The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-11-03
FURRY In CALL LOANS
RATE WENT TO TWENTY PER CENT.
IN BROAD JUMPS.
Industrial Stocks Paid n Premium as
CoIIateraI-Sfock Prices Easier
Trend of Local Trade.

At New York yesterday money on call was
strong AZ to 20 per cent; last ioan' 10 per
cent: ruling rate. per cent.
Prime mercantile paper. sac per cent
Sterling exchange was weak with actual bust
ness In bankers bills at s4S3ssd4S3A for de-
mand and $4.so64.s074 for sixty days; posted
rates. s4S11z and s4.s5; commercial bills A7sh
G4so.
silver certificates were s44a65lsc; bar silver,
eftsc: Mexican dollars 501kc. At London bar sill
yer was % 15-led
The days developments in the money market
served fully TO justify the precautionary atti-
tuse assumed by influential interests towards
the speculation during the present week. Had
the borrowing with which to hold stocks
margin proceeded this week with the headlong
eagerness that shown last week the effect
OF the days furry in call loans inevitably would
have been much aggravated. In the first place
the available resources OF the money market
would have been much depleted. and in the sec
ond place the contraction of credits necessitated
would have brought out much burdensone
offerings OF stocks for sale. AS it was specu-
latiye holders OF stocks seemed well fortified
With time loans Those who had
face 20 per cent. call loan rate and material
extension in the cash margin required to carry
stocks over the election. Cash margins OF 80
per cent were demanded on large scale The
hardships Of borrowers were increased by the
additional strictness OF lenders with regard 10
collateral, the rate being l per cent higher for
loans where there was any admixture OF indus
trial securities than where they were all rail
roads Considerable attention was attracted also
by reports OF greatly increased demand Tor
short time loans. IL reported that thirty
day loans easily commanded ) per cent, while
those for longer periods could be had as low
per cent. This created a feeling OF uneasiness
regarding the immediate future CT the money
market. 1t claimed that the high tate for
call loans was due simply to he temporary ty
Ing up OF money incident TO the monthly settlo-
ments, and that there would be a quick release
next week. soon dividend and interest
disbursements began TO and their way back into
at the clearing house TO the amount of So 1892 al
on account of government interest payments
The feature OF the preliminary estimates OF the
weeks cash changes is the reverse shown in the
current OF the money movement with the in
movement by express to the extent Of probably e.G
nearly half million ooliers Not until yeste--
treasury for transfer to Chicago. has there been
any transfer 10 the interior through that me-
dunn. As a consequence Of this cEd the large
deposits at Pacific points the official state
ment OF the weeks subtreasury operations shows
gain by the hanks of $780,, 600. But il must be
remembered that this official statement includes
a payment last Friday Of checks to the
amount of $3,0o0,O00 for Australian gold demos
ited with the government at San Francisco This
gold was drawn over the counter the sub
treasury by the banks. and therefore figured in
last Saturdays bank statement. Allowing for
this, to-days statement is likely to show a
considerable decline in cash reserves. Although
the borrowings incident to the monthly settle
ments are likely 10 figure in the loan item to-
requirements. The poor bank statement thus
prehgured explains the days events in the money
In stocks late in the day, but prices Welded
again in the closing dealings.
The bond market was dull and Irregular. Total
sales at par value 81. 510.000 United States
refundng twos. when issued. and The new fours
declined y per cent on the last call.
Following are the days share sales and the
closing bid prices.