New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-22
BANKS LOADED WITH MONEY
THE SURPLUS RESERVE NOW NEARLY
roRTYTHREE MILLION DOLLARS.
ruv OF POSSIBLE GOLD IMPORTS STRENGTH
OF THE COAL sTocKs-wALL STREET

..,r or POSSIBLE GOLD KrS-STRENG1H
~ r,,r COAL sTOCKs-wALL STREET
STILL BULLIsH on REPEAL
, accumulation OF surplus funds in the New
-, hanks has reached remarkable figures The
-. statement yesterday reflected an Increase In
h ~ saOOOcco more than the highest expert
Inmates and 100000 to 100000 more than con-
rva,iye expectations. This great gain was made
900 Notwithstanding that large shipments had been
10 TO the South. and a peculiar feature of the
s,o,cment was that the increase in holdings or
ucie was nearly equal to the gain In legal tenders
:. 4, becoming almost embarrassing TO the banks to
ADJ profitable Investment for the mass OF money
,hsv now hold. Call money at the stock Exchange
Commands no better rates than 1i2~2 per cent. and
,,,,s money Is not actively requested and Is below
,ar,l rates Instead OF there being difficulty to
AID money move the crops. as was looked for-
ard 10 last summer, the question now seems TO
no 10 ind crops that will move at the low prices
nrevaing for commodities. The effect OF the
nlethora of money is shown in the item of circula
,,o, in the bank statement, which shows an actual
decrease of s266SOo. In breaking the currency
canine of the summer the banks have almost over
done the work. and now are being ioadeu GOWN
With deposits which it is difficult to invest with
safety and profit combined. The buils In wan
street insist that the damming up of funds VIII
continue right along. until in sheer desperation
the idle capital will be forced into the STOCK specua
ton. o-.oo.
The banks report decrease in loans OF So'o'Sco'
only a slight reflection of the heavy cancellations
of Clearing House loan certificates which nave
been going on. There was an increase OF ~S'''iw
in specie and &l,nS3OO in legal tenders total
gain in lawful money of $llO92iU Inc deposits
.ere raised 50 700 and the surplus reserve shows
AN increase Of sS7H.725. The loans now amount 10
x9iOs9 100 against sio2 900 at the corresponding
date of 1892 and si05. COZ. 100 in lS Inc oeposi's
aggregate s2l 6sG9OO against s6os251Oo In 1882 ana
sn6iooGoO in 1891. The holdings of cash amount 10
Nis Os2 800 compared with Sll755S,l0 in NV ana
s,lG 4 800 in 1891 The surplus reserve is N26ioHo
aranst s. 332 425 last year and Sl259l,loO in 1871
REPORT OF THE CLEARING HOUSE
The renort Of the Clearing House Loan Committee
Yesterday showed $3.50 900 certificates cancelled leav-
ing s. 100000 outstanding. Calls were issued 1or
$4,000 certificates for retirement tomorrow Inc
possibility of early prospect CT gold imports Is
already being discussed on account or the conoi-
ton of the foreign exchange markets. little as the
city banks need more specie. Bankers wouiu DE
uleased TO see some of the gold in their vaults IN
the United States Treasury. whose net soid Dali
ance has fallen below Ss2,O0O0C. But owing 10 the
scarcity of paper money held by the Government
there is no way to accomplish an exchange OF goid
for legal tenders or Treasury notes. The only way
for the Government 10 secure the gold OF the pahs
seems TO be the selling of bonds AS regards the
question of imports of gold from Europe IL Is ~
be noted that the rate for money in Lohuoh II
slightly hardening. and it is possible that .He
Bank of England which has to meet denalu ioi
the yellow metal from the Continent. may ehuea'o'
to impede an outflow of its gold BY raising the
discount rate But some bankers do not believe
that such action would long forestali exports iio
England provided higher rates for funds mere
would offer some inducements for foreign capital
4 leading Wall Street foreign exchange house saiu
in its weekly circular yesterday:
II the course OF this weeks exchange market was Just
of of la-tW
I'm the fact that while last weeks deliberations oil u'e
United States Senate little hope OF Oil early rep VI
the silver law this weeks Development, are interpreted u
sur ly lcadin. to promp ard satisfactory 'ouion oil 'he
,ox,s m An addlto oral ani wcl,h,y reason for
the decline In exchl-e the ally ia;ge amount Of
cotton received during the week and m 'arer aee
amount in sight the rest Of the year Whie COTTON
Is going forward freely cereals have not furnished 70
rho General supply the quota which might have been en-
pected present unheatdof low price OF wheat
The advance of IS cent In rate for money III on'o
announced yesterday is probably due to the po-Pcs Vi
heavy gold exports from England 70 this side as wei a.
"a the continent Of Europe wher markets have
also had advance The, adNanr's IN thI EaHps s
to follow p,aye Of II. Repeal o which h 1a
our stocks AID bond by European investors.
Wall Street kept in bull humor yesterday, III IN
spite of the Washington advic1 lndicauns 'H"'
the situation was not yet clear IN the senate
TEMPER OF THE STREET.
Its temper was shown by the talk OF traders
b, unconditional repeal or COMPROMISE wouih
'help things" If repeal came, so much the better
the more conservative operators argued II conf
promise were inevitable, it urged that imitation
would be caused. so the bears were tnild ana
quiet while several Of the bull pools ADVANCED
their specialties the front. The price OF amer!
can Sugar Refining was advanced IL. per cent ~
sjs. and the talk of the Street ran That inc STOCK
was on its way 10 par. The friends OF Chlcaeo
Eriday was speculative and harmless and they put
the price up over per cent. Disabling ana CattIe
Feeding rose nearly point ana the other III
dustrtals were stronger The strongest stocks were
tho hiph-priced "cOalers," Delaware. l-dckawaiIi
and Western rising ,, Delaware and HUDSON "a
and Central of New-Jersey Ia per cent IL u gen
orally believed that the Jersey Central interest mas
heavily jncrea sed its holdings of Lackawannd anu
hints are given Of a radical chanBe by ana ny III
the policy of the company, looking toward uIs-
tribution Of profits in new STOCK. Inc coal taue
is now said 10 be held in closer combination thai
ever before by mutual ownership Oh s'ocko vi
different companies and that big prohts are assured
without the corporate union that made the keadlhs
deal a target for legislative and popular ATTACK.
The Granger stocks were no more than hrm ana
the net gains made were OF small fractions. IN
facf n was ONLY in isolated cases that the al.
yances reached important proportions. The tone OF
inc suecuation however, was strong, ana the DuIis
having expectations of early definite news from
Washington. looked forward TO prohtabie coming
week. -, A., -. 81. IT.
The following table gives the final prices OF me
last two weeks as well the lowest panic
points of 1885, and the closing quotations Oh June "o