New-York tribune., 1893-12-03
MONEY in BANK PILING UP
TIE FAVORABLE STATEMENT CAUSES
srs-t.. PROFIT-TAKING.


STOCKS IRREGULAR puT IMPORTANT DECLINES
FEw-DoUBTs AS TO THE EFFECT OF THE
MEETING OF coNGREss-No DIVIDEND
on GENERAL ELECTRIC PREFEREED
The bank reserves yesterday mounted 10 even
higher figures than were shown in the recoru-piea'
ing statements Of the two previous weeks me
banks reported a gain in specie OF ~hJ1"s"V anu Vi
1854 900 in legal tenders total of SS2oioo III esa
money held. The surplus reserve was mcreaScu
$526l,725 The gain in the deposits amounted 10
si2033,5Oo. and there was an increase IN loans Vi
s,2Ss.400 Bankers almost appalled, at 'ie huse
pilng up of money. for 1t represents the coh'hueu
idleness Of capital but there Is no indication Oh an
early cessation of the accumulation. The expansion
in loans last week is said TO represent niue per-
manent extension Of credit. part OF 'he iheiease
being due TO advances on grain and cotton. Whch
will be cancelled when the commodities are en-
ported. and part of ii representing reheWaiS "
purely speculative accommodations. The weekly
statement showed that the banks held IN cash
s1g7 300 against s2o EOS POO in the corresponding
week of 1892 and S22, 500 800 in 1891 The surplus
reserve amounts to s7G096.9M against Se4s5''" III
1892 and slS sSSG25 in 1881. The loans aggregate
500 49O1eO compared with sNi62a2co in lsS2 ana
sr79lsi 100 in 1891 The deposits amount to $S'Sio'-
200 against st4 sol 500 in 1892 and s4 SS1r in lS9l
The temper OF Wall street was not fully as buoy
ant yesterday as on Friday. Notwithstanding the
= big gain in money shown in the bank statement
e In fact the publication of the baak exhibit was
the signal for some taking of profits. and there
were not few reactions in prices in the stock
market. The importance Of the big hide failure
was not fully apparent when the market opened,
= but its influence WAS slightly detrimental The
Industrial stocks particularly irregular Al
vices from Boston to the effect that the directors
of the General Electric Company had formally voted
10 nav no dividend the cumulative preferred
ttock caused selling. although this action had
been rather expected. The common STOCK leii
nearly per cent to 35is. ard closed at So7s. DIS
tilling and Cattle Feeding rose TO 27%,. but WASH
ington dispatch quoting Secretary Carlisle as ex-
pressing hostility increased tax on spirits
caused setback to 6i202G7s. But American Sugar
Refining from s24 to s53@&ls, the trading ele-
ment buying on the theory that the recent h Ian IN
Shanse nan in the sugar duty, Chicago Gas which
has 5een pulled vigorously on the rpmors that the
next dividend would be paid In cash, gained only
The railway list generally closed easier but the
principal declines were in Chicago Milwaukee and
St. Paul ShicsSo Rock Island dan and oG haciC me Sna @
S1g-a-Soo OFT OF OF the independent recciyershP
!. One OF the Union Plcifc's controlled lines. West
ern Union Telegraph receded from s2l. to 99EMrs
would be launched into debate in Congress- The
bears attacked the Granger stocks on predictions
that future statements of earnings would not equal
the recent October showings owing 10 loss or
Worlds Fair traffic and the late shrinkage in the
!, The assembling of Congress tomorrow dis
Some Of the the bulls assert asserted that ringing mes;
sage from the President would hep values. and
large sne o naa ne bond su othe
traders wondered whether strong recommends
: tion.of the Wilson Tariff bill might not damage
some Of the recent talk in speculative circles about
the bill being too radical to become law. Then
: there is a feeling that uncertainty with regard
TO tariff measures the suggested income tax.
the question of State bank issues, the exploiting
of Government telegraph schemes. and Union Pa
ciic legislation ard the question Of action 70 meet
the Treasury deficit would not make the session
of Congress unfavorlble influence There were
: plenty Of Democrats who wished that sound
Republican Congress was 10 begin abOrs tO-mor
row instead OF the conglolnerate Democratic ma
jority taking the saddle.
The industrial shares alrnos. the only stocks
that have yet reflected the dread of blows at the
protective tariff in the last week The following
table gives the final prices of the leading stocks
at the close of the last three Weeks