The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-12-29
Highest Prices In Years.


cent was reported.
Highest Prices in Years.
Although brokers were 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 Jan. l.
which is time when money Is always
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, princi-
pally industrials, but I'm the main stocks
held we'll in the early trading consid-
ering the markets usual sensitiveness
TO the situation. On the stock market
the excitement is not great.
Demand Began Early.
The demand for money started within
fifteen minutes after the opening of
business. AS a rule nothing is done in
money until after IL o'clock. Today a
loan was made early at 80 per cent
This was regarded as an effort to keep
the rate down. Immediately afterward
bids were raised rapidly at 10 per cent
between quotations. A request for &C
commodation at 40 brought no offer
Then the bid was raised TO So with no
better results. The next was CO. at
which figure a second loan was made,
one of $200,0 900. No more money was Of
fered at that rate. The third loan was
made at 70. 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 apprehensive
as to whether they could renew their
loans at all. The call rate then climbed
rapidly to so, 80 and 125 per cent.
Offerings From the Interior.
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 banks.
Russell Sage, through his representa-
tive. was reported to have loaned &c.
100000 at 80 and 100 per cent. More
than the usual discrimination was
shown by the banks in the collateral
accepted by them for loans. The rate
for sixty and ninety-day loans today
was 6 per cent and a commission, max
ing such loans really equivalent to 9
per cent. BY noon the demand for
money seemed TO have been largely
supplied.
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 ten
sion seemed TO have been relieved the
stock market started to advance, led
by a sensational movement in Anacon-
da. This stock rose rapidly to 275,
against 239 earlier in the day There
was no definite news to explain this
advance except the reports of q rich
strike in the company's mines Anal
gamated Copper was carried up 21k
points in sympathy. owing to it's large
holdings of Anaconda and other copper
and smelling stocks We're also strong.
Hepburn's Opinion.
President Hepburn of the Chase Ma
tional bank, said today:
THE enormous volume Of business
which obtains throughout the country
Is making a strong demand upon the
banking power and naturally has ma
terially advanced the rates of interest
The foreign exchange credit which the
country would normally make is much
curtailed by the shortage of cars, which
prevents he rapid marketing abroad of
cotton and grain, and also by the con-
Gel C0 NAlnUOiOiLB Ol cOItOn lot nlRn6r
prices. Normally we would anticipate
such exchange by our credit abroad,
but Europe has troubles of it's own.
The Russian cloud hangs over the mar
kets. A possible default in the inter-
est 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 has been and 10 Der
cent in Berlin and unusually strong in
other centers.
Advises Caution.
Hence we are called upon TO finance
our great volume of business practical
ly with our own resources. It is I'M
fortunate that at such a time and I'M
der such circumstances that prices OF
listed securities should be persistently
advanced day by day. II has added TO
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