The Savannah morning news., 1900-11-03

High Money Rates show Reason for
Check an Speculation.

High Money Rates show Reason for
Cheek in Speculation.
New York, Nov 2-To-day's develop
ments In che money market served fully
to justify the precautionary attitude as
sumed By influential interests towards the
speculation during the present week
Had che borrowing with which TO hold
stocks on margin proceeded this week
with the headlong eagerness that was
shown last week the effect OF to-day
furry IN call loans Inevitably would have
been much aggravated. In the first place
the available resources Of the money mar
kes would have been much depleted and
In the second place the contraction Of
credits necessitated would have brought
out much more burhensorne offerings Of
stocks for sale. As IL was. speculative
holders % stocks seemed 20 be we'll for
tined with slime loaus. Those who were
not had 20 face - per cent caa loan
rate aud material extension IN the cash
margin. required 20 curry stocks over the
election. Cash margins Of 20 per cent.
were demanded on n large scale. The
hardAhips OF borrowers were Increased
by the additional ssrlctnese OF lenders
with regard to collateral. the rate being
per cent higher Cor loans where there
was any admiXture Of industrial securities
than where they were al railroads Con-
siderable attention was attracted also by
reports OF a greatly increased demand
for short time loans II was reported that
thirty-day loans easily commanded s per
cent. while those for longer periods could
be had az low as 4 per cent.
This created feeling OF uneastness
regarding che immediate future Of the
money market II vas claimed that the
high rate for call loans was due simply
TO the temporary lining up Of money in
cident TO the monthly settlements. and
chat there would be a quick release next
week or az soon az dividend and interests
disbursements began 20 ind their way
back into the money market.
The feature Of the preliminary esll-
mates OF the weeks cash changes is the
reversal shown IN the current OF the
money movement with the interior The
banks have gained on the interior move
ment by express 20 the CXtent OF proba-
bly, near $4,000
Tomorrow statement. however, r. like
~ 20 show a considerable decline In cash
reserves. Although there has been llq-
u!dation in the stock markes the borrow
ings inclden. 20 the monthly settlements
are likely 20 figure 10 the loan item to-
morrow with tho effecs or increasing the
reserve requirements The poor bank
statement thus preaeurod explains the
days events IN the money market Cow
ering by shorts caused a recovery IN
stocks later IN the day. but prices yield
ed again in che closing dealings
The bond market was dun and irregu-
lar Total sales. par value. 81 $4,000
United States bonds rcfundinR q. when
issued. and the new Is declined y per cent
on the last call
The total sales Of stocks to-day were
so shares. including Atchlson. s.60o.
Atohison preferred i25is: Baltimore ana
ohio. 1901 Louisville ond Nashville T.
$50 Northern Pacific. 1900. Pennsylvania
eX-dividcnd. ii.2s2. Southern Pacific 49,
0t5 Union Pacific u go. American Tobsc-
co SEQ Brooklyn Rapkd Transit. II. 40.
Federal Steel 5sis SUGAR. 1890
New York stock Let