New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-11-05
BANK RESERVE SWOLLEN.
PRACTICALLY ALL THE BANKS ABOVE THE
TWENTY-FIVE PER CENT RULE.
CONDITION OF THE FOREIGN EXCnANGEs-AI-
RIVAL OF eoLD-THE STOCK MARKET
IRREGULAR, WITH THE IN
DUSTEIAIS LOWER.

DUsTIIALS LOWER
The hank statement yesterday reflected another
heavy increase in deposits and n large accumua-
ton in cash. The surplus reserve was supstah-
TALLY increased and exceeds S20V.Op inc
detailed statement, issued for the first time since
June IT, shows practically every National BANK
to hold surplus reserve over the % per cent RUE
few exceptions may be noted. but the oe-
ficiency In each instance is trifing. The BANKS
report an aggregate holding In legal money sS'eS"
larger than week ago. Loans were increaseu
S.06S500 although this change was not suscep'o'e
Of ready explanation Bankers say that there mas
been little demand from merchants ana ittie Ho'i
the stock brokerage community the sales OF long
stocks in Wall Street last week having oeen aisei
than the purchases according to general peiiei Inc
deposits increased S4l5c0o The surplus reserve ias
increased $S225.s7S and now stands at $-'o"f''.
against s2.67S.525 at the corresponding cate OIL
1892 and $685. $50 In 1891 The banks hold IN cash
sl6s S66 Co., against sll6SSS90o In 1882 ana sli"w
in 1891. The deposits amount to Ai14l2e0o. com
pared with 1885, s 800 1892 and s4l6 $1,000 In sl
The loans aggregate sp2SS.Soo against &s'olslVo
In 1892 and s4ll.leO.2oO in 1884,
BANKERS DO NOT APPROVE 1T
Bankers generally have not read with approval
the dispatches from Washington announcing that
the coinage of standard silver dollars was to be
increased in order TO utilize for Government pur-
poses the segniorage profit. At present owing
to the demand to move cotton and sugar the o"'-
Treasury here is issuing considerable quantity
of silver dollars In exchange for Treasury notes
of large denomination. Transfer Is made OF the
silver dollars at other sub-treasures free OF COST
end this induces the exchange while the move
ment OF the cotton crop lasts. This operation
redeems and retires the Treasury notes SO eN-
changed and therefore is harmless. But bankers
would regret to see further coinage Oh SILVER
dollars without the corresponding redemption OF
Treasury notes. In that case, 1t is oo1ectea the
gold value of the bulk of Treasury silver BULL
ion on which Treasury notes have been Is
sued would be diminished to the extent of the
seigniorage turned into the Treasury. The amount
of dollar coins worth in gold less than 90 cents
would be increased by coming the seigniorage ana
so the bulk of the obligations now outstanding
against q gold reserve less than $S5 1000 would
be EXPANDED. 1t Is not believed that such
policy in the present and prospective condition
of the Treasury would conduce to the continued
growth of financial confidence.
GOLD ON THE LUCANIA
The steamer Lucania brought in $4,000 gold
consigned to Lazard Freres. More than NSoo'oN Is
still on the way here from Europe. The foreign
exchanges however, closed firm and shade
better yesterday and there was some doubt IN
banking circles 10 the continuance OF the I'M
movement without a change in conditions One
of the leading foreign exchange houses IN It's
weekly review OF the market says:
The passage the repeal OF the silver bill mas not nat
tia effect which hal generally expected Europe,
far from rushing stock market has been con-
spcucus seller all tbs weeK. whether from lear
NJ LOSING ts unsatisfactory rail-
load situation IL would be dincult 10 say. Iiaih ana
provtsioa bills likewise scant supply Imports
OIL the show decrease oil S10ooVooo shce
July l. 1893 as compared the corresponding period oil
1897 OF GOLD imports total amount now on the way
here s about 81 500 OVC including $500 900 epo tel
last week. This gold picked UP In London during
the few moments week when short sterling
here stood 1850 1881, but which now stands at 4e5a
asa as against IS3i. Just week
The bulls in the stock speculation were encour-
aged by Fridays late rally TO give smart nip
10 the market In yesterdays early dealings Lon
don sent higher quotations and there was no for-
eign pressure to sell. Buying orders. however We're
lacking and In the second hour Of the short SEES
sion the traders made laid on values AGAIN
causing some reactions. The excellent bank state
nent failed induce rally OF consequence; chi
cago Gas was active, at decline from 63,$Q1aes 10
6iial61s American Sugar Refining was depressed
on talk of tariff changes from SSis 10 En9iis. ana
were small net advances in Western Union, Cnio3
Pacific. Louisville and Nashville. Atchson ana
Chicago. Burlington end Quincy. Equally small
net losses scored by Chicago. Milwa uKec ana
ST. Paul, Chicago, Rock Island and Pacific, Mis-
souri, Pacific and Philadelphia and Reading New
The bondholders of the Chicago and Northern
Pacific Railroad held meeting at the Office OF the
United States Trust Company. Attorneys OF tte
receivers made report on the condition or the
a standing committee of bondhoders for mutual
protection. and TO report within two weeks at d
more general meeting of the securtyholders.