The Birmingham age-herald., 1905-11-19
MONEY FURRY THE
 MARKET FEATURE Much Liquidation in Wall
 Street Results IS NO CAUSE FOR ALARM Record-Breaklng Disbursements for January-chlcaeo MuItl-Mlllion-
 aire chews Tarred Rope.
 Rumors of Mergers.
BY w. G. NICHOLAS.

New York November 1S.-The money furry was the exciting and sensational feature of the stock market this week. The rise in interest rates was accompa- nied by a wholesale falling of loans throughout the Wall street section, proceeding which forced considerable liq- uidation. Spectators very generally re- duced their lines, although it cannot be said that the broad market alignments have -heen materially changed by the ex- perience of the past ten days. The great mass of operators and investors who were bullish at the beginning of the fiur- " are bullish still It does not make much difference what the strictly profes- sonal element thinks, because 1t is likely to change it's mind in thirty seconds from a radically bullsh to a radically Dearlsh position and back again. The group ot Standard Oil banks led in the calling in of their money and complaint was quite common that unnecessary urgency was employed in many instances. There were times when funds were difficult to nego- tiate at almost any figure. So uncom- promising was the banking front that scores of commission and brokerage firms
  very large sum in the aggregate was bor- rowed for New York account in Boston, Hartford, Philadelphia, Baltimore. Pitts burg, Chicago, St. Louis, St. Paul and as far west as Omaha, Kansas City and Denver. Small country banks through out the whole interior were drawn upon literally. This plan was so generally adopted that the New York banks were given relief very quickly. The lifting of the pressure was plainly felt by the mid dle of the week, although the opinion prevails that there is small likelihood of a return of really easy conditions during the remainder of the old year. The Ngh rates or even the full legal rate main tained here for few weeks will attract funds in large volume.
 The furry of this week will undoubt- edly start the return tidA of money sent west and south for the moving of crops, and all together 1t may be stated with confidence that there will be no long continuation of interest charges on an oppressive scale, such as would embar- rass general business or seriously chill enterprise. Purely speculative operations | of great magnitude may be held in abey- ance until after the distribution of divi- | dends and interest on the first of the | year. Most of the market leaders and a | big majority of bankers would like to | see the brakes kept on for another six or seven weeks. and 1t is not improbable | that they will enforce this policy. For , few days hardly pressed Wall street turned appealingly to Secretary Shaw, but that functionary did not seem to think the emergency sufficiently critical | to call for help or interference from Washington, although holding himself ready to lend assistance should the situa- | ton warrant. Some of the leading f1nan- | cers of the street advised Secretary Shaw | tl,,t acfA, fa.. l,t, | ton interference. and that if conditions became irksome as much gold as might be required could be imported from the | old world.