The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-12-28
MONEY AT l25.
Highest Point Reached on Wall
Street Since 1899.
A Loan of $500, 900 Made at
That Figure.
Mr.. SAGES HARVEST.
Uncle Russell Lends S6, 900, 900
Around 100.
The Rate Had Dropped to Six
Before the Close.

market opened strong again today. The
first loan reported was $500, 1000 at the
rate of 80 per cent per annum and this
was followed almost Immediately by
another loan of 100000 at so per cent.
At 1926 o'clock the quotation was 80
per cent.
The advance in the rate was sensa-
tionally rapid. From so there was a
quick advance to rs, 80 and then 100.
When 100 per cent was touched, all rec
ords since December, 1899, were broken.
In that year 1856 per cent was paid for
call loans. After lending at 100 today
there were loans at 90 per cent. The
80 per cent quotation did not last long
and at II o'clock no per cent was paid
for funds and shortly afterwards a loan
of $780, 900 at 125 per cent was reported.
Although brokers We're compelled to
pay the highest prices in years for cash
with which to carry their stock there
was little excitement over the situation.
Many stock exchange houses provided
themselves several months ago with
time loans to carry, them over January
I, which is a time when money is all
ways in great demand for dividends,
interest and other year end settlements.
These time loans are not affected by
the call money market. Some stocks
were sold out during the morning
hours, principally industriaIs, but in the
main stocks held well in the early trad
ing considering the markets usual SEN
SitiVeneSS to money orders. On the
stock exchange the view was taken that
this stringency is temporary and that
easier conditions will prevail immedi-
ately after January L
The demand WOr money started within
Is minutes after the opening of busi-
ness. As a rule nothing is done in mon
ey until after IL o'clock. Today loan
was made early at 80 per cent. This
was regarded as an effort to keep the
rate down. Immediately afterwards
bids were raised rapidly at 10 per cent
between quotations. A request for ac-
commOation at 40 per cent brought no
offering. Then the bid was raised TO
so, with no better results The next
was so at which figure second loan
( was made, one of $20O, ,000. No more
money was offered at that rate. The
third loan was made at 20. Then the
demand for money from brokers as
result of heavy calling of loans by the
banks in order to make arrangements
for the January 1st disbursements be-
came urgent and most OF them were ap-
prehensiye as to whether they could re
new their loans at all The call rate
then climbed rapidly to so, 80 and 125
percent. The top rate yesterday was 80
per cent.
The greater part of today's offerings
came from out of town banks through
their local correspondents. A great
many industrial and commercial
houses also loaned through their
Russell Sage, through his represen-
tatfve was reported to have loaned
s6,00O,000 at 80 to 100 per sent. More
than the usual discrimination was
shown by the banks in the collateral
accepted by them for loans. The rate
for so and 90-day loans today was
per cent and a commission, making
such loans really equivalent TO per
Il 49, F~sna m rr.~r
seemed to have been largely supplied.
At 1890 loans were made at SIS per
cent
Toward 1 o'clock the demand for
funds seemed to have been pretty we'll
satisfied and money was lent at SO
per cent. Just as soon as the money
| tension seemed to have been relieved
the stock market started to advance,
led by a sensational movement in
1 Anaconda This stock rose rapidly to
275 against 239 earlier in the day.
1 There was no definite news to explain
this advance except the reports of
rich strike in the companys mines.
Amalgamated copper was carried up
/ 21a points in sympathy owing to its
large holdings of Anaconda and other
copper and smelling stock were also
President Hepburn of the Chase
National bank, said today:
''The enormous volume of business
which obtains throughout the coun-
/ try is making a strong demand upon
the banking power and naturally has
| materially advanced the rates of in
tereSt. The foreign exchange credit
which the country would normally
I make is curtailed by the shortage of
/ cars which prevents the rapid market
1 ing abroad of cotton and grain and
/ also by the concerted Withholding of
cotton for higher prices. Normally
we would anticipate such exchange by
our credit abroad but Europe has
! troubles of its own. The Russian
/ cloud hangs over markets A posi-
/ BILE default in the interest upon the
enormous Indebtedness of Russia has
seriously disturbed Berlin, holds Paris
/ in anxiety and of course exercises a
/ strong reflex influence in London.
Money ha been 8 and 10 per cent in
/ Berlin and unusually strong in other
/ centsrs.
Hence we are called upon to f.
/ nance our great volume of business
1 practically with out own resources. It
/ is unfortunate that at such a time and
under such circumstances that prices
/ of listed securities should be persist
4 emily advanced day by day 1t has ad-
4 ded to the money strain and is pri-
marily responsible for the high rates
of interests. Stocks (if worthy would
have found a higher level in a normal
manner without creating an unusual
/ strain and without causing conditions
/ frought with possible danger
At 2:15 p. m. call monew was quoted
at 0 per cent.
At 2:15 the call money market became
much easier and dropDed to 6 per cent
and at 2:45 the quoted rate was 6Q10
/ Per cent
Millions Going In.
Cleveland, O.. Dec 2S.-The Cleveland
Nws today says that it learns from
/ reliable financial authority that Cleve-
| land bankers have sent large sums of
| money to New York recently to be
placed for call loans and that they now