Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1905-12-28
CALL MONEY
KEEPS GOING UP
Opening up at Thirty Per Cent It
Very Soon Advanced to
1875.
VERY LITTLE EXCITEMENT.
Calling In Of Loans by Banks To Make
Arrangements Tor January. Disburse-
mcnts Cause of High Rate.

New York, Dec. 2S.--'rhe call money
market opened strong again today
The first loan reported was $4,000, 600 at
the rate Of 80 per cent per annum and
this was followed almost Immediately
by another loan of 100000 at 60 per
cent.
The advance in the interest rate was
sensationally rapid. From so there was
a quick advance to rs. 80 and then 100.
When 100 per cent was touched all
records sl.2e Deoomber. 1899.
were broken That year JOG per
cent was paid for call loans. After
lending at 100 today there were loans
at 30 per cent. The 80 per cent quo
tation did not last long and at IL
o'clock 10 per cent was paid for funds
and shortly afterwards a loan Of $780,
600 at 1875 per cent was reported,
Although brokers were compelled to
pay the highest prices I'm years for
cash with which 10 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
Jan. /, which is "A time when money is
always In great demand for dividends,
interest and other year-ena settle
ments. These time loans are not af-
fected by the call money market Some
stocks Were sold out during the morning
hours, principally ndustrials, but in
the main stocks held we'll In the early
trading considering the markets usual
constituencies TO the situation. ON the
stock market the excitement IL not
great.
The demand for money started with
| in Is minutes after the opening Of bust
| ness. As rule nothing Is done IN
| money until after II o'clock. To-day IA
loan was made early at 80 per cent
| This was regarded as an effort To keep
| the rats down. Immediately after
wards bids were raised rapidly at 10
| per cent between quotations. a re-
quest for accommodation at 40 brought
| no offer. Then the bid was raised to
| 3d. with no better results The next
was 90 at which figure a second loan,
was made one of 5000 600. No more
| money was offered at that rate. The
third loan was made at 10 Then the
! demand for money from brokers. as a
result OF heavy calling OF loans by the
banks In order to make arrangements
for the Jan. disbursements became
| urgent and most of them were apprc-
| hensiVe as 90 whether they could re-
| new their loans at all. The call rate
then climbed rapidly to So 90 and lO5
| per cent
The top rate yesterday was % per
! cent.
The greater part OF today's offerings
came from out Of town banks through
/ their local correspondents. A great
| many ndustrials and commercial
Il tI...s,.
Russell Sage, through his representa-
! tive. was reported 10 have loaned
100000 at 80 to 100 per cent More
| than the usual discrimination was
shown by the banks In the collateral
accepted by them for loans. The rate
for 50 and 90 day loans today was 6
| per cent. and commission, making
| such loans really equivalent 10 3 per
! cent. BY noon the demand for money
seemed to have been largely supplied.
Toward l O'Clock the demand for
| funds seemed 10 have been pretty well
satisfied and money was lent at 90 per
| cent. Just as coon as the money ten
sion seemed TO have been relieved the
stock market started to advance. led
| By sensational movement in Amazon
| da. This stock rose rapidly 20 215
against 239 earlier In the day There
was no definite news TO explain this
advance except the reports OF a rich
| strike in the compdny's mines. Anal
gamated Copper was carried up eia
! points in sympathy owing 10 IT, large
holdings of Anaconda and other copper
and smelling stocks were also strong.
CALL MONEY IN BOSTON.
Boston. Dec. ga bid OF - per cent
! for money on call was made here today.
being an unusually high rate for the
| Boston market