New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-01
BANKS PILING UP MONEY.
ANOTHER EXCELLENT STATEMENT or THE
WEEKLY AVERAGES.
GAIN Or MORE ThAN 100000 IL CAsH-ALL
THE FEATURES OF THE EXHIBIT FAVORABLE
FOREIGN EXCHANGE WEAK AND HOPES
ENTERTAINED OF RENEWED GOLD
IMPORTS 49, SOME REACTIONS
FROM THE EXTREME AD-
VANCE IL STOCKS.

IMPORTS 49, SOME EEACTlONS
FROM THE EXTREME AD-
VANCE IN STOCKS
The bank statement issued yesterday was an
treIHely favorable showing. Bankers expressed
much qualification at the encouraging character
Of all the items. satisfactory feature OF the eX-
hibit the fact that loans are now only N5l4,No
in excess Of the deposits. and another week Will
doubtless show that the deposits are ahead OF the
loans and therefore that none Of the capital and
surplus of the banks need be called upon for the
convenience Of borrowers. The surplus reserves
now within 100000 Of the total amount Of
outstanding Clearing House loan certificates In other
words. all the certificates could be wiped out ana
the banks would still only little under the legal
reserve. But the prospects now are That the GER
thcates will be rapidly reduced at the same time
that the banks are increasing their reserves
The statement shows. to the surprise of some OBJ
servers, that the loans I'm the week were expanded
S3iS 500 This indicates that the Clearing House GER
tfcates have been wiped out without any lncohVe-
nience to borrowers. and that the banks actually
feel secure enough To increase accommodations. 1he
deposits were increased S7,053,4o) and the gain in
cash amounted $s.26s.9DO The surplus reserve
was swollen sG5lO $50 and il now stands at s2il2oo.
against 81 1872 400 at the corresponding date OF 1877.
and 81 02 80 In 1891 The banks hold in legal money
Si2l $780, compared with $l23ji2,lW In lSg, ana
SG 800 in 1891 The deposits aggregate $yD9sO +",
against $769S $40 in 1892 and $iO25926oc in 1891 The
loans amount to S92, 49ii O). against A6l9'ow IN
1892 and siO5 49, 800 in 1891.
The Impotence Of the banks to get rid Of their
obligations TO one another manifested in the
cancellation Of loan certificates yesterday. although
It was a half-holiday The amount retired was
$4,000 leaving the total amount now outstanding
at se5O75OoO There were $4,000 certificates called
for retirement tomorrow. At Boston the cancella-
ton reached $4,000 leaving $4,000 certificates out
standing.
The foreign exchanges showed the same weak
ness that has prevailed in the last few days. \
week ago there were fears that rates would al
vance TO "A point that would permit gold exports.
but the market has completely collapsed. Ther"
has been an increase in the supply OF cotton bills
and a further increase from this source IS az
pccted now that the outward movement Of cotton
has got well under way Another favorable innu-
cnce was the report from Washington promising an
early vote on the Silver Repeal BILL when not
only checked foreign selling. but brought IN buy
inc orders from London. Bankers say that 'he
European demand for first-class American bonds
is very pronounced. The change In wall street
sentiment has also removed all fear that sterling
loans maturing this week would not he renewed
Many brokers now hope that ere long Hesh
influx of gold may IN and the outlook IL radi-
cally changed from week ago II IL expected tha'
good news from Washington Will be followed pS
a larger increase in foreign Investment, on "''
side OF tie Atlantic.
The Street closed the business week III eoo'
t,unnr and looking forward to definite results
AT Washington which Will bring a fresh acuVHS
into speculation. New-York ana New-fns"hd
was Sun bought freely. and closed > per cent
better while the friends ~ Distilling ana Catuc
Feeding on reiterations that the tax on whisN'y
was IN h.. doubled advanced the price = per cent
American Sugar Refining rose 10 '"'s on inc pro-
,.ro,,s state OF the refining business. hlthoush
later ON a reaction occurred. The bulls w"r" dls
uosed 10 "hivc away" some OF the weeks proh's'
and on this account there was slight rescuohaiy
tendency 10 some stocks
The following table gives the maj prices u wv
l,st tv.o weeks "a we'll the lowest panic
I ,oipts ~ lSqg and the closing quotations OF June