New-York tribune., 1893-12-10
BANKS GAIN LITTLE CASH
LOW INTEREST RATES CHECK FURTIIEI
ACCUMULATIONS.

INp1FFERENCE TO GOLD EXPORTS. ALTHOUGH
FURTHER SHIPMENTS ARE EXPECTED
BANKERS WAITING FOR SECRETARY
CARLIsLE's REPoRT-sToCKs
DULL AND HEAVY.
The bank statement yesterday was sur
prise in the fact that 1t showed only compara-
lively small gain in cash. the figures beng
half of the estimates made on the most con-
servative lines. and several millions below the
predictions Of ardent bulls. Bankers generally
are gratiied at the check to the accumulation
Of surplus money in New-York. further big
access of cash would only have intensified the
feeling that there would never be revival or
legitimate demand for money. The influx or
money from the interior has been lessened be-
cause Of the reduction of interest allowances
upon deposits of out-of-town banks. The trust
companies have ceased transferring their cash
20 the city banks. because they. too. have been
compelled to refuse payment of interest on de-
posts because of the impOssbility or employ
ing the capital offered. The banks are con-
fron.ed with a situation which compels them 10
be as cautious in loaning money as II the cur
rent rates were per cent instead or Ia lt2 per
cent. There is demand from the mercahtiIe
community indicative of revival OF enterprise
and there is no demand Tor specnlauve & pui f.
poses. Plenty of poor mercantile paper is
offering. but the banks will not loan except on
good notes, and business houses of unmpeached
strength are not asking for accommodations
So in regard to Wall Street loans while the
banks could find plenty of borrowers on cats
and dogs" they are not called upon 10 lena money
on securities which are really attractive: spec
ulative borrowers find that the conservative men
OF finance are as careful in their scrutiny Of
credit when there were millions less OF money
lying idle in the vaults.
MORE GOLD EXPORTS EXPECTED.
The shipment of 100000 in gold to Europe yes
f,tvt t1op
ports this week 1t is said that numbers of
sterling loans are maturing which will not be
renewed Interest rates in New-York have
fallen so low that the comparatively active de-
nand for funds in the principal European CEN
tres is certain to draw capital to those places
where a more profitable investment may be
found. Wall Street regards the beginning OF an
outward flow of gold, If II is unusual at TINS
season. incident in the course of idle capi-
tai The repeal of the Silver Purchase law has
restored confidence inthe currency OF the country
So long the gold reserves in the National
Treasury not seriously depleted by the in
creasng deficit Of receipts as against eXpend-
1tures the banks feel able TO supply big amount
of gold II Europe calls for 1t. Should the foreign
demand reach large proportions the movement
would be stopped by rise in interest rates here.
Nothing but fresh shock to confidence due TO
foolish action by the Administration is likely to
give any disturbing significance to the probable
effiux of the precious metal this week. In con-
nection with this subject the financial community
is looking for Secretary Carlislcs annual report
with unusual eagerness. 1t is hoped that II will
be devoid of dsquetng suggestions respecting
the silver question which, as now left. hinges
upon the disposition OF the silver bullion In the
Treasury and the possibility of coming the
seigniorage" Bankers will watch eagerly for
indications of hostility or frendliness to the Ma
tional banking system, and 1t is hoped that the
Secretary Of the Treasury Will speak more
frankly and vigorously upon the subject Of an
issue of Government bonds to protect the Ma
tional credit. Mr.. Carlise's eloquent address on
past issues Is remembered by the bankers who
appIauded him at the ent dinner Of the Cham
ber of Commerce. and they are inclined to hope
that his forthcoming report will ring note of
confidence.
ENCOURAGING FEATURE OF THE BANK STATE.
The encouraging feature of the bank state
ment p,ade public yesterday was the increase
in leans of s2s53.5OO. But deposits increased
s5I,71OO This reduced the effect Of the gain in
cash-s1 S32 5000 that the enlargement Of the
surplus revenue was only s46S.525. The reserve,
however. now amounts to s7e.565.425, against S.
509S0O In the corresponding week Of 1892. and
s153 500 in 1891 The banks now hold in legal
money s199 766, 900, against $l18246.5OO in 1892
and In 1871 Ihe deposs Gae soa ae
and $436 200 in 1891. The loans amount to
$412 3436OO against SAP $50 700 in 1892 and s4l7-
995, 100 in 1891.
The stock speculation yesterday was dull and
almost wholly subject to the influence of pro-
fessional manipulators. BY far the most active
stock was Disuillng ana Cdt',e fccuii,s' III
which the transactions exceeded 2sooo shares
The bears attacked the stock soon after the
opening and the advices from Washington
assumed on unfavorable phase; 1t was said that
the proposed increase in the tax whskey
would not be as large as had been predicted on
Friday. The price closed 2h per cent lower at
R7z American Sugar Refining weakened early
to SO. but rallied to S31a. net loss Of only u
per cent National I.nsecd OIL. which was 2%
per cent lower Friday, lost the advance
The granger shares were heavy and lower on
vro1 cfi bears
turns of railroad earnings for the first week OF
December, which are expected to come in this
week The general market closed dropping, at
lower prices.
CHANGES IN STOCK QUOTATIONS..
The weeks movement Of prices at the Stock |
Exchange generally show net losses but the
level is considerably above the panic
prices Of last summer. The following table !,
shows the lowest quotations made in 1893 and |
- af4h ST tx:a Satiirla