The age-herald., 1900-10-23
CALL MONEY RATE
 CAUSED A FURRY Stock Market Took a Decided Turn onAnnounCenent  HEAVY SELLING RESUL TED Steel Group Showed Strength and Up ward Movement in Prices-Best
 Open Market Since Spring.
 The Gold Situation
 
HEAVY SELLING RESULTED

New York, October 22.-Today's furious active and buoyant speculation was brought up with sharp turn during the morning trading by furry in the rate of call mon- ey which carried it up per cent. This was accepted as an admonition that speculation was overrunning the newly acquired re- sources of the money market, and very heavy selling to realize profits immediately set in Some of the stocks most affected by the late selling and the earlier gains were entirely wiped out, and the average level was carried down considerably below the best of the day. The effort of the bulls to regain their ground caused a very unset tied closing, on the whole easy, with the buoyant snap apparently taken out of the market. Notwithstanding the late setback there were some very striking upward movements of prices and especially in the steel group, and the largest days business in stocks since the earlier part of the year was transacted at a level of prices well above those of Saturday.
 Spectators reyeled in the revivifcation streams of gold which are pouring into New York markets from many quarters of the world. Yesterday incoming steamers from Europe brought the total receipts of the gold engaged therefor import to over $3,0G0,- 000, and Saturdays receipts of s4,SS0,000 at San Francisco can be made available to New York only by telegraphic transfers. The balance of the total engagements in Europe, which amounted to upwards of $9,- 000,OO0 is fast following on the heels of the shipments already received. Neither on Sat urday nor today was there a single dollar deposited at the sub-treasury for transfer to- the south or west, which is conclusive demonstration of the market and decline of the interior needs for currency. Sterling ex- change fell weakly back to near the gold import point, and the exchange fell weakly back, and the continued downward ten dency of rates in London and Berlin seemed to offer acquiesence in the threatened further demands for gold from New York.
 The consequences of these various favor ing factors was what the brokers called the best open market for stocks since last spring This was taken advantage of from the outside to realize on very large scale, and the professional operators became somewhat uncAsy as they detected evidence of Inside selling. The squirt in the call money rate was all that was needed to pre- cipitate the general selling movement. This development served as a reminder that it may not be expedient to lend all the avail able money resources at once for specula- tive purposes. The time money market was dull today, borrowers expecting lower rates and lenders holding out for the higher rates, but bankers looked for considerable addi- tional requirements for loans to be met in the future.
 There was activity in bonds well as in stocks, and prices advanced generally. High grade bonds were not conspicuous in the dealings. Total sales, par value, $2075, 900. United States 5s advanced A points the last call
 New York, October 22.-Money on call firm at 3Q5 per cent; last loan at per cent
 Sterling exchange easy, with actual busi- ness in bankers bills at S4.S72s and at $4S4 Q4.S4% for 60 days.
 Posted rates, $4S0k@4S2 and s4S5h.
 Commercial bills, s4.S01s.
 Silver certificates, 461ac.
 Bar silver, 641ac.
 Mexican dollars, 50%c.
 Government bonds firm
 State bonds unchanged.