New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-13
WHERE HAS THE GOLD GONE!
A DISAPPOINTING CLEARING HOUSE STATE
MENT OF AVERAGES.

THE DISCOUNT BANKS LOSE $1,000 900 SPECIE
AND THE DEFICIT IN THE RESERVE Is IN
CREASED FOREIGN GOLD PROBABLY Sc
CURED BY SAVINGS INSTRUCTIONS
PRONOUNCED WEAKNESS IN
NORTHERN PACIFIC.
The sentiment of Wall Street yesterday was one
of extreme disappointment when the weekly bank
statement published 1t was the principal topic
Of discussion and led TO weaker stock market
obscurng for the time the more hopeful view taken
of the currency outlook. In addition to the disap-
pontment felt, il regretted that statement OF
such character should come out on the eve OF the
beginning OF the fortnightly statement at the Lon
don Stock Exchange. which begins tomorrow 1t
was feared that an unfavorable effect might De
produced on the foreign markets.
The banks report an increase in loans from the
preceding week of SS07s,200 and a decline In de-
posts Of s7il.7Co There decrease of 213U
in legal money held, and the deficit in the legal
reserve increased by &.521515. The banks now
have loans outstanding to the amount OF Sill''s0'-
7OO against s4s9 III 200 at the corresponding date OF
1892 and 1884, 200 in 1891 The deposits aggregate
1872 203.5OO compared with &25.23. 400 in 1882 ana
$4O5 760 800 in 1891 The banks hold in cash s7e5o,-
50O against $l70Sl, 800 in 1892 and sl9GdSU In 1871
The deficit In reserve is now sl65i5.S75 against a
surplus Of s577 $50 in 1892 and of N76l725 in 1891
There had been general expectation that the
banks would report substantial gain in cash and
possibly reduced deficit in reserve. The banks In
the West had gained over s55O0,0Oo by the opera
tons Of the Sub-Treasury. and the imports OF gold
for the week had reached nearly $4OOO.W0 OF
which s. 100000 100000 should have figured IN
the statement of averages. If the precious metal
went into the banks of discount and deposit Even
II there heavy gains in cash by the banks
a decrease in the holdings of actual money was not
looked for. Yet the statement yesterday Tenecteu
a fallng-of of $4OsOoO in legal tenders ana OF
OO in nkerS could
in specie only by assuming that the foreign goid
which arrived last week went to Chicago ana INTO
the New-York savings banks. This view was en-
tertained by money brokers' so far as their trans
actions In the week offered any clew 10 the as
position of the gold. 1t assumed, therefore,
that the savings banks were still desirous or
strengthening their position i'm order TO meet pos
sible drain of deposits when the time notices or
Withdrawals fall due This attitude was sur
prise bankers who say that some OF the officers
of the savings institutions have recently been re-
PORTING that there had been numerous cancellations
of notices of withdrawal given a week ten days
ago. The Judgment of the imported gold has an
important influence the prospects of the money
market, and it had been hoped that the coin would
find its way to the discount banks where 1t would
be at the service of the mercantile community.
There was only a moderate business done in
currency exchanges over the counters of the money
brokers. The premium currency was held by
some brokers at per cent, although they would
not pay more than per cent for money. The gen
eral rate, however, fell to 1al% per cent. and
brokers refused to make quotations for Monday.
The effect Of the bank statement however. was
TO create the belief that it might be some time
before the full effect of the heavy mportations of
gold was felt the financial situation.
The steamer Paris brought in f1isoo gold yes
terday consigned as follows: $4,000 to Kidder
Peabody Co.. from Barring Bros. & Co.. $4,000
to Lazard Freres from Lazard Bros. & Co.; 10000
to Ladenburg. Thamann & Co. from the Anglo
Austrian Bank, and 10000 TO the Hanover Ma
as4ess o sh SfmK on had beSn
withdrawn from the Bank OF England for ship
belief 70 that goid viii be- imported in spite Of all
foreign Obstacles until the stringeney here re-
The stock speculation exhibited weakness at the
short session Of the Stock Exchange yesterday. al
aets The eanH Failure OF wa used by
the bears with some effect until its unmportance
Statement Was issued out the snyg gained
s % ss and eee er s gs ae
weakness in Northern Pacific securities. The com
cent tn 81 and the chicago and $orhern Pa
cifc first morgage bonds declined II, per cent to
against 2la4 on Friday. 1t was reported that
liquidation in these securities had been started
anew by London and Berlin holders. A rumor
started that papers were being drawn for the APP
ho o Cakes Of sa fhe sn but rGs
in the most unequivocai and emphatic terms
the syndicate that underTrote the scheme for
funding the floating debt. and 1t was suggested that
the task was proving to be a hard one. Treasurer
Baxter, OF the Northern Pacific, declared that
there was no trouble with the syndcates affairs.
and that 60 per cent of its subscriptions had al
ready been paid in.
The usual ten-day statement of the kinds OF
money in which customs payments have been
made was published yesterday. 1t shows a further
remarkable Increase in the proportion of gold coin
used In the payments The proportion for the last
period was 246 per cent, as against only 5.5 per
cent twenty days ago, and OIL per cent
thirty days ago. The proportions now
Gold coin. 46; silver coin. 03; gold certificates
SS; silver certificates 81; United States notes.
G7 and Treasury notes. IL per cent.