The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1905-11-28
Money and Business.

In the money market
produced heavy liquidation of secur-
tiles for a time. and the average If
fell S4,02 below the high record estab-
lishcd last month. At no time, now
ever, was there the decentralization
that has been conspicuous on previous
occasions when call loans ruled as
high AS Is per cent. OF most new &C
c"ommOdatiOn for two consecutive
days. The explanation is obvious:
most stocks were in strong hands that
had provided for such a complication
by borrowing whatever funds were
needed On long terms when rates were
easy. Had there been any extensive
long account carried by the general
public CT small traders the pressure
to realize would have produced d
break of 10 points Or more. Bu- the
powerful interests in control of the
situation were soon able to check the
decline, and there was a recovery Of
about half the loss. Pool operations
were resumed in various specialtie5,
several new issues being taken up
by the market manipulators. Aside
from the better financial position both
here and abroad. the only develop
ment Of Importance was more disturb
ance in Russia. Reports from the in
terror indicate that the railways are
handling freigh- more promptly. and
incomplete figu, es of earnings for the
current month indicate a gain Of
about 5 per cent. over last years bus
mess.
AS might have been expected. mon
ey rates rose 10 % per cent in OK
ceptional cases, and on two days the
ruling rate was about Is per e
This was the highest position OF re-
cent years. inc also the first time
since 1902 that the associated banks
held no surplus reserve. For a time
the pressure was severe. yet no In
easiness was felt, owing to the sharp
decline in foreign exchange rates, in
dicating that O,d imports would soon
relieve the situation If necessary. Ca
madam banks sent large sums to take
advantage of the attractive rates, and
there was much foreign lending in the
form of finance bills. Still more eff
cacious was the reduction of borrow
ing on stock exchange collateral,
many speculative holdings of securi-
ties being thrown on the market. Had
the stringency affected legitimate bus
mess to any serious extent it is prob
able that the Secretary of the treas
ury would have released government
funds. but he diG not find it necessary
to increase deposits in the national
banks. An event of some importance
was the advance in quotations OF gill
yer bullion to the highest point since
1900. offerings at London falling behind
demand from the Far East. Regular
operations of the treasury have con-
tinued to maintain a close balance Re
tween receipts and expenditures, but
gross stocks of gold each day attained
new high-water marks.
Business conditions throughout the
country have maintained q progress
that is remarkable, in view OF several
everts calculated to produce a set
back. Dealers in the anthracite re-
gion operate very c~onservatively as TO
provision for future requirements be-
cause of rumors that a strike will oc-
cur, although the best authorities ap-
pear confident that the meeting next
month will result In q tacit agreement
to continue the present arrangement.
Real estate sales are enormous, and
building permits are being issued In
M@#E u - 3E