The Montgomery advertiser., 1905-12-29
WALL STREET REVIEW
BULL CLIQUE PUTS UP PRICES OF sE-
 CURITTES.
Shows Courage of Its Convictions Despite the Fact That Call Money Ad- yances to More Than 100
 Per Cent.

New York Dec. eS.-The organized spec ulation in control of the stock msrket show ed the courage of its convictions today by buying stocks and putting up prices in the face of rates of call money at 100 per cent and above. Large amounts were leaned on the Stock exchange at 110 per cent. and funds were placed outside the exchange at 25 per cent. so long as money could De mined not to be prohibitive of the stocks on margin and they borrowed rather than
 The argument was held among speculative holders that this rate was well worth pay, pSs ing for day or two until he erd r. Of f,hs,y 1he to advance in larzer proportion than the dail amount of interest rep. the larger interests about these days of stringent money would offer the only oppor- ahy e Thus f was the spirit that att Re extraor dinary market which ignored money condi- tions which would lave been the signal TOT fSs past experiences of the stock exchange
 Probably the liqufdation which was effect The extraordinary interest rates also had their effect in bringing offerings in the of them insignificant in themselves. occur ring small private deposit accounts. but banhing ahh oR funds Were made avasble from outside sources. The strictly local charac- t, % hs eesode n on ea a cities continues to rule at not over six per cent. While good demand exists for money throughout the country this contrast with rates paid on the New York exchange offers an attraction to transmit funds to
 Rumors continued very persistent of con- templsted measures Of relief fol the money bnt the arrivai of that official at Chicago confirmed the assertion that such measures of relief would be made sd dependssnt % on snen ulative centres. It was broadly intinated. however, that the Treasury Department I A1,.f toln mt nf fth reserve requirements of the banks during the existence of any crisis in. the money that the banks were avaiiing themselves of this implied permission to encroach liberal- There was an urgent demand for time | loans for the shorter periods as well as TOT
 cali loans and the oommisssions 9emanded mar as condition in the time loan market opens 3 | the overweening confidence in the specula- l tive circles of an immediate relaxation in the
 money stringency after the first of the year | The weekly statement of the Bank of Eng i land disclosed an almost unprecedentedly
 weak condition of that institution. for the
 to liabilities having fallen 10 32.sl pei cent.
 bank today for shipments to South Amerfcs
 and the still further gain in the sterling ex- change rate at Paris showed the continued pressure on London from that point also. Int
 weekly return of the Bank of France was l of the formation of bankers pool to pro 1 vide fund for the money market such as | was done in the crisis of 1902.
 l These rumors We're of effect on sentiment l could not be confirmed The late relapse | in the money rate to 60 per cent was of no significance, most demands having been sat | isfied before that rate was touched but the | speculative confidence was maintained ant | the market closed active and strong Ana | conda mining was prominent feature ant | other copper and smelting stocks were con | spicuous. but such stocks as Unior Pacific | and New York Central kept the repre- | sentation of the Standard Railroad list 1T I the days movement.
 | Bonds were easy Total sales &3,465, 900
 United States bonds were all unchanged or call.
 NEW YORK STOCK HIST.