The age-herald., 1900-11-03
MONEY A FACTOR
 IN STOCK MARKET Call Loan Rates Went as High as
 20 Per Cent HOLDERS WERE FORTIFIED Precautionary Attitude ot Spectators Saved Disaster Cash Margins of 30 Per Cent Were Demand
 ed-Prices Irregular
HOLDERS WERE FORTIFIED

New York, November 2.-Today's devel- opments in the money market served fully to justify the precautionary attitude as- stunned by influential interests towards the speculation during the present week. Had the borrowing with which to hold stocks on margin proceeded this week with the headlong eagerness that was shown last week, the effect of today's furry in call loans inevitably would have been much aggravated In the first place the availa- ble resources of the money market would have been much depleted and in the sec ond place the contraction of credits ne- cessitated would have brought much more burdensome offerings of stocks for sale. As dt was speculative holders of stocks seemed to be well fortified with time loans. Those who were not had to face 20 per cent call loan rate, and material exten- sion in the cash margin required to carry stocks over the election. Cash margins of 30 per cent were demanded on a large scale The hardships of borrowers were increased by the additional structness of lenders with regard to collateral, the rate being 1 per cent higher for loans where there was any admixture of industrial se- curities than where they were all rail- rocsls
 Considerable attention was attached all sG by reports of greatly increased de- mand for short time loans. It was report ed that 30 day loans easy. commanded D per cent, while those for longer periods could be had low as per cent. Thls created a feeling of uneasiness regarding the immediate future of the money market It was that the high rate for call loans was due simply to the temporary tying up of money incident to the monthly settle ments and that there would be a quick release next week or as soon as dividend and interest disbursement began to find their way back into the money market The sub-treasury was debtor to the clear ing house today to the amount of $2,322 991 on account of government interest pay ments.
 Although there has been liquidation in the stock market the borrowing incident to the monthly settlement are likely to figure in the loan item tomorrow with the effect to increasing reserve requirements The posted bank statements thus prefigur- ed explains the days events on the bank statement thus prefgured explains the days events on the money market. Cover ing by shorts caused a recovery in stocks late in the day, but prices yielded again in the closing dealings.
 The bond market was dull and irregular; total sales, par value, a,5l0,0OO United States preferred 2s, when issued and the new As declined 1s per cent on the last closing.
 New York. November 2-Money on call stronger at 41a@20 per cent; last loan at 10 per cent. ruling rate, 6.
 Prime mercantile paper, 5G6 per cent.
 Sterling exchange weak, with actual bus iness in bankers bills at $4SS9sQ4S334 for demand and S4.S0ss for GO days
 Posted rates, $4S1@4.S11z and $4.S5.
 Commercial bills, $4.791aq4.S0.
 Silver certificates, 6414Q651sc.
 Bar silver, 649sc
 Mexican dollars, 50hc.
 Government bonds, weak.
 State bonds, steady.
 Railroad bonds, irregular.
 (RY PriYate Wire to MurnhY & Col