The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-12-29
.LA.RCEMONEY'L0ANS
.ONSTOCK EXCHANGE
Rates Determined On Paid Rather
Than Sell Out Stock
Holdings.
FEW DAYS sTRlN GENT MONEY
Something Of a Scramble to Tn.
load During Early Morning
Transactions.
(By Associated Press.)

NEW york, December 2S.--Ihe organ
lied speculation In control OF the stock
market showed the courage Of its convlc-
lions to-day by buying atocks and putting
IN prices in face of rates for call money
Mt 100 per cent. and above. Large nmo ants
were loaned on tho Sock Exchange at
ITO per cent. and funds were placed
outside tho exchange at 125 per cent. go
long as money could he had at these
terms, the rates were determined not TO
be prohlbtive OF the holding OF stocks
on margin, and they were paid rather
paid also on the assumption that the
high rate may hold, or even be exceeded
on the remaining days of the week.
The argument VAS heard amongst spec.
ulativc operators that this yearly rate OF
interest was well worth paying Tor the
day or two until the end OF the year, OF,
the prospect that prices were likely 70
advance in larger proportion man me
this rate. 1t was asserted with eager
enthusiasm also that these few remaining
days OF stringent money would 0fer the
only opportunity for securing stocks at
the present level Of prices.
There was something Of scramble 70
unload stocks during the early transac-
tions In the margct, owing TO an appre-
hension that It woIld be found ln1possl-
bic 10 borrow money on any terms. PROB
Hbly tile luuidat.on thus effected caused
some relief in tho money tension. 80 ne
banking funds were made available from
outside sources.
The strictly local course Of stiingency
4 is a remarkable feature OF the episode.
Money on call at nearby cities continues
TO rule at not over per cent. Ihere
was an urgent demand for time loans ZOE
the shorter periods, as well Oh Tor eau
loans and the commissions demanded 20
secure 60 and 80 day funds made the
interest rate cduivalen; to per cent.
Tho late relapse In the money rate 20
& per cent. was of no sign ticance, most
demands having been SATISFIED before tnAt
rate was touched, but the speculative
confidence was maintained, ana the mar
kct closed active and strong.
Anaconda Mining was sensational
feature, and the other copper and smelt-
ing stocks were conspicuous; but sucn
Central kept up the representation OF the
standard railroad list In the days move
Bonds were easy. Total sales, 50, 49, 600
United States bonds were all uhchahgeo
Total sales. 1.4os.sn shares.
MONEY AND ExcILANGE-CLosE:
Call money WAS strong and higher TO-
tations was: Highest, ITO per cent; low
est, G: ruling rates, 80 to Is per cent;
last loan. Ii per cent; closing BID: 10 per
cent: offered at 20 per cent. q loan 81
10000 at Io5 per cent. was made outs. de
the stock Exchange. Time money firm:
sixty days. ninety days and six months;
per cent. and commission. making the
rate Of Q pc: cent Prime mercantile pa
nor. & 1-2G3 per cent Sterling exchange
weak. with actua! business. IN bankers.
bills at s4.S5 1904. $3.50 for demand and at
a sSS7a 50 * for s!xty-day bills. Posted
rates, I;.Sya4.sa 10 and si.sG -oGiH Com
,nerciai bills, s4s2. Bar silver, "a Sd.
Mexican dollars, 90.