New-York tribune., 1905-11-14
CALL MONEY WAY UP.
HIGHEST SINCE 1909.
Liquidation Loscers Prices, but Sub
stanfiol Buying 4uerts Cneaaness.

In view of the siaHing made by the pank ST..
meut Saturday when the surplus reserFe ~"
wiped cut and the aggregate reserves OF tIie -Sss
cated Banks were found he less by S24SsOV tiia'l
the required . er cent ii was only to be expected
that loans would he called yesterday, fhat nis'i
rates would be paid temporary acconrnoua
snd that stock market prices would decilile- Inc
eau money rate late in the day ran up 10 20 per
cent the highest igure since September lS9z WIN
Is per cent was reached. The first loan OF the day
was made at 10 per cent. and at about noon me
ruling rate was 20 per cent. soon after"aro II isu
eased off to t. in the last hour b rose Si' ply
10 = per cent as already noted At few lnillu'eS
before the close the National City Bank easeo ttc nc
sit,Iation y offering $4,000 per cent of En'c1
sum about s5e00oo placed The cali money
rate at the close per cent a nohiiiai Hs"fF-
The high rates have attracted money rom a.,
r:rts of the country. and loans are again peinE
,,a5e direct bv the country correspondents of the
Nex-York institutions
There were again rumors that Secretary ShaW
would take action for the relief of the money
market but these reports were soon proved base
less the Secretary authorizing the statement that
he would not interfere Mess it should appear
that business interests were likely to suffer a
daV hv liberal offerings of bills by foreign bank
ing houses. which caused sharp break in the
Sirdaz at s5s5. of so points to 4.sSi5. AT about
that rate few weeks ago engagements of gold
for irnport into the United States were made In
london; and stock market demoralization, was
averted yesterday afternoon prmaGy 9o oe ehe pes
change, that the inlport movement would soon oe &c
resumed. From London il was announced tfat
81 oo8eoo in gold had arrived there from South
Africa and IL reported that arrangements
were being made for securing it for this market.
Stocks opened yesterday lower than Saturday
closing figures. and the call money rate ad-
vanced thev declined There heavy calling of
loans by the banks. which we're compelled to me
step by the necessity of adding 20 their depleted
reserves. and there was a great deal OF enforced
liquidation of securities by both the pools and IN
oiviGual holders ..,
Reading which has for long been persistently
bued by a powerful pool. suffered yesterday the
severest single decline selling down 0s points IRON
saturdays close 133. Il closed, however; at
is,ss a net loss for the day of only 32 points.
American Smelling and Refining common had a
ma xirra decline of 3a4 points, and closed 2s points
under Saturday Consolidated Gas sold at one
time points down. but finished the day with only
2 points loss.
on the successive dips In prices caused by the
outpouring of liquidation there was buying of
substan ntial character; so that the course OF the
market held well in hand at all times and
the necessary liquidation conducted without any
appearance of panic. The intervals of relaxat ton
of the pressure upon the market brought rallies
IN prices but the demand was not inclined to fol-
low the recoveries, and the rallies brought dulness
II trading.