Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-11-18
FINANCE AND TRADE,
Unprecedented Reserve of the New
York Banks.
SHOWING OF THE WEEKLY STATEMENT
Some Advance in the Value Of
Silver.
GENERAL MARKET REPORTS,

special Dispatch to The Evening Star
NE" YORK, Nov. 1s-The openins Of
'ooay STOCK market showed fractional
gains over night, but sold Off on later deal.
lnss. Ihere were no developments. ana
p-lces were left to the caprices of the pro-
fessionals. London prices for international
securities were better. and foreign houses
bought moderately on this side
The best feature in connection with for
eign markets is the advance in the price OF
silver and the increased demand for the
white metal. both at home and abroad. The
Bank Of England scare has exhausted itself
for the want Of substantial basis, and
confidence in the stability of that historic
institution is as strong as ever.
The belief is daily gaining ground that no
radical change in the tariff will be made at
the coming session of Congress, and some
movement in prices based on this belief, is
anticipated. There is enough uncertainty
surrounding this subject, however, to make
traders cautious in their dealings. and risks
are limited to the minimum.
Sugar was the only feature In the market
and was sold freely by the veterans, who
are evidently In possession of some infor-
nation from the inside that the public must
temporarily guess at from the action of the
stock. Rumors of decreased earnings have
been In circula ton during the week, and
fears of adverse tariff legislation have been
entertained. but to what extent they are
1ustifiable is not known.
The stock opened at 90 1-2 sold down to
81 IS. and later recovered to initial figures.
chicago Gas succumbed to the hammer
Ing OF the bears to the extent Of / 5-s per
cent, but Immediately recovered most of the
loss
General Electric was strong and advanc-
ed 34 per cent to 80 l-2
The remainder of the list was strong. but
almost stationary, owing to the lack Of
interest.
Missouri Pacific earnings for the second
week this month show a decrease Of SS3. O00
making total decrease for the year. s2.10i,-
The weekly bank statement shows the
banks to have gained rearly ten millions
In lawful money. which. less the decrease
In the loans. is shown in the deposits. The
surplus reserve Is now about S65, 800, COO
which Is the largest in the history of the
clearing house.
The largest previous reserve was that re-
ported August i. 1855. amounting to ss4.-
The million and a quarter decrease IN
loans is the only unsatisfactory item in
the statement and shows a lack Of COM
mercial borrowing as well as indicating the
narrowness of speculation.
detailed copy of the statement follows:
Reserve increased, s1.64l, $50; loans de-
creased. $1.253, 200; specie Increased 81 oTa-
400; legals increased, Ss.59s. 400: deposits
increased. 400. and circulation de-
creased. s219 700.
The accumulation Of money by the ma
tional banks Is having a good effect on the
PONG market and dealers are much encour-
aged by the outlook
This Improvement In the bond market
mist eventually be transferred to stocks
ana the money now lying idle will be
orousnt INTO the regular channels Of trade
ana make valuable addition to the inter
est account of our banking Institutions.
The week closes with improved Conditions
IN All branches OF trade and unusual tim
idity on the part of those who are genar-
ally hrst to profit by such Improvement.