Show CALL MONEY GOES TO PER CENT 4 Great Scramble Among Wall Street Brokers to Get Funds SITUATION IS DANGEROUS HIGHER RATES TO SE BE EXPECTED TODAY TODA Y it t t t t 4 t Chicago Dec to the Evening Journal Secretary of the Treasury Shaw was asked If he had any intention of taking steps to relieve the money situa situation Uon tion In New York and replied When I decide to take any steps to relieve the situation there I will make a public announcement of 4 my intention I have not made up my mind one way or the other 1 t t t tt 4 New York Dec call money market opened strong again today The first loan reported was at the rate of 30 per cent per annum ad this was followed almost immediately by another loan of at 60 per cent The advance in the interest rate was sensationally rapid From 60 there was wasa a quick advance to 7 75 90 and then When per cent was touched all records since December 1899 1399 were broken That year per cent was paId for call loans After lendIng at today there were loans at 90 per percent percent cent The 90 per cent quotation did not last long and at 11 per percent percent cent was paid for funds and shortly afterward a loan of at per pel percent cent was reported Highest Prices In Years Although brokers were wera compelled to topa pa pay the highest prices In years for cash with which to carry their stock there was little excitement over the situation Many stock exchange houses provided themselves several months ago with time loans to carry them over Jan 1 which Is a time when money Is always in great demand for dividends interest and other yearend settlements These time loans Joans are not affected by the call money market Some stocks were sold out during the morning hours pall pally industrIals but In the maIn stocks held well In the early trading consid considering considering ering the markets usual sensitiveness to the situation On the stock market the excitement Is not great Demand Began Early The demand for money started within fifteen minutes after the opening of business As a rule nothing Is done dobe in money until after 11 Today a aloan aloan loan was made early at 30 per cent This was regarded as an effort to keep the rate down Immediately afterward bids were ere raised rapidly at 10 per cent between quotations A request for ac accommodation at 40 brought no offer Then the bId was raised to 50 with no better results The next was 60 50 at which figure a second loan was made one of No more money was ivan of offered offered at that rate The thIrd loan was made at 70 Then the demand for money from brokers as a result of heavy calling of loans by the banks in order to make arrangements for the Jan 1 dIsbursements became urgent and most of them were apprehensive as to whether they could renew their loans at all The can call rate then climbed rapidly to 80 90 and per cent Offerings From the Interior The greater part of offerings came from out of town banks through their local correspondents A great many industrial and commercial houses also loaned through their banks Russell Sage through his representative tive was reported to have loaned 6 at 90 and per cent More than the usual discrimination was shown by the banks in the collateral accepted by them for loans The rate for sixty and loans today was 6 per cent and a commission mak making making ing such loans really equivalent to U 9 per cent By noon the demand for money seemed to have been largely supplied Toward 1 the demand for funds seamed to have been pretty well satisfied and money was lent at 60 per percent percent cent Just as soon as the money ten tension tension sion seemed to have been relieved the stock market marIet started to advance led by a movement in Anacon Anaconda do da This stock rose rapidly to against earlier In the day There was no definite news to explaIn this advance except the reports of a rIch strike in the mines Amal Amalgamated Copper was carried up 23 points in sympathy owing to its large holdings of Anaconda and other copper and smelting stocks were also strong Opinion President Hepburn of the Chase Na National bank said today The enormous volume of business which obtains throughout the country is makIng a strong demand upon the bankIng power and naturally has ma materially advanced the rates of interest The foreign exchange credit which the country would normally make Is much curtailed by the shortage of cars whIch prevents he rapid marketing abroad of cotton and grain and also by the con concerted concerted withholding of cotton for higher prIces Normally we would anticipate such exchange by our credit abroad but Europe has troubles of its own The Russian cloud hangs over the mar markets markets A possible default in the inter interest est ost upon the enormous indebtedness of Russia has seriously disturbed Berlin holds Paris In anxIety and of course exercIses a strong reflex influence In London Money Ioney has been heen 8 and 10 per percent percent cent in Berlin and unusually strong in other centers Advises Caution Hence we are called upon to finance our great volume of business practical practically ly wIth our own resources It Is un mi unfortunate fortunate that at such a time and un under under der such circumstances that prices of listed securities should be persistentLy advanced day by day It has added to |