The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-12-01

Money Climbed to ~ Per Cent--NobOdy
Frightened--Heavy Loss in Cach--
Buyers Held OF To-dny's Bank
Statement-GOssip of the Day.
The stock market yesterday was a
great affair, and although call money
roseto q per cent. late in the day. prices
rallied, and closed strong.
Stiff carrying charges for money are
expected for some time.
Yesterdays 27 per cent rate repre-
sents the highest level touched at this
date since 1881, and shows how difficult
it has been for the banks to finance
to-day's settlement with the meagre
sum plus that they possess.
The eager bidding for money unset
tied the whole market towards the close
and more than offset the apparent show
Of strength in the buying of Atehison,
Rock Island, and Reading.
The full extent of the outward move
meat will not show in to-day's state
ment, as $1,5OO,0OO was shipped to San
Francisco to-day 1t is now claimed
that the &5O0,0O0 recently drawn to the
Pacific coast is for insurance settle
ments as well as for the citrus crop.
The brightest spot in the financial
world was London, the Bank of Eng
lands condition being still better.
Not only London displays a better
tone, but the continental markets which
We're depressed by high money rates
across the channel are taking more in
terst in scuritis, with Amsterdam and
Berlin buying low-priced stocks on fair
amounts.
The action Of the Hill stocks and of
the ore certificates indicates that the
shareholders of the Great Northern
are getting their nerve back
Yesterdays total sales was the small
est OF the month, being 5000 shares un-
der the November total, which, UP to
yesterday was the months smallest
day.
The strongest quarter of the market
was in the Mexican group. Mexican
Central stock and the first and second
incomes rose a point or better.
A decline of IL in Southern Railway
common reflected the death of Pre-si-
dent Spencer, and especially as it will
be difficult to fill his place.
The selling of Pullman at 1870, ex-divi-
dend of Sc per cent. in stock, perplexed
q good many to explain it. The stock
closed on Tuesday at 256 rs. The hold
er of 100 shares of the old stock has
the equivalent of 1856 shares, when the
new issueis out, but its total value is
no more than it was before.
Speculation ran to low-priced shares,
as was again evident in the activity Of
Mexican Central, Rock Island, Kansas
and Texas, some of the Gould lines and
numerous non-diVidend paying indus
trials.
While the call money rate was fluc-
tuating between 10 and Is perectn. in
the early afternoon, one large Wall
4 street bank put out $1O,O0O,OOO at 6 per
cent.
y Houses with Ryan-Belmont connec-
y tions have been advocating the pur-
Il chase recently of Inter-Met on the basis
of earnings, and steady expansion in
iputlying traffic. There is said to be a
II pool working in 1t and accommodating
stock in preparation for movement up
into the sos.
The bidding up Of few stocks, such
A as the Hill stocks, in order to cover the
sales of great many others, was APP
parent.
A call money rate of 27 per cent
4 sotpped speculative buying. Every one
looked for a stiff quotation, as it was
5 not only the end of the month but of q
week which ran into an account to be
opened on the eve of the president
message, and the converting of congress
News developments were generally Of
a character to make traders in stocks
cautious.
The break in Shelters yesterday ant
very free offerings by the specialists
in the stock, with Nipissing down t
20 IL, the price at which they exer
cised their option foro control, makes i
plain that this interest is trying t
eliminate an undesirable following from
their stocks