The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-30
CRISIS in CALL LOANS
ONLY SMALL OFFERINGS AND RATES
ADVANCED TO 100 PER CENT.
Bankers Anticipate Further Trouble
Before Next Wednesday-LOcal
Markets Neglected.

At New York Yesterday money on call
was very stringent at 10a100 per cent; last
loan, 80; closed, So
Prime mercantile paper, nominally, ~
@10 per cent.
Sterling exchange was strong, with ac-
tual business in bankers bills at $4sf12@4.s5
for demand and s4s1ad4S2 for sixty days;
posted rates, s4s2a4s2la and s4.s51a; COM
mercial bills. $4S01a
Bar silver, 649sc; silver certificates. 65m
65lAc. Bar silver at London, 90 13-16d per
ounce
Total sales of stocks were 1872, III shares,
including the following: American Tobac-
co. 400; American Sugar, 45.90O; Burling
ton & Quincy, $4,000; Chicago Gas,
1860; Louisville & Nashville, 10,
400; Manhattan Consolidated, $500; Read
ing. 1850; Rock Island, 1900; ST. Paul, 35,-
500; Tennessee Coal and Iron, 800; Union
Pacific, 1900; Southern railroad preferred,
4.300: silver certificates, $4,000.
The course of the New York stock mar
ket yesterday was dominated by extreme
strngency in the rates for call money, the
extreme high point touched being u per
cent. per day plus 6 per cent. interest, or
almost equivalent to 100 per cent per an
mum. The lowest point 10 per cent,
early in the day. and the crossing was at
so per cent Even at the high points the
offerings of funds were not large, the sup
ply coming chiefly from the lenders of for
eign money and the trust companies. The
stringency was due to the efforts of the
bankers to strengthen themselves as much
as possible in preparation for possible
heavy demand for accommodations in the
next few days. The Nov. i interest and
dividend disbursements are fairly large and
that date falls Sunday. The banks can
not call loans that are made Saturday and
loans made to-day go over to Monday. Then
again loans made on Monday must carry
over until Wednesday. The furry occas-
toned revived rumors of the probable issue
of clearinghouse certificates, but it is well
known that such a step will not be taken
except as a last resource and the present
stringency is not expected to last more
than few days. This stringency is
fined to Wall street and it is understood
that the needs of the dry goods and other
by their commission banks. Money is be-
ing drawn out of the banks to the extent
that legal tenders can be secured. A feat
ure of the day yesterday was the calling
and shifting of loans and some of the
money disturbed was reloaned in the street
at the high rates. An increased demand for
cash gold and slight advance in the
premium or commission by bullion deal
ers was also noted; Some apprehension is
rates may occur to-day. There is practical
~ no short time money obtainable. In one
day loan expiring Nov. 4 on a loan of $780,
00O The stock market steadied slightly
from time TO time on covering or shorts,
but the trend was downward and the clos
extreme declines included ~ in ST. Paul
preferred; Sugar Rock Island and Lake
Shore, "a; st. Paul. 2ls; Kansas & Texas
preferred, 2; Burlington, Delaware & Hud-
son and Manhattan, IN; Denver preferred
1R; Louisville & Nashville, 1as and IL per
cent in Reading and Western Union In
the specialties Lacleade Gas broke 3 per
cent. on liquidation. Aside from the activ-
tty In money the general market was I'M
favorably affected by the uneasiness in the
foreign financial centers regarding the de-
apprehensions of tight money. The BurIing-
ton Sentember statement, showing a de-
crease of $107534 in net earnings and a de-
crease of $1145S0 in expenses, although less
unfavorable than had been expected in
creased the depression in the grangers.
Chicago Gas rallied 212 per cent. from the
early loss on the reported judicial modifica-
ton of the long-continued injunction re-
strainng the payment of dividends upon
the Fidelity Trust receipts for the stock of
the companies. Subsequently the stock
reacted in sympathy with the depression
In the general list. The market left off
weak.
Railroad bonds reacted sharply in SYM
pathy with the depression in the stock
market with the Reading and Atchison is
sues scoring extreme declines of 102 per
cent; on increased dealings. The sales We're
HOG, 0o0
Government bonds declined sharp frac-
tons on sales of Sal 500. Silver certificates
Irregular, put closed II per cent. higher
dealings of $24, 600
Room II, Board of Trade, shows the range of
quotations.: 9 -