Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1905-12-29
new YORK STOCKS AND BONDS
Market Firm and Higher in Spite Of
Scarcity Of Money,
CALL RATE ADVANCES TO i25 PER CENT
Holders Pay This Price In Preference
10 Throwing shares Upon Market
which they Think IL Bound
20 Rise.

n N.
speculation in control OF the stock market
showed the courage Of its convictions today
by buying stocks and put up prices in
cent and above. Large amounts were
loaned on the Stock exchange at ITO per
cent and funds were placed outside the
exchange at l25 per cent. SO long as money
could be had at these terms the rates were
determined not to be prohibitlve OF the
paid rather than sell out stock holdings.
They were paid also on the assumption
thai the high rate may hold or even be
exceeded on the remaining days OF the
week.
The argument was heard amongst specu-
lative operators that this yearly rate OF
interest was we'll worth paying for the
day or two under the end of the year on
the prospect that prices were likely TO
amount OF interest represented at this
rate. IL was asserted with eager enthusi-
asm also that these few remaining days
of the stringent money would offer the
only opportunity for securing stocks at
the present level Of prices. Such was the
spirit that dominated an extraordinary
stock market which ignored money condl-
lions that have been the signal for
pancky unloading of securities in the past
was something of a scramble to unload
stocks during the early transactions In the
market owing to an apprehension that It
money on any terms Probably the liquida-
ton thus effected caused some relief in the
money tension. Tho extraordinary interest
rates also had their effect in bringing OFFER
ings into the market from many unex-
pected sources, some of them insignia
cant in themselves, including small private
deposit accounts, but making up con-
siderable aggregate. Some banking funds
were made available from outside sources
The strictly local character of the strin-
gency is a remarkable feature OF the cpl
sode. Money on call at nearby cities con-
tinues to rule at not over 6 per cent While
a good demand exists for money through
out the country, this contrast with rates
paid on the New York exchange offers an
attraction to transmit funds TO this center.
Rumors continued very persistent of con-
templated measures of relief for the money
market by the secretary Of the treasury.
but the arrival of that official at Chicag so
confirmed the assertion that such meas
ures of relief would be made dependent
upon the finding OF evidence Of the need
outside Of the speculative centers. 1t was
broadly intimated. however, that the Treas
ury department. would adopt tolerant
of the banks during the existence of any
CRISIS In the money market and II was
the general supposition that the hanks were
availing themselves Of this implied per
mission to encroach literally upon their
reserves. There was an urgent demand
for time loans for the shorter periods as
well as for call loans and the commissions
demanded to secure sixty and ninety-day
funds made the interest rate equivalent
loan market opens a serious question as
to the justification for the overwhelming
confidence in the speculative circles of an
gency after the first OF the year
The weekly statement OF the Bank OF
England disclosed an almost unprecedented
weak condition of that institution for the
period of the year, the proportion Of re-
serve to liabilities having fallen to 1881
per cent. There were neavy Withdrawals
| from the bank today for shipment to South
America and the still further decline In
the sterling exchange rate at Paris showed
| the continued pressure on London from
! that point also. The weekly return of the
| Bank Of France was q poor one. There
| were constant rumors here of the forna
| ton OF a bankers pool to provide a fund
| for the money market such was done
| in the crisis OF 1902. II was alleged also
| that the banks had concerted an agree
| ment to keen the rate of standing loans a
| a fixed figure until next week These ru
| mors were of effect on sentiment, but coulC
| not be confirmed The late relapse in the
money rate TO 60 per cent was of no sig
| niflcance, most demands having been salts
| fled before that rate was touched, but tn,
| speculative confidence was maintained anC
| the market closed active and strong
| Anaconda Mining was sensational fea
! ture and other copper and smelling stocks
| were conspicuous, but such stocks as TnioI
| Pacific and New York Central kept up tn
| reputation OF the standard railroad list Il
| the days movement.
Bonds were easy. Total sales. g. 49,. 0OO
| United States bonds were all unchange,
on call.
| Following were the sales and range o
prices on the Stock exchange today:
Sales High nur I-;nSe