The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-01
CALL MONEY BROKERS
RETURN TO THE FLOOR
Foreign Exchange Easier Under
Generally Favorable De-
velopments in Market.

Developments in the foreign exchange
and money markets yesterday were dis
tinctly favorable. Rates for exchange on
all the leading financial centres of Europe
were fraotionaliy easier. while IN the time
and call money market rates were about
!. per cent. easier than they were at
tho end Of last week. One Of the most
favorable developments of the day was
the reestahlishment OF a call money mar
ket on the floor of the Stock Exchange.
Ever since the closing OF the Stock Ex-
change there has been no real central call
money market. such as had existed In
previous times when members OF the ex-
change could find upon the floor brokers'
from the larger money houses, banking
institutions and corporations with surplus
cash, who were under instructions TO loan
money at the prevailing rates. Since the
closing of the exchange persons In the
financial district who wished to borrow
money on call were obliged to go to the
leading houses and banks which made
practice OF loaning call money and thus
go out of the regular channels for secur-
ing accommodation.
Yesterday, however, after the success
full resumption OF bond trading on the
exchange on saturday. the money brokers
once more appeared on the floor of the
exchange and signified their willingness
to make call loans. The amount loaned
was said to be small as compared with
normal days. as II was estimated to total
not much over 81. 900 900, but In the imam
cial district 1t was looked upon as an
other step in the right direction.
The market yesterday was more of a
spot call money market than purely
call market. in that agreements were
generally made to repay the loans in
from five to ten days. There were no
attempts to make renewals on loans at
the close OF business yesterday. as IL gem
orally the custom. but II was limited yes
terday that a movement would be instl-
tuted to-day TO begin renewals on call
loans.
1t will he recalled that following the
closing of the Stock Exchange the banks
were unable TO call In their call loans and
they automatically became time loans
Some OF these have been paid on. but a
great many Of them are still outstanding
For this reason many OF the banks are
still loaning money at 8 per cent on call
and time, although the general rate for
he former yesterday was a., per cent.
while the latter ranged from AZ to s per
cent 1t was rumored yesterday that sew
eral of the institutions loaning at per
cent had signified their intention % re-
ducing their rate to ) per cent
In the foreign exchange department de-
mand closed yesterday at ASK and ca
bles at 800 This compares with 1891,
for the former and 40 for the latter on
Saturday. Francs, which have been stead
lily higher. were somewhat easier yes
terday at Sill u for checks and 5lOl. for
cables, against 5.l0L for checks and
5o9i. for cables at the end OF last week.
Marks were unchanged at $50 for checks
and S9Ts for cables.
There was retired yesterday at the Sub
Treasury by the New York banks $780,
600 i'm emergency currency. making n
total OF sS0,330.320 retired since the be-
ginning II the movement There was also
a Geographic transfer OF $500. 900 from the
local Sub-Treasury to the one in San
Francisco.