New-York tribune., 1896-10-30
A FURRY IN CALL MONEY
THE RATE AS HIGH AS 100 PER CENT
RESULT OF THE BOARDING OF crRRENcY-AR-
RIVALS OF GOLD

RESULT OF THE HoARDING OF crRRENcY-AK-
RIVALS OF GOLD
natural consequence Of the boarding. not aohe
of gold bat OF currency was witnessed yes'e'u"' -
furry In call money: that Is. money re'u' "@D'
unon the demand OF the lender The Nrsl r''o We"
10 nor cent and the rate from that point advance"
rapidly until at 2:30 o'clock In the AFTERNOON
reached 100 per cent At the close OF business a'
2 o'clock the rate dropped to 50 per cent. Inc a'e
recorded OF no per cent was the hishest e''oo
cember ~, 1897. when. as result OF ',e p"'.".
panic call money loaned at one-hait vi o' -
cent per diem and interest,"" or. In otner wo'"''
at the rate Of lssla per cent A year. Inc "s" no
subsequent rate until yesterday was on July 90
lS93 when call money loaned at ~ per cent
II was certain that money would become usht
as election approached. and prudent co"ce'"'
some time ago negotiated time loans extenui"s
beyond election The concerns which depenoeu c
supnlvine their needs In the calI-money market
paid rather dearly for their lack OF foresight. Inc
amount OF money loaned at 100 per cent was not
large. but large amounts were ioahen AZ q" ~
up to 50 per cent. Most OF the loans mace !es'ei
day. IT should he explained hold anyway u',,''
next Wednesday and another furry is har"'s
looked for in the loaning days Intervening
to-day and Monday. There is no call-money mar
ket Saturday. or. to be more exact no io"''
can be called that day "Overnght io"''
made on Friday always continue until the lo'low
MOnCAy T1ore are HedNy lH''i''N "'''
dcnd payments to be made on November = ana d
good part Of the accumulation OF funds is TO pro
vide for these obligations. The banks. trust COM
pancs insurance companies ana other ien"e1 r.. ~ W
money are hoa rders OF gold and currency. lnsy
have latteri, refused extend time loans ana
have grea tly curtaiied call loans. - +. -. H.
Whether money Will relax aIte: c%iecuo, % - az @ v.f
moment easy to determine Notnns ,as,y nas yes ye
been done toward the issuance OF Ioan naty
by The Clearing House Association, and pIopaDy
nothing will be done until after eiec,Ion' ,ia ne hs
| suance OF loan certificates az this time "ou'u I've
izpd fOrc mn
There was conference late yes'srday ainerm"V snn
president OF The Fourth National Bank. who e, Is -
president of the Clearing louss Assoct%ni pn
Who Is p.i Sairnsn Of the Clearing House committee
the governing body Of the Clearing ii2nse, ann
Frederick y. Tappen. president Of the Gala,n Ma
tom Rank who chairrna1 OF ohH gan whirh
mittee OF the Clearing House tne cot,,es Thov
passes applications for loan cerunei'ss1 1 snod
discussed the state OF the money market ana sooa
SION the Clearing House banks. Of them.
would release funds to-day. The IDEA Is tna' na'ss ~
supplied with funds by the strong banks ana tnat M
the strong banks will In addition Otter funs h !" m ss
per cent y commission may be added nut PROD
jus, as business terminated on the Stock FIX
change Yesterday II was announced mat an over
night loan Of $500 had been made at per cent;
could drop abruptly from 81 to per cent, IL wa, ~ns
said whether rrhe % true or not commssion omar @ o. one
fourth OF per cent. which made the loan figure
The hoayy demand yesterdsy for cash gold or ,,i% IN
other words gold for immediate delivery, resui,eu
in an Increase I'm the premium eNacted by hullion
dealers from s-is to =. and IN some instances 10
a. ~ ner cent, Calls for 20 DAYS remained nt
I per cent, and calls good for the remainder OF
the year at II. per cent ~ ,.. u.oa,os- -
The Have. which arrived from Europe "eohes-
dav night brought gold as follow;
q 10
-, ........... 81 2S5 no
Total mportaons 20 date s"''"-'
of tho gold received ny the iavel. SH", was
exchanged al the Sub-Treasury for greennacks
The remainder deposited In the Sub-Treasury
AZ a consequence Of the stringcrcy In money
there was q general decline In stocks YESTERDAY
he details y. which appear In Tho Trbunes reg
"'r ondon oct, s9-Included IN tho withdrawals
from tho Bank Of England to-day was the sum VI
.is o0 for export to the United states.