Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-09-16
MONEY AGAIN At 20.
ro MONEY SITUATION.
40 APPREHENSION OF CRISIS
-, outlook for Speculative nor-
rorcrs, however. Who Seek Loans
Tor tho rurpose of Holding sccuri-
,,cs on Margin. Is cIonded.
or, Who Seek Loans

yrw YORK. September I5.-To-aay,s
.n,x market showed itself very sensitive
,ne money situation. and the price
-,reren;s throughout the aa. were
,,.,,y related 10 the developments IN the
-,,er market. The firm opening in the
..,,v market was obviously due 70 the
,,,o that the measures OF relief an
rh,ncea by the Secretary of the Treas
-, would result in forcing down the
-. for call loans. The opening rate OF
:. nor cent. counteractcd this influence.
.,6 induced general spilling over OF
s.o,Ss all around the room. Money lend
:. renorted that the funds offered at is
,.- rent. were mostly for account OF out
s...own institutions Several millions re-
.,-,aa shipped from Chicago on Saturday
zero presumably included in these funds.
Meantime the local banks were holding
ar % per cent. rate, which some of
hem got later in the day. wnen the out
town supply had been absorbed. When
me demand for loans had been satisfied,
s,ne OF these banks found themselves
md in the market, and helped to break
he rate 10 per cent.
The maturity OF the s15,ooooo0 instalment
m subscriptions to the Oregon Short Line
sonds issue greatly aggravated the situa-
lion. and necessitated considerable calling
end shifting OF loans. AT the time the
prey!ous similar instalment was paid. the
fpuds were Immediately reloaned at the
Stock Exchange, and the presumption is
nus warranted that the same thing was
done today This would account Tor the
,g-ee supply OF money which came into
he market late in the day. The small
reouirements left unsatistied at ine time
emphasized the weakness.
GOLD FOR IMPORT
The sharp decline in sterling exchange
encouraged the hope that engagements
OF gold for import are near at hand, the
rate for sterling at the close being within
small fraction of the point at which
gold imports are reckone6 profitable.
Posted rates for sterling 60-day bills were
twice reduced. bringing the price down
afull cent in the pound. while for demand
sterling the posted rate was marked
t5wu - cent. The London money rate
vas not affected, but the stock market
there was disturbed by a fear that the
Bank Of England would advance its mini
mum discount rate this week, in order TO
helD divert New York's demand for gold
upon Paris, which is generally believed
10 be best equipped at present TO meet
the demand. The stock market closed
without actual engae cement being an
nounced.
The low prices of the day in the stock
market followed closely upon the 20 per
dent rate for money, and the late easing
in the money rate resulted in a sub
Eantal rally. which wiped out earlier
.Qsses in a number Of important stocks,
hut still left fractional net losses, in the
majority OF cases No one is heard to
express any apprehension that there is
Danger of money crisis in commercial
q industrial affairs but the outlook for
speculative borrowers for the purpose Of
ho!ding securities on margin is believed
20 be somewhat clouded. The general
opinion this evening was that the best
hope OF relief for the money market lay
in the prospect of gold imports. An ups
ward movement in Sugar was a slightly
sustaining influence in to-day's weak
market
BONDS MOVE NARROWLY.
Bonds moved narrowly, in sympathy
with stocks Total Gales, par value, 3d.
@tQO1 Government bonds unchanged on
the last CAL. The total sales of stocks
today werc 622, zoo shares
MONEY AND EXCHANGE.
Close: Money on caI strong at 5G2o
per cent; closing offered at 6 per cent;
Prime mercantile paper. 1--i3-s
Sterling exchange weak, With actual
business in bankers bills at ass for de-
mapd, and at t.S2,50 for 63-day bills: post
I'd rates, :S3 1-29S6 1-2; commercial bills.
iS&GS2 Ia
Bar silver, 81 IA; Mexican dollars. 20 IA.
Government bonds steady: State bonds
Inactive; railroad bonds easier.