The herald., 1896-10-30

loans made on Monday must carry over
until Wednesday. The furry occasicned
clearing house certificates, but 1t. is well
cept as last resource and the present
than few days. The stringency is con-
fined to Wall Street and it Is stated that
the needs of the dry goods and other
by. their commission banks. Money. is
being drawn out Of the banks to the extent
cash es soG and An
slight advance. in the premium or com
mission" by bullion dealers was also noted.
tEer strfngency in money rates may occur
tomorrow. There is practically. no short
time money obtainable. In one instance GO
ssprng SoSenSsr Ss nSG IN III on oan nay yof s SSn
goo. The stock market steadied slightly
from time to time on covering. Of shorts,
closing. at the lowest of the day. Aside
from the activity in money the. general
market ma aas,t was unfavorably affected by the
ters, regarding the depression in Kaff1rs
gold mining shares and apprehensions Of
Railroad bonds reacted sharply in sym
market. The sales were 81. .27s.oo.. Govern
yer certificates were irregular but closed
y. per cent higher on dealings of $4,000.
Wheat. Wheat advanced at the opening today.
lowed by a partial loss and a nervous
close. News was bullish all day but sud-
den tightening Of the money. market at
wheat that broke December from 79% to
7sM. From this it rallied to 7SM where 1t
closed. Strong cables, and prospect of
diminishing spring wheat receipts were
the chief factors. Foreign houses were
good buyers both here and at the west.
injury to the Australian and Indian Crops crops
and It was understood that. more wheat
had been taken at San Francisco for these
points: At the close the feeling was very
els
The approach of election was signalized
and remarkable advance in the money
market Soon. after the opening Of the
exchange for business today there was
at 10 per cent. per Gent higher than
the average rate yesterday. when it fiuc-
tuated between and 12 per cent. By leaps
loans; The demand sent TIE rates up un-
ased as and IN e g S Ry bs e the cent cosns
quotation. The jump to loo per cent be-
gan gradually ~ and proceeded amid much
70 per. cent and the rate then advanced to
Is and finally, about 2:30 p. m... a. broker
who wanted money was compelled to bid
secure the required accommodation. The
price then fiuctuated between 40 and so
per cent. BUSINESS was only moderate as
offerings of funds were extremely light.
As. the demand for money increased the
price asked increased by tens from so
to go, then to TO- until the maximum was
reached. The immediate cause of the
stringency was the. calling Of loans by
some of the banks that wished to. prepare
themselves for possible large demands
tomorrow. Loans made on Friday 60 over
until Mondy. according to the custom of
the street, although the banks legally have
the right to call money on any day Of the
week. The banks, as a rule are reserving
their surplus funds for the accommoda-
tion of their regular customers. who are
being supplied at per cent in proportion
to the business done by them,
The stringency was not especially due
to shipments of funds to the interior, as the
volume of this business has not exceeded
the average of last week. Bankers report
sharp inquiry for funds for. their regular
clients and a sympathetic hardening in
fiuence on the money market was exerted
by report of an increase in demands for
cash gold. Bullion brokers advanced the
commission premium on gold 3-16 per cent.
to HM% per cent. Predictions are current
in the street of materially high figures in
money tomorrow. But some leading bank
ers express the opinion that the worst Of
the furry has been seen.
Money has not been so high since the
Barring panic some years ago. when 1t
went skyward in the same way.