The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-12-28
HIGH RATES PAID
IN MONEY MARk[T
---------------
No Such Rates Exacted Since the
Panic Period Of Spring
Of 1901.
NO SPECULATIVE VITALITY
Money Rate Has Ad1nonishing
Effect On the General Stock
Market List.
NO SPECULATIVE VITALITY
nv Associated Press.)

Nryy YORK. December 2I.It proved
,mnossible to entirely ignore the money
strt,rencv in the action of the spccula-
tion to-day, but considering the violence
sor The activity in the money market ana
,bo high rates paid there for accommo-
dat;on. 1t must be conceded that the
consultative position was maintained Win
rcmarknble equunimity. No such rates
have been paid for money OH call as
those cxacted to-day at the Stock EN-
change Rincc the panic period OF inc
sprlng of 1901, and the prevailing rates
from 80 to So per cent. were such as nave,
proved an index of panic conditions III
the stock market In times past Yet
Tho pressure upon stocks proved so light
that IL III, ght be said to represent little
moro than a cessation OF the recent
determined buying movement and moo
crate retirement on the part OF traacrs
from positions on the long side. There
was the strngcncy OF the money market
showed some signs Of vitality this morn
ing. as was manifested In the determined
Bidding UP of a handful of stocks in
spite of the demonstrating effect OF the
money rate on the general list. American
smelling, for instance, was rushed up TO
4 a new record price, and there we're Vigor-
( Gus advances In few or the minor
spccinlttcs. The same spirit was manifest
4 in the market during the day when there
was any sign of relaxation in the excess
L sivc strlngency In the money market,
prices being taken in hand and bid up
here and there with the apparent deter
4 minaton to restore the Impairment IN
Il prices But the efforts lacked such. and
\ the market was inclined to fall into ex-
sStrcme dizziness In the intervals when sell
4 Ing pressure was relaxed.
The trust company and bank troubles
at Memphis although they created /; bad
y impresSiun. were regarded as Of minor
Importance, and due to special causes.
But gone funds were transferred from
\ here TO Memphis. Attention was attract
cd by the estimate OF the Journal OF
Il Commerce that the dividend and interest
Il disbursements to he made in January
8will reach the record figures of s14l. 900. coo.
@fnn increase over last January's disburse-
sSments of $4,000. The magnitude OF
Htllc sun, thus to be provided for in face
sof the low condition of bank reserve and
H tho active borrowing for speculation, Of
\ ters sufficient explanation for the
8course of the money market. The inroad
son prices OF stocks was incons!derablc
Cup TO the carly afternoon, and an effcc-
n tive rally at that time reduced the Losses
Ssinadc earlier in the day. But the market
h broke badly. during the last hour, with
the wilder flights In the money rate and
the closing was weak and very active
Bonds were easy. Total sales, par
value, s3,o8o.n0.
United States bonds were all unchanged
OH call.
Total sales of stocks were 1,e,l ,ss7
shares.
1 NEW YORK, December 27.-close:
4 Prime mercantile paper 5lsd6 per cent.
Sterling exchange. weak, with actual
business in bankers bills at sis5a s4s5. IS
( ,or demand, at siSoGsiS2.25 for sixty day
\ bills. Posted rates. siS2g $4s31s and
!, iiSCkQsiS7 Commercial bills, s.s2. Bar
Il silver 65I4c: Mexican dollars 5Oc. Gov
\ eminent bonds steady. Railroad bonds
easler.
! Call money to-day was in great demand.
Ind the supply was apparently barely
Z sufficient. The rate of % per cent. per
annum. the highest in years, was touched
late in the afternoon; highest, s. per
q cent; lowest, 30; ruling rate. IS; last
loan. 80; closing bid. 90; offered at 50.
Time money, firm; sixty days. Der
cent and commission; 90 Gays and six
months, 6 per cent ~