New-York tribune., 1905-12-29
HIGH MONEY NO TERROR
STOCKS UP DESPITE 1T.
Cal Rate Touches 10, but SIumps
at Close to 5.

Call money loaned at no per cent yesterday morn
ing the Stock Exchange. with the natural result
that prices for securities tended sharply downward
The people who are back OF the present bull mar
ket stood 5raveiy in the breach however absorb
ing all offerings OF frightened holders. and even
before the loaning rate dropped materially a sub
stsntisl rally in. Toward the close of the
Stock Exchange session, when borrowers were
nearly all accommodated the rate slumped to per
cent and the market closed in blaze of buIlish
enthusiasm with substantial gains the rule through
ont the list.
cincinnati, Cleveland and many other cities in
the interior many millions into the Street to
take advantage of the high rates. and reaped
golden harvest while the sun shone.
There was considerable nervousness at the start
of business, and brokerage offices were thronsed
with scared bulls who were wondering II some
one he'd not really pulled the peg" The money
rate of course. claimed the attention Of brokers
and customers alike Money opened around 50 per
cent but soon started soar. and did not stop
until loans had been made at well over the century
mark The highest figure reported on the hoor OF
the Stock Exchange 10 per cent, but In other
parts OF the financial district as high as l25 was
paid
The decline In the market consequent upon TINS
unusual stringency in the money market was erect
d in orderly fashion and while prices for securi-
ties were highly irregular for the first hour OF tl
ing when declines averaged in the neishoorhoou
of points for the active stocks, there was nolhs
which resernbled a panic Even while call money
,n and the upward march never checked again
while trading lasted
some of the early declines which attracted 6 most
stsn0n 6sconds @sEs e e as: As1 y h Tooy6 Rapid
sit 20 s6ls; 35s in American Smcltlng II IN
= Paul to I76s. 81 Colorado Fuel and iron; & 70
q and in Tennessee Coal ana iron, 70 10 ,es On
Wednesday Union Pacific Southern NJ 6aici fha tinted
safes Steel stocks held well, even when the other
re trsders on the fioor were not long, in noticing
The Tesiiience of most of the list, and as soon as
the traders turned buyers the Toe M M1S Sc ahoLe
By noon practically az al 1tsdpesday 81 and the bulls
who had looked SO downhearted TWO houIs pei0'
TTadi9g Ing was on large scale, the DAYS total
of more than one million and 3 se5 nan snrprise
al the remarkable strength which ne the ma A7aeI
showed IN passns p tbscR When the rate call
money began tumble in the aIte@ELoSn @ ,,a stocks
soid on the morning slump. This scurTy for stocks
vas augmented too by those who felt tha5 1n1
would be materially lower next week ,r,,s to <
From 100 per cent money droPpee fion Ds to per
cent Just the session ended IN u the eofiI Anoer
can Smelling to 167 American sugar 70 LoSs 81
conda to rs Brooklyn Rapid Transit 10 So5s 81 %;
aI IEo1 10 70 81 81 Erie to 4a Metropotan to 15
Nev-York Central to 162s cess Tennessee NJ
Coal and Iron 13S Union Pacific to 1s$s steei
States Steel common to AO5 ana Onoso tSase nTces
NTH the low figures Of the morning VIII snoT -ted U
fsst the recovery thTonsnouI @ % bISb record for
this move
After the close the feeling among the best IN
formed brokers and bankers was one OF Dullsn
o3servs tis1n The trust companies have drawn
heavily from the banks account Of the nTst-oL-
tbe-vesr reports and this money. 1t is expected;
viii be returned next week The opinion seeiE ae
no stems to relieve the present money mar S'---
gency-