.
9l5,203, decrease from the correspond
ing week of last year amounting to
1925, $40, 120. The market for foreign
exchange was nominal today, all the
mail steamers having sailed at an early
hour. But little business was therefore
done. The posted rate for demand
sterling exchange was $4.S7. 1t was not
expected that any
Loan Certificates
would be issued by the, clearing house
loan committee today.
Money was quiet and merely nominal
| in all departments. Call loans 3; time
money 6 per cent and small commits
sion. Prime mercantile paper S(@12 per
cent. The premium Oh currency is
merely nominal, say 4@2S per cent.
Corporations with large pay-rolls
have had less difficulty in securing cur
rency this week than for a month or so
past. Gold is uRquOtable.
The Post says: Prices went upward
today with a sudden leap, such as has
not been witnessed since the huge short
interest of July was driven to cover.
Today's advance was attributed largely
to the covering Of shorts. and towards
the close the markets seemed to reflect
genuine scare among the late profess
sional sellers. What was most noticea-
Ii. ,.&I,
lies of the kind. was the increased
strength in rhe-market in the last half
hour. after the very favorable bank
statement had been published. Hith-
erto quick realizing by
The ManipulatOrs
of the rise has turned thu course of
prices downward at the close. Today
their sales were instantly absorbed by
eaRer buyers, something like Stam-
pede to purchase stocks resulting at the
last. No doubt this haste of shorts to
cover was partly due to the state of
things in congress, where yesterdays
proceedings showed that the senate
vote may possibly come with unexpect-
ed suddenness. The statement of the
clearing house banks, however. was d
factor of prime Importance. The
gain of s5, $50 in reserves has
brought the banks total reserves to
within million and half of the
legal limit. The gain over S2,0O0.OO0 in
the stock of legal tenders shows with
certainty the volume of repayments by
interior banks indebted to New York.
The further gain of nearly S4,000,0OO
gold comes partly from the treasury and
partly from gold imports bought at a
premium. but partly, too, from the In
terror. The heavy Increase in deposits,
in the face of an equal shrinkage in the
loan account. marks steady return to
equilibrium. In another week or two
the savings banks may probably be ex-
pected once more as deposltors.