The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-04-07
MONEY ON CALL
At TOP FIGURES
Some Loans Made in Wall Street as
High as 81 Per Cent Early
in the Day.
RATES THEN WENT LOWER
STOCKS COME FREELY UPON
THE MARKET.

New York. April 6-Money on call
loaned at 81 per cent on the stock ex-
change, thus keeping up the tendency
or progressive rise in the money rate
Tor each day of this week The excess
over yesterdays 30 per cent rate, how
ever, as is seen. was only nominal The
seVerest Stringency of the day was over
mad occurred in previous days of the
week This was due in large part to
the fact that neCessitOUs borrowers were
prompt TO supply their needs rather than
wait until late I'm the day. In fear that
rates by that time would be higher than
yesterday and the supply of available
funds reduced to narrow promotions,
The late flurries heretofore have been
largely due to this class of borrowers
and the quality of their collateral has
also played an important part. Cases
are related where loans have been ar
ranged, but the collateral when presented
Heid 10 be unsatisfactory. thus COM
pellinS the borrowers to make what terms
they could late in the day.
The forehandedness of borrowers today
covered the requirements while there
was still plenty of time to make ar
engagements. The consequence was a
sharp relapse in rates late i'm the dav
when borrowers needs were supplied and
81 remnant of funds left on hand I'M
paced Stocks came more freely upon
the market early today than at any time
ms week, the early flight in the call
.ooIl 80 accusing apprehenSlons OF still
seNerer conditions before the close But
the market made a strong recovery when
the local loan rate ran off and the most
urgent necessities were seen to be filled
The compilations OF the weeks currency
movement published during the afternoon
offered ample explanation of the course
OF the money market during the week.
The sub-treasury has absorbed s.. 195 600.
Inc eStima ties of the movement to the
interior by express on balances differ
widely. making the estimates OF the net
loss of cash vary all the way from 81
OcoO0o to considerably over 100000.
As the surplus reserve or the banks
last week stood at only a little over & -
10000 il is clear that the deposit liza
ing down of loans. Some of the heaviest
lending i'm the market today was bV
banks which called large loans earlier
IN the week. Some of the loans tins
called were supposed at that time to he
of Japanese funds on deposit here which
were being called in for remittance to
Japan It was cOn1ectuTed that the high
rate TO which money had risen induced
the replacement of some of these funds
III call loans today. There was -contin-
ued resort also to the foreign exchange
that market made further wide declines
ana increase the likelihood OF gold NOV
Ing to New York. a small engagement
was reported late yesterday and IL was
>-sEprted that local bankers expected to
So gold TO arrive in London on Mon
day. Published estimates OF the condi-
showing highly favorable situation
were a helpful influence. The demand
Tor stocks following the running off in
the money rate was attributed largely
losses we're generally recovered and a
number OF one-pOint gains established
me money rate fell as low as 6 per cent
but closed at 10 per cent The CLOSING,
tone of the stock market was steady
but very dull.
Bonds were heavy. Total sales. par
United ststes bonds were all unchanged
on call