The sun., 1896-10-30
LATEST LONDON QUOTATIONS.

Kansas Texas.... OM South Railway. 81
Lake eshore....".".l5l South Railway pt.. 25
Lou Nash,.,.... i6 Union Pacino.... TN
| NY central....... e5 Wabash pf.....,,. l5h
THURSDAY. Oct. 90.
For several weeks past both borrowers and
lenders of money have been of the opinion that
the closing days of tho Presidential campaign
would witness furry in the money market.
The event has also been foreshadowed by the
high rates for time loans and the virtual stag
nation Of the commercial paper market These
two circumstances have indicated that banks
and other institutions which are the custodRns
of funds belonging to thousands OF depositors,
have considered it wise not to place the
funds In their care beyond their control
pending the decision that will be rem
dored by the people next Tuesday. The
withdrawal of deposits from the banks
throughout tho country, which has COM
pellod the provincial banks to draw upon their
deposits In reserve centres. principally New
York. and the boarding OF gold. which of late
has amounted to several million dollars q day.
hayo compelled every institution that is at tho
mercy of its depositors to proceed with caution
In according accommodations even to it's own
customers In view of these facts, which have
been we'll known and thoroughly discussed by
every one. It is surprising that Wall street
should have taken the furry in call money to-
day so seriously as 1t did.
A good many loans were called to-day. partly
to provide for payments that will have to be
made on Nov. 2. and also because tho banks
and other lenders considered 1t good bus
mess 10 provide for extraordinary de-
mands that may be made upon them by
depositors between now and the close
of business next Monday. The shifting OF
loans thus brought about, together with q
luctance to lend except to substantial concerns
\ a.~a a.l..
bulk OF tho transactions upon tho Stock Ex-
change being done at about SO y cent. which is
equal to about o cent. per annum and
. commission of u of 2 cent. At
one timo the rate on call loans rose to
100 Q cent. which is equal to tho
legal rate of interest plus commission of Il of
l 2 cent. The final transaction was at so q
cent. The indications are that the average of
the days business was below so 2 cent. 1t Is
possible that campaign orators who are advo-
eating reputation will find in this furry fresh
arguments for denounoing trusts. syndicates.
and the so-called money power. They in
capable OF realizing or appreeiating the fact
that the only sufferers by to-day's operations in
call money are the speculative clients OF stock
brokers, upon whom, as rule interest
charges in excess OF tho legal rate are as
sessed pro rata. The abnormal rates for money
naturally gave rise to q report that provoked
prompt authoritative denial that the Clearing
House would issue loan certificates. The Chair
man Of the Clearing House Loan Committee is
quoted in another column as saying that
certificates will be issued. since. in
the opinion of the committee, the sit
uation does not warrant such action.
Besides, no application for certificates
has been ade, nor are such applications likely
to be made. 1t is probable however. that tho
supply OF call money tomorrow will be larger
than 1t was to-day. Rates may rule at high fig
ures, but efforts will be made to supply the de-
mand.
The condition OF the money market naturally
caused some liquidation in stocks and stimu-
lated operations for short account. The selling
movement. however was not extensive. nor did
it result in . permanently serious decline in
prices. In the more active shares the maxi
mum decline did not average . 2 cent, and net
losses ranged from q point to 2l4 cent.
This last was sustained by Rock Island.
which was comparatively neglected. the trans
actions in it being less than 5000 shares. Sugar
Refining, which. as usual. led tho list in point
of activity, closed 1es Q cent. lower than yes
terday. and st. Paul, which was second in re-
spsct to the attention paid 1t, closed p cent.
lower. Other noteworthy net declines were In
c., B. and Quincy, Louisville and Nashville.
Reading and Manhattan Railway. Chicago Gas
was exceptionally strong and closed u q cent
higher than yesterday, though at . decline of
Ia q cent. from the highest price. The reason
for the seemingly eccentric movement OF this
stock was furnished late in the day in q despatch
from Chicago giving the news Of an agreement
between the attorneys of the combined gas
companies and tho Attorney General of Illinois
upon q modification of the Injunction restrain
ing tho companies from consolidating. to
the extent that will permit them to nay
dividends. Since dividends were suspended by
tho litigation referred to, the companies nave
accumulated nearly 100000 in cash, which
is now released and is available for dividends
upon the trust receipts that represent control Of
tho comb bned companies. 1t is understood that
quarterly dividend of Ia or II p cent. will be
declared upon the trust receipts in the imme-
diRte future.
Tho speculation in stocks was disturbed, not
only by the furry in money, but also by un-
settled condition of affairs in London, which,
according to all accounts, was due chiefly to
the publication there of wild and msleRd-
ing reports as to the political outlook
hero Foreign arbitrage houses were in
strumental In correcting or denying those
reports and in consequence London
operators sold very few stocks in this market
The alarming advices referred to appeared to
affect the London monev market. The Bank
of England sold about S225, 900 gold to-day. but
whether for ex port to this country is not stated
Imports Of gold were 81. .235 900. making the
total receipts since the latter part or August
about $40 900, of which $6o.5oo.000 has
been received at this port. The premium
on gold was advanced to-day lie OF l q
cent, to u o cent. Transactions, however,
were not as heavy as yesterday. All the gold
received to-day WAS deposited in the Sub-Treas-
ury for examination and subsequently green
backs were taken ont against 100000 of It,
The Withdrawals of gold from the Su Treasury
were approximately $500.o making the net
loss for the day 5000, 900.
Final sales compared with those of yesterday
as follows:
oct. 2s. Oct. go Oct PS Oct. 60 |
AT&sPe 1874 l3t6 j Cent lO4 lO3
A,T&sFep. 22 2lA Omaha com 40A 4OH |
Am 8 sRef...l12H illA Ont Z West l3% 13M |
Am sugR RIP o9A oe@ Pacific Mail 2lA 2ltS |
Am Tob..... "a 73Js Pull PalCar162 100
ran AgL Rock Island RdA RoL |