The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-12-12

extensive loan contraction will be
necessary to meet the requirements for
money between now and the first of
the year. There was more or less actual
forced liquidation from the refusal of
lenders to extend maturing loans, but
many holders were moved by appre-
hension that the same conditions
would shortly become effective in their
own cases, so that they threw over
large holdings. There was some of the
largest lenders in the street also who
withheld their funds from the time
loan market with the intention of
waiting for higher rates on time loans.
This process served to keep some sup
ply in the call loan market. AS high
as per cent was paid, however, for
call loans. Time loans for short perl
DDS, were practically unobtainable, and
rates were very firm for the longer pc
RODS.
The rates quoted were purely nomi-
nal, and all sorts Of devices were re-
sorted to to increase the actual return
over the nominal interest rate, such as
charges for commissions, and implied
agreements on the part of the borrow
er to withdraw only a certain proper
ton of the account loaned. Time loans
maturing at this time were the imme-
holders of stocks. Rumors were cur
rent of the liquidation of loan of sew
eral millions of dollars to a single bank
which necessitated heavy realizing on
collateral. A curious feature Of the in
otdent was that the collateral included
many hundred shares of the stock of
the bank calling the loan, which were
sold In the open market. Money bro
kers reported that there was not much
calling of money placed on call, and
they also reported that where matur-
ing time loans to the local banks had
| to be paid off, they were unable to Sc
cure accommodation for borrowers
from interior banks. The rate paid In
such cases was considerably above the
nominal rate. Where the local banks
are lending all 1t is simply to supply
the urgent needs of their regular Gus
toners for routine business purposes
| The sterling exchange rate remained
nrm to-day and opinions were ex-
| pressed that more gold would be sent
| to South America. To-days extreme
| declines reached from 1 to points,
| quite generally. and in some of the
less active specialties ran from to
IL. The tone at the close was feverish
and unsettled, but quite materially
above the lowest.
Bonds were weak in sympathy with
stocks. Total sales par value, s4.34O,-
600. United States 3's and old AS cou-
pom declined u per cent. on the last
| call.
Total sales of stocks to-day We're
1,1SO,700 shares, including Atchison.
57,10O; Atchison preferred, 5000; Bal
timore and Ohio, 1880; Canadian Pa
cine, p 400; Chesapeake and Ohio, 10, $780,
Erie, $1,000; Hooking Valley, 5000; I'LL
nois Central, $500; Louisville and
Nashville, 1900; Manhattan, %, ZOO
Missouri Pacific, 1880; New York
Central 1890; Norfolk and Western,
14.2O0; Ontario and Western, 1900:
Pennsylvania, 77.70O: Reading, 81. 500:
st. Paul. $4,000; Southern Pacific. Ga
200; Southern Railway. $1,000; Texas
Pacific, 1920; Union Pacific, 112, 300:
Wabash, $500; Amalgamated Copper,
Sl.1oo; Smelling and Refining, $500;
Anaconda Mining. 16, 700 Brooklyn
Rapid Transit, 24S0O; Consolidated
Gas, $500; Sugar. 1880; United States
Leather, $500; United States Steel. ga
300; United States Steel preferred. 40
5000; Rock Island. 1890; Rock Island
preferred, 1880.