The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-12-28
CALL MONEY LENT
AT LIS PER CENT
High Rate Affects Stocks Only
slightly-Russell Sage Lends
100000.

New York, Dec. 2s.-The call money
market opened strong again today. The
first loan reported was 100000 at the
rate Of 80 per cent per annum, and this
was followed almost Immediately, by
another loan of 100000 at 60 per cent.
At 1885 am. the quotation was 80
per cent. The advance in. the interest
rate was sensationally rapid. From 80
there was a quick advance to Is, 30
and then 100 per cent.
When 100 per cent was touched all
records since December, 1899, were
broken. In that year 1876 per cent was
paid for call loans. After lending at
100 today there were loans at 80 per
cent, The 80 pei, cent quotation DID
per cent was paid for funds, and shortly
| afterwards loan of 100000 at l25
| per cent was reported.
| Excitement Moderate.
Altho brokers were compelled to pay
the highest prices in years for cash
with which to carry their stocks there
was little excitement oyer the situa-
ton. Many Stock exchange houses
provided themselves several months ago
with the loans to carry them over. Jan.
ways in great demand, for dividends,
interest and othersy ear-end settlements.
These time loans are not affected by
the call money market.
Some stocks were sold out during the
morning hours, principally indus trials
but in the main stocks held well in the
early trading considering the market s
usual constituencies to money condi
lions. On the Stock exchange the view
was taken that the stringency was tenn,
porary and that easier conditions would
IN, n 10 o1u fter Ian
The demand for money started within
fifteen minutes after the opening o.
business AS rule nothing is done IL
money until after II o'clock. Today {
loan was made early at 80 per cent. Thi:
was regarded as an effort to keep thu
rate down. Immediately after bids wer
raised rapidly at 10 per cent between
quotations. A request for accommoda
ton at 40 per cent brought no offering
better results. Then the bid was 60, a
which price loan Of 100000 was made
No more money was offered at tina
price. The third loan was made at 7(
Then the demand from brokers as a re
suit Of the heavy calling of loans b
banks to make arrangements for tn
Jan. / disbursements became urgen
and most Of them were apprehensive a
Z to whether they could renew their loan
at all. Inc Call rdCe again CllulUeu Idi
idly to 80, 80 and 125 per cent.
The top rate yesterday was IS pc
cent. The greater part of today's o.
ferings came from out-of-town bank
) thru their local correspondents. A gres
many individuals and commercial house
also loaned thru their banks.
Russell Sage Lends S6,000,00o.
Russell Sage, thru his Representative
\ was reported to have loaned 100000
. at 30 to 100 per cent. More than tn
y usual, discrimination was shown by tt
g banks in the collateral accepted b
- them for loans. The rate for go an
90day loans today was per cent an
u commission making such loa1
:, really equivalent to 9 per cent. B
II noon the demand for money seemed
! have been largely supplied. At H.;
y clock loans were made at 65 per cen
E. Toward l clock the demand f
l. funds seemed to have been pretty we
n satisfied and money was lent at 60 p
81 cent. just as soon as the money tie
W sion seemed to have been relieved t
N stock market started to advance, led
is sensational movement in AnacOnd
l. Two hundred and seventyfve, again
re 239 earlier in the day. There was
e. definite news to explain this advan
s. except the reports of q rich strike
IN the company's mines Amalgamat
Copper was carried up 21a points
OF sympathy, owing to it's large holdin
is of Anaconda, and other copper al
ut smelling stocks were also strong.