The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-09-13
MONEY GETS TIGHTER YET.
As HIGH As 10 PER CENT. ON CALL
AND @ ON TIME LOANS

Liquidation of Stocks In Large Volume
with Indications at the Close that the
Bears Had Oversold the Market-Bar-
vest for Banks-Treasury Not MeddlinR.
Money on call loaned on the New York Stock
Exchange yesterday as high as o per cent,
though the bulk OF the borrowing was done at
@ per cent. The closing quotations were B per
cent bid. 9 per cent. asked. The banks. early
In the day. marked all their call loans up to o
per cont. and several institutions later asked
for even higher rates. in view ofthe Stock Ex-
change quotations. considerable bank money
being placed at rates varying from to 10 per
cent. Money on time was quoted higher.
time loans being made at y per cent.
for periods OF from three to six
months. when the collateral included tho
securities OF Industrial companies. though In
the case OF gilt-edged railroad securities the
rate was 5 per cent. Nervousness because OF
the money situation continued to dominate
the stock market and there was liquidation OF
stocks in large volume. the selling being helped
along by the bear operators on the exchange,
with pronounced declines. A feature was
smash In the price OF Brooklyn Rapid Transit
stock. which sold under par for the first time
since last March. The stock touched e5. COM
pared with 1907. the closing price on Monday.
but rallied later. closing at 97h. In the final
better tone with prices ralying from the lowest.
There was buying demand to cover short
contracts. the bears having apparently discov-
cred that they had outsold the market The
curtailment OF liabilities as a result OF the
heavy stock market liquidation. 1t Is antici-
psted will cut down the Items OF loans and de-
posits very heavily in the weekly statement OF
the associated banks next Saturday. aud tho
result is expected to improve the position OF
the banks as to surplus reserves.
As shown by the statement OF the banks last
Saturday. the cash reserves hold by the local
banks were but 81, 45S.925 in excess OF the
legal limit OF Is per cent OF the deposits The
demands OF banks in TIE interior OF the
country upon local banks for currency contn-
ues to be heavy Shipments OF money were
being made yesterday to the West and
South. There was big demand for
bills OF the denomination OF one and
two dollars. which could not be filled. The
banks generally have no legal tender notes OF
any denomination to ship to their corre-
spondents and are shipping gold coin
and gold certificates whom called upon.
Another supply OF 100000 in gold certif-
Gates was received at the New York
Sub-Treasury yesterday from Washington
telegraphic transfers Of money to interior
points are being made through the sub
Treasury in exchange for deposits OF GEOLOGICAL
tender notes or silver certificates. A great
deal OF interest was taken in Wall street yes
terday in the question whether imports OF gold
from Europe can be expected to relieve the
local money market. The sterling exchange
market was weak. demand bills being quoted
at $4.S6. decline OF ons-quarter OF q cent In
the pound This figure is still much above the
theoretical gold importing point. As yet no
action regarding the local money market. out