The Washington herald., 1906-12-11
CALL MONEY DROPS
From % It Declines Until at
Close 1t Is at 6.
LONDON Is RECEIVING GOLD
New York VIII Get n Portion of Ont
pEf of South African Mfnes-Hin
Stocks Are Weak, but Remainder
of Market Shows Strength Before
Closing HOur-Gcssip Of Traders.


of quotations sent over from London in
American stocks this morning was gener-
ally higher than our closing prices on
Saturday. the opening here did not reflect
the improvement, quotations being for
the most part fractionaIly more than at
the end of the week.
The general tendency until after the
opening of the money market was down
ward, losses running to the extent of
about a point in most Of the active is
sues, and to a considerably greater ex-
tent in the Hill stocks, which were nota-
bly, weak at reports from Washington
that an investigation would probably be
conducted by the Interstate Commerce
Commission into the relations of Great
Northern Northern Pacific. and Burling-
ton with view to determining whether or
not a suit might be brought by the De
partment of Justice to disrupt them.
The first loan on call was at 20 per cent
and almost Immediately the rate rose TO
2S per cent, holding between . and IS
pc. cent until renewals were made at %
per cent, after which it began to decline,
until it dropped to 6 per cent shortly be-
fore the close Of the days business.
Time money was If anything little
more stringent than at the end of last
week, for while the rate did not rise
above the highest quotations then made,
the outside figures were paid in most is
sues.
Wait for Shaw 80 Speak.
Up 10 the close of business no an
nouncement was made Of any action on
the part Of Secretary Shaw TO relieve
this situation, although during the day
bankers freely expressed the opinion that
on account Of the stTingency in time
money relief would soon be forthcoming
in the interest Of the country's CONNER
cial activities. An engagement of gold
was made in London for shipment to
New York and demand sterling became
very weak at the end of the day. de-
clining to 4S375 at the close, a drop Of
so points since the end Of last week.
From the action Of the exchange mar
ket it was surmised that New York has
succeeded in borrowing fresh funds in
London to provide for maturing loans. The
subtreasury gained from the banks up 70
the close Of business on Saturday s., 30
eco, and was a creditor at the clearing
house this morning 10 the extent Of
$i0S.70l. Arrangements We're made dur
ing the day for a shipment of $780, 900 to
San Francisco. Most Of the gold arTiv-
ing in London was secured by the Bank
Of England. but it was believed that if
New York endeavoTed 70 obtain any large
amount of gold in that quarter the bank
would advance its rate on Thursday 10
an extent which could hardly fail to have
a disturbing effect on the general situa-
tion and on the holdings Of American
stocks in particular.
Market More Active.
IN the afternoon advance. which was
accompanied by an increase in the activ-
ity OF the market. early losses were
about recovered in many cases, closing
quotations being fractionalIy above those
of Saturday, and some satisfaction was
derived from the fact that what are con
sidered the special favorites Of the Stand
ard OH interests-St. Paul, Amalgamated
Copper. and AnacOnda-were among the
strongest features.
It was rumored that the dividends on
Anaconda would be increased when the
directors took up the question next week,
and there was reiteratiOn Of the rum0r
about an extra distribution on Reading
TO account for the great strength that
issue displayed in the last hour. Sat
isfactory progress, it was said. was made
during the day toward adjustment Of the
LABOR controversies which for some time
have been the cause of uneasiness In
Reading official quarters
\ meeting of the directors of Northern
some matters of interest TO the stock
holders were discussed, and. although ap-
parently, no definite conclusions We're ar
rived at, the Hill stocks recovered a sub
stantial part of their early loss.
Southern Pacific was helped in the aft
ernOon by the publication of a statement
ofEearnings for October. which showed
an Increase Of $970.3S3 in net. the gain
for the month being equivalent to an ad-
diti0nal half of ! per cent for the
stock over what was shown in the cor
responding month a year ago Announce
ment was made that the Atchison special
meeting To authorize an increase in the
capital stock viii be held on January 80.
y condition of 941 per cent for winter
wheat was disclosed by the December
crop report, this being an exact duplicate
of the condition at the corresponding time
year ago. but substantially better than
that of 1904
The production Of gold in the Transvaal
for the month of November showed the
recent nigh output Well maintained. with
a total of 523,373 ounces for the month
London bought about 5000 shares in this
market, favoring United States Steel and
Canadian Pacific, and the buying Of the
former for local account also was con
sidered very good