Omaha daily bee., 1905-12-29
BIG DEMAND FOR CASH
Rate for Gall Money in New York Advance,
TO 1876 Per Cent
BANKS BEGIN CALLING LOANS
Aotisn Due to Anticipation Of Require
meuts of Year-Eud Settlements.
MARKET ADVANCES IN SPITE or FURRY
Stocks Continue Active on Expectation OF
Higher Prices
ARKET ADVANCES IN SPITE OF FURRY
ORDINARY BUSINESS NOT AFFECTED
Banker states that scarcity os
Money L. Due to JnmHrkoted
Crops and Conditions
Abrond.

NEW YORK, Dee. S.-The call money
market opened strong again today. Tho
first loan reported was S20OOO at the rate
OF 30 per cent per anuum and this was
followed almos, Immediately by another
loan of 10000 at e. per cent.
At 1895 tho quotation was 50 per cent
The advance in the interest rate was
sensnuiondlly rapid. From 90 per cent there
WAS a quick advance to rs, 20 and then lO0'
When 100 per cent was touched all records
since December, lSqS, were broken, In that
year lS6 per cent was paid for call loans.
After lending at 100 today there were loans
at 30 PER cent. The 20 per cent quotation
did not last long and at IL o'clock 10 per
cent was paid for funds. and shortly after
ward n loan Of $4,000 at l25 per cent wss
reported.
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 sew
eral months ago with time loans to carry
them over January l, which is time
when money is always in great demand for
dividends. interest and other year-end set
| Elements. These time loans are not affected
| by the call money market. Some stocks
were sold out during the morning hours.
principally In industrials but the main
| stocks held well in the early trading, con-
sidering the markets usual senstiveness
| to H. .oy conditions. on the Stock ex-
| change the view was taken that the strin-
! gency Ia temporary and that easier oondi-
| tions will prevail Immediately after Janu-
ary /.
The demand for money started within
| fifteen minutes after the opening of bust
ness. As a rule nothing is said in money
| until after IL o'clock. Today a loan was
made early at 80 per cent. This was re-
gurded an effort to keep the rate down
| Immediately afterwards bids were raised
rapidly at 10 per cent between quotations.
| a request for accommodation at 40 per
cent brought no Offering Then the bid was
raised to 80, with no better results The
next was co. at which figure second loan
! was made one OF, 500. 600 No more money
was offered at thst rate. she third loan
was made at 20.
Banks Call for Crsh.
Then the demand for money from brokersa
as "a result Of heavy ca---hg Of loans by
the banks in order to make arrangements
for the January l disbursements. became
urgent and most of them were apprehen-
sive as to whether they could renew their
loans at all. The call rate again climbed
rapidly to 80, 30 ana 10 per cent.
The top rate yesterday was rs per cent,
The greater part OF the days offerings
came from out-of- town banks through their
local correspondents a great many in
dustrial and commercial houses also
loaned through their banks.
| Russell Sage through his representa-
tves was reported to have loaned 100000
at % 10 100 per cent. More than tho 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 per cent and commission"
making such loans fully equivalent to per
cent. At noon the domRnd for money
seemed to have been largely supplied At
1890 loans were made at 20 per cent
' Toward / o'clock the demand for funds
seemed to have been pretty well satis-
fed and money was lent at 60 per cent.
Just as soon as the money tension seemed
J to have been relieved the stock market
started to advance. led by sensational
| movement In Anaconda. This stock rose
rapidly to 275 against 239 earlier in the
! day There was no definite news to ex-
j plain this advance except the reports of
a rich strike in the company's mines.
, | Amalgamatcd Copper was carried up PA
points in sympathy owing to it's large
I holdings of Anaconda. and other copper
At s15 the call money market became
much easier and dropped to per cent, and
at 2.45 the quoted rate was GTn0 per cent.
. After having reached 10 per cent en- the
,, Stock Exchange ana ~ per cent on pri-
vatpIy arranged loaus, the rate for call
% money late this afternoon fell to 9 per
g cent Just before the close IL advanced
=. again and closed II psr cent bid, offered
a AZ 20.
a As the money rate foil the stock market
r., advanced and approximately the highest
l. prices of the day were reached at the
>, Close The stock market except for an
k early decline in industrial shares. was
fairly steady throughout the money ten
sion
Banker EXpI"inS Situn tion.
President Hepburn Of the Chase National
: bank. said today:
The enormous volume of business which
obtains throughout tho country has caused
a demand upon the banking power, and
rates of interest. The foreign exchange
ID credit which the country would own Is
Ia CurtailCd by the shoTtaec Of cars, which
4 prevents the rapid marketing abroad OF
= cotton and grain and also by the concen'
't tratCd withhoiaing Of cotton Tor higher
- exchange 10y our credit abroad, but Europe
," has troubles Of IT'S own. Tho Russian cloud
IS, hangs over markets. A possible default
dchtedncss Of Russia has seriously dis
turhed Berlin, holds Paris IN anxiety, anC
Ks of course. exercises 81 strong reflex inhu
encc In London. Money has been and i
per cent in Berlin, and unusually stronl
&, + in other Ccnters.
= Hence W. are called upon to finance ou
o. great volume Of business practically Will
"A our own resources. II is unfortunate tina
s.. al such a time and under such circum
stances that prices Of listed securities
N should be persistcntly advanced day b!
= dan II has added To the money strail
and Is primarily responsible for the higl
rates Of interest. Stocks uf worthy wOul,
W have found "a higher level in norma
manner without creating an unusual strait
m and without causing conditions frauSh
with possible danger.
other Towns AnecIed.
W CLEVELAND, Dec. 2.-Ihe 'leyelan'
News today says that IL larus from
- reliable financial authority that CLEVELAND
NJ bankers have srut large sums Of none
'l- 70 New York recently " ~ placed -