The Indianapolis journal., 1902-09-23
ANOTHER MONEY FURRY
CALL LOAN RATE RISES AT THE
CLOSE TO 20 PER CENT.
Considerable Liquidation Causes Some
Inroads on Prices-Measures to Re-
Ifeve the Situation Lacking.

NEW YORK, Sept. 22.-There was
this morning and a somewhat feverish and
irregular movement during the rest OF the
day. This was inevitable after the show
ing made by the banks on Saturday of
deficit of over 81, coo, 900 in the reserves
quired, but the comparatively small effect
in the market and the persistence with
which efforts were renewed to advance
prices the moment there was the slightest
relaxation in the selling pressure, were
again a surprise to all observers. The
selling was somewhat scattered in its origin
as shown by the comparatively small size
of the selling orders. The buying orders,
however, were concentrated and in many
cases were for a thousand shares and up
wards. indicating the large resources of
the interests supporting the market. Con-
siderable inroads were made on prices.
nevertheless, Missouri Pacific being con-
spicuous sufferer with loss OF 3A, but
during the latter part of the day that stock
scored full recovery and St Paul was at
one time over last week. Another furry
in the money market to 20 per cent. sent
prices Off at the last. and made the closing
heavy. A feature of the trading was the
bidding I'D of the old Burlington stock to
210 without bringing out any offerings, as
practically all the stock has been retired In
exchange for the joint bonds. The last
sale was In April at 1914. The advance in
the bid to-day seemed intended as an ad-
ditonal demonstration of the comparative
cheapness OF ST. Paul.
The money market was decidedly fever
Ism all day, as might have been expected.
per cent, but the rate ran up quickly to
10 per cent, reacted to 10, and then rose
again to the highest at 20 per cent Inc
banks are under practical necessity of con-
tracing their loans in order to repair the
deficit in their reserves. but the process of
contraction seems to be done reluctantly.
There was no apparent purpose to push the
process beyond the actual necessities or
the situation created by the reserve deficit,
and preparations for additional future In
roads on cash reserves were not perceptible.
There was symptom of distrust or lack
of confidence In credits, and the disposition
of lenders, including the banks, seems to be
to keep at loan every available dollar they
can muster, trusting to future contingen-
cies to check or Offset the actual drain on
their reserves. The tubtreasury statement
to-day showed some slight relief from this
drain In the shape of contribution of sew
eIal hundred thousand dollars by that insti-
tuition to the banks. This was due to de-
cline from the recent average of customs
collections. TO large pension payments and
the additional disbursement of government
interest. Small parcels of Klondike gold
arriving on the Pacific coast are made i'm
mediately available by telegraphic trans
fer, and the 81 100000 shipment from Lon
don is expected TO arrive by the middle of
this week. On the other hand, $500, 900 was
transferred to-day through the subtreasury
to New Orleans and the sharp fall In ster-
ling exchange was met by a rise in the
price of gold and in discount rates in Lon
don. From interior centers reports are of
advancing money rates. Effective meas
ures of relief of the local money situation
remain, in short, TO be found.
Bonds were easy, but not very active.
Total sales at par value were $4025, 900.
United States twos, coupon. advanced u
and the registered twos 1 per cent. on the
last call.
The following table shows the range of
stock prices Monday: