The sun., 1896-10-31
CALL MONEY FURRY ENDS
sETENTEEN BANKS CHECK IT BF
OkEERINO LOLNS.

They Had Eight or Mae millions Ready,
but Pat Out Less than Two Millions OF
It-Premtum on Gold for Immediate Dc.
livery Up ns High na IA OF Per Cent.
The condition OF tho call money market on
Thursday and the degree OF nervousness on tho
part OF both borrowers and lenders that IL re-
fected resulted in the adoption of programme
by a number OF the leading banks that prevent-
ed repetition yesterday OF the abnormal and
to an extent unwarranted rates for money
that had ruled on the previous day,
Before the close OF business on Thursday
President +. u. Tnppcn OF the Gallntin
National. Bank, Chairman OF tho Loan
Committee of the Clearing House, and
President II. w. Cannon OF the Chase National
Rank, Chairman of the Clearing House Com.
mittee, conferred as to the desirabillty Of con-
certed action on tho part OF n number OF tho
banks They came to the conclusion that IL
several millions of dollars were available to
borrowers on call at n rate that would not he
deemed excessive in tho circumstances con-
fldence would be restored, and the Street would
be enabled to transact business without friction
until after the election.
They at once conferred with the President Of
the Clearing House Association, President sins
mons of the Fourth National Bank and as
result of that conference Mr.. Tappen called
upon tho officers of number Of tho larger
garding the proposed programme. He TO-
ceived suficient encouragement to lead him
to believe that concerted action ior tho
relief Of the call Iss held s
the Union League Club on THURSDAY evening,
where tho three Gs%sfg v h9n SGSJ all
OF the Importers and Traders NATIONAL Bank.
who was Chairman OF the Clearing House Com
Third National Bank. ono of the members OF
the committee, aud President Perkins of tho
The outcome OF these conferences and nego-
tintions was that a syndicate was formed before
to which seventeen OF the larger downtown
banks are parties. The members OF THIS syndi-
$50 Ss.o6o. 900 90 and So.ooooo6 to be loaned on call
| yesterday and on Monday at rates that would
be In harmony With the ruling apotHSShs ho S iGr
officials who are parties to the arrangement
took the view that 1t would be injudicous to
policy might break the rates to figures that
would encourage borrowing for the purpose OF
thwart the object the Ayndicato had in view.
namely, to reduce the tension pending the clos
ing of the Presidential campaign
As the syndicates money was apparently put
out through one broker. it was not difficult to
discover that its first fixed rate six per cent,
and II commission of quarter OF one per cent.
AS loans made yesterday carry borrowers over
until Monday, the commission charged must be
distributed over three days. which makes i5
equivalent to SO per cent. per ahhum, rate
that was r0I & not secteSs as to- I rates for
short period say for two or three days. If they
can be certain OF obtaining needed accommoda-
Although the syndicate made no Statements
regarding its formation and policy the SALIENT
facts regarding both were in the possession or
| the Street soon after the opening of business.
| AS is always the case on the second day OF a
secure their accommodations earlier in the day
than usual. A few of the more eager ones paid
tion % Of the flrst half hour Of business; Then
the rate dropped to 25 per cent. and subse-|
the late dealings loans were made at per cent.
the most coGspicu"us lender az that rate pe;na,
Althoueh no authoritative stnteri. ut waa
made as to the banks composing the syh 'tcsteA
tional, the National City. the National Bank Of
| Com merce. the Fourth National. Gallatin Nal
% National. First Nationsi, Third National. tho
National Park, Merchants National. Importers
Change. cha Bank Of America: Mechanes' NationaJ
and Bank of New York. None Of these bank
cate. 1t is also understood that the loans mad
for account Of the syndicate yesterday wers
scribed in another column, the effect upon the
stock market was sharp recovery in prices
from the decline OF the previous day.
The only other interesting development in
Wall street yesterday was a material advance
Sales were made at - and % Of one per cent: as
against y and y per cent the DAY before: The
declined MAKE
Calls or gold for the remainder of the year were
quoted at III per cent. Wthdrawals of gold
from the Sub-1reasury were unusually large.
ageregatng S922.O0O. That the demand for
gold is still attracting the metal from abroad
Is shown by the withdrawal Of 100000 in
eagles from the Bank of England for shipment
to the United States. The Treasury's gold ball
snce shows a further decrease of S3ss,7O6. to
Sis. .245.
CHICAGO Oct. 3o.The Chicago sub-Treasury
yesterday received Sl.000,O0O in new gold coin
from Philadelphia. The money was sent TO
replensh the store OF gold. which has suffered
| loss of S3,50o,oo0 during the last three
months. One million of the amount has been
Withdrawn by Individuals here on coin certfi-
Gates; the other So, 500. 600 was sent to san Fran
cisco after the recent run on the Sub Treasury
there. The latter institution under the law ts
compelled to pay out gold for legal tenders. hht
Treasury.