The evening world., 1905-12-28
MLLNRW.
rHErRsnAY Dec q

a. Z iNt9A|ah wv ~
These are days OF sensational sur
pr-ses in wall street A fairly suon
stock market with the rate for caI
money at 40 per cent, Is something ina
no veteran il the Stock Exchange cal
recall from -ast experiences Ordnaril'
such abnormal rates for money as pre-
Vailed to-day would mean panic. Blu
while call loans were being made a
5, loD and 40 per cent. Just befor'
elev2n o'clock this forenoon, prices be
gan to mount upward and In no quarter
was there n sign OF serious weakness
Certainly this beats an stock market
records" remarked one Of the oldest
Of the Stock Exchange veterans.
Small traders looked Tor bad slump
in the market when the rate for call
Toney rose rapidly from 30 10 70 per
cent Immediately after the OPENING OF
the Exchange There was general
wakenir- in prices because OF the free
offerings OF stocks by the more tIm.d
holders Much to the surprise Of these
holders the bull leaders stood their
ground and took everything offered
without permitting any sharp breaks In
any OF the active stoClcs. As the day
wore on the buying spirit gained I'm
htrehgth untll Il seemed as II the big
bull operators were delbemtelv defvlre
the Influence Of an exceedingly dis
turbed monetary situation. Never he.
lore, under adverse money conditions,
has the stock market been held I'D SO
asgressively.
The hst ccall loans Of the day were
made BY A. A, HouSmnn at 30 per cent
within a few minutes after this rue
was announced Borrowers wera bidding
from 60 % ,5 pfr cont. In fash the
rate jumped 20 20 and at l0B o'clock
few loans were made at So. 100 and
ITO Ftom the latter figure the rate
drOpped hack to ~. Such wide nuctIa-
TONS In money mtes naturally caused
Excitement In he street, but the brokers
on the floor Of the Exchange kept their
heads cool and there were no panioky
Fymptoms Many leyel-headed men IN
Wall street regard this money furry
as largely the result of manipula ton IN |
the part Of banking and other financial |
Interests that are desirous Of checking |
speculation, II Is generally expected
that after the extensive January adjust |
ments one completed, money conditions
Will becDme normal According TO con-
fervative estimates the January dis
bursencnH for interest, dividends, &c.
viii amount to nrre than Sil,OJO,O10
Although these disbursements Will be
distributed over the entire month a
very large proportion OF the payments
viii be made pn Jan. 2 The downtown
banks, II was stated authorltatively are
likely to give liberal Interpretation to
the regulations governing surplus re.
serve obligattons, In this the bankers
believe that they have the sanction Of
Shaw. Consequently cJn-
deficit in tine surplus reserve
may De disclosed In the bank state
ment on Saturday.
As II 10 demonstrate as conspicuously
as possible the marvellous energy OF
the present bull movement Anaconda
Copper shares started on a wild gallop
about noon and covered the distance
between el5 and $50 In less than fifteen
The latter high figure brought
out large quantity OF the stock, whilh
promptly bore the price down TO about
go. This advance in Anaconda was
attributed to John w. Gates, who pub
licly predicted that this stock would
sell at 300 this week There is an Inn
preston In the Stock Exchange that
Mr., Gates backed his prediction with
some small wagers or three figures
zach.
Union Pacific, Amalgamatei and
smelters developed extraordinary
strength even when call money was
'anging bd.ween 20 and 70 per cent
a spirit or opposition to the pro-
posed merger of the local traction in
erests has already manifested itself
lnd Is having a pronounced influence On
'peculallye operations 10 the Metropoli-
Metropolitan street Railroad stock are
aid to be dissatisfied with the terms
)f the merger as published. These (
polders say nat the Metropolitan in
erests get the worst OF the bargain
~ llIo OpucI lldIln tne lHtefDOfOugn peO- |
DE contend that Mr. Belmon. has made
'ery liberal concessions 10 the Metro
)Oltan interests, Old time holders OF
Manhattan Elevated sock, like the
honlds and Mr.. Sage, have expressed
he opinion that the metropolitan
Street Railroad stockholders are get
ing from Mr Belmont all that their
'tock Is worth as Judged by It's earn
ng power,
Speaking Of the published statements
hat the Gates-Schley- Guthrie syndlCate
which recently bought contrp OF Ten.
lessee Coal and Iron. proposed 70 form /
/ Southern steel trust one OF tho mem
lers OF the syndicate said TO-DAY.
All OF these stories are premature
There have been no plans determined L
lpon, and one guess Is as good as an
)ther." 1t Is conceded that the same
interests now dominate both Republic
ron and Steel and Tennessee Coal and
ron. but certain capitalists who ought a
10 know deny that the Sloss-Shefie,d
company Is to go into the new combs
latinn, The course Of these three stocks
n the market lately Is Indicative of a \
disposition on somebody's part TO nav
yOOd prices for these shares
The Uthl sale o. stu'ks tO-dly was
.t9S, 800 shares and Of bonds S3,2j5,0U.