The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1908-01-04
DEMAND FOR MONEY
Heavy Call Loans Prevent
Drop to Normal Ease.
STRONG ADVANCE IN PRICES
Leading stocks Take Substantial
Rtse--American Sugar Goes I'd 5l5
IndustrlaIs, Except "a Few, Re
Acct Buoyant Tendency.

New York. Jan S.--As there is no call
money market on Saturday and all loans
made on Friday carry over until the fol-
lowing Monday, the demand for accom-
modations on the fun day of the week 'is
usually quite heavy because brokers are
obliged to make provisions then for two
days requirements. Had it not been for
this fact yesterday the call money mar
ket would have dropped into condition
Of normal ease As it was renewals OF
call loans were made at per cent, as
against IS per cent yesterday, and the
highest rate charged during the day was
10 per cent.
The strength which began 10 manifest
itself about noon became pronounced at
about o'clock, and although there We're
recessions all through the list, just be
fore final quotations nearly all important
stocks showed substantial net advances
on the day.
Sugar Goes Up.
The largest net advance was made by
American Sugar Refining, this stock clos
ing at a gain of more than SO points over
last nights final quotation, although II
points under the best of the day The
stocks movement covered a range OF ~
points, the low being 1903 and the high
1851 The rise was in large measure the
result Of a movement against the short
interest, the extent Of which was indI-
Gated by the fact that the stock loaned
at a premium.
The rest OF the Industrial list with the
eXpeCtiOn of Amalgamated Copper and
American Smelling and Refining, which
were rather heavy, reflected the strength
OF Sugar, but without sharing 90 any
marked extent in its activity. Great
Northern and NotheTn Pacific lost some
thing Of their prominence as market lead
ers. both being apparently affected by
profit-t8kng sales, hut Canadian Pacific
and Delaware and Hudson made sub
stantial gains. the rise in the latter be
ing regarded as especially significant OF
the reawakening Of public interest in the
market.
Reading Deals Big.
The volume of transactions in Reading
was enormous. and Union Pacific con-
tinued to occupy a prominent place in
the trading New York Central was
heavy.
factor producing the improvement in
sentiment was the showing made by the
earnings of important railroad systems
for the month of November. for while
many decreases have been shown. these
nave not been as numerous OF as large as
had been appTehended The statement Of
Pennsylvania showed for the line east OF
Pittsburg an increase In gross Of $1o3,@0
and for the Western lines a gain in this
item Of see 100.
Net returns I'm the case of the Eastern
lines showed a falling of Of S369,01o,
which. considering the magnitude of the
Company's operations, was not large, and
The Western lines reported an increase in
net of $4,000 The movements Of eur
rency during the week indicated a gain
by the banks of about s6000000 for the
period. and il was expected that notWith-
standing the payment by the banks Of
abount 100000 to the Treasury, the
forthcoming bank statement would show
a substantial Improvement in item Of re-
serves.