New-York tribune., 1905-12-28
CALL MONEY SKY HIGH.
SCARS LIKE Il ROCKET.
Reaches 95 Per Cent = Highest
Record an Ten Years.

Call money reached % per cent at the Stock tx-
change yesterday Just before the close OF business
This is the highest quotation since December 1Ss0
when cali loans went to 100 per cent During the
long period of tight money in 1902 the mgnest
rate So per cent on September %, while on
May g. 1901, the day of the Northern Pscifc panic
1t did not get above 70 per cent and touched that
figure for only a moment. During the last fifteen
years yesterdays rate has been exceeded only four
times In the last week OF June in 1887 it touched
14 per cent: December 1s 1898, it reached 1S6
per cent; in November and December, 1890 1t again
touched 1856 per cent and In December. 1885, II ran
up to 100 per cent.
The minimum rate for call money yesterday was
90 per cent and renewals in most cases were made
at that figure. The high rates attracted large
sums to this centre. and during the morning the
price fuctuated between 30 and 20 per cent, and
went to 80 per cent at 1t grew tighter and
tighter during the afternoon and quite little
loaned at 60 per cent.
At 2:30 o'clock 60 was bid, and according to
leading money broker there was none to be had
at any price. Then came wild scramble for funds
and the bids went up up. up per cent at a time
until so. So. 90 and finally 90 per cent was bid AT
this price money released and with the
absolute demand supplied the rate fell off again
and the last loan said to have been 80 per cent
1t seemed to be the general opinion among the
money brokers that the rate would jump again to-
day, as the bears would hardly miss this oppor-
tunity to make another raid on stocks.
Early in the day the appearance Of Secretary
Shaw at the Sub Treasury led to the belief that
he had from Washington TO confer with
the leading bankers the money question. The
spectators have long been crying for help from
Washington TO relieve the stringency, but in vatn
All hope of relief from this source was quickly
dispeed. at least for the time being. Secretary
Shaw said he in this city On holiday with
four of his nephews and only sightseeing. In
addition to the SubTreasury, he visited the Custom
House and the Aquarium.
When questioned about the monetary situation
he declined to say anything on the subject or the
probability of any action by the Treasury looking
to the relief of the local situation
It was learned, however, that prominent IN
terests that have not been inclined to advise the
Secretary of the Treasury to interfere in the stu
alton disposed to advocate some conserva-
tive relief measures. It also said that Secre-
tary Shaw was watching the situation closely, and
while he is opposed TO arbitrary relief action in
the face of the speculative activity and advance in
the securities market. he is prepared, in case Of
@eces nee to act promptly to avert m any any disaster
The high rate of money did not seem to be be SaGs- I
erage houses yesterday There some concern
expressed here and there, out the general feeling
face of the exceptionally high money the market ,6
was so signty @ aIIecte6 & 7 mere was ,ic f nroSf
taking to the high rate for call money, It was
spite of the best efforts Of the bears TO take ad-
vantage of the situation.
Amalgamated Copper was again the leading Issue
S hundred red End a s 3dne Wa onG
32L points Anaconda sold off points, closing al
Interest and dividend disbursements and the
usual end of the year needs was the general ex-
pianation for the high rate Of call money, as was
the case Tuesday. One broker, IN speaking on
the subject yesterday, said:
The market showed wonderful strength to-day
in the absence Of any heavy liquidation or any any
marked uneasiness the part of the speculators
or investors In other years money rate even
approaching that of to-day has meant bad times
and nothing short of a panic It all goes to SHOW
the strength of conditions and confidence or IN
vestors and further that the big operators nave
necessity Of bidding for call money at the present
rates Trouble of more or less serious nature
NAV result in the next few days but 1t is not ap-
pretended. and money is likely to ease off by the
second week in January .
number of brokers refused to pay the The re TsnewaI eva
loans only to find themselves bidding 60 per cent
and more before o'clock.
was the rush TO Wall Street of representatives of
the large importing houses and other prominent
mercantile concerns who got their foreign bank
ers TO lend heavy for them on call Inc
loans aggregated large amounts and represented
a considerable portion Of the free bank balances
of the large importing houses One foreign bank
ing firm loaned 100000 in that way