Show PRICES HELD UP BY SPECULATORS Stocks fold Kold Their Own in the Pace Face of High Money Rate Bate STANDARD ISSUES STRONG MARKET WAS ACTIVE AT THE CLOSE New York Dee Dec organized speculation In control of the stock market showed the courage of Its con convictions today by buying stocks and putting up prices in face ot of rates for forcall call money at per por ent nt and above Large amounts were loaned on the stock exchange nt at per cent and funds were placed ou outside ide the exchange at per cent So long os as money could bo be had at these terms the rates were determined not to be prohibitive or of the holding of stocks on margin and the they I were paid rather than sell out stock stockholdings holdings They were paid also l on n the assumption that the high rate may hold or even be exceeded on the re remaining days ot the week The argument merit ment was heard amongst speculative operators that this year the rate of In Interest terest was well worth paying for the day or two until the end of the year on the prospect that prices would J advance in larger proportion than the dally daily amount of interest reported at this rate It was asserted with eager enthusiasm enthusiasm also that these few tew remainIng days of stringent money would offer the only opportunity for B securing stocks at the tho present level of prices Such was the tho spirit that dominated an extraordinary stock market which ig ignored nored money conditions that have been the SIgnal Ignal for tor Q a panicky unloading of securities in the past experience of the tho stock exchange There was something of a scramble to unload stocks during the early transactions In the market owing to an apprehension that it be found Impossible to borrow money on any terms Probably the liquidation thus effected caused some relief In the money tension The extraordinary in interest Interest terest rates also had their effect In brInging offerings Into the market from many unexpected sources some ot of them insignificant In themselves In Including eluding small private deposit accounts but making up a large aggregate Some banking funds were made available from outside sources The strIctly local character of the stringency Is a remarkable feature of the episode Money on call at nearby clUes cities continues to rule at not over G C per cent While a good demand exists for money throughout the country this contrast with latos paid on tho New NewYork NewYork York stock exchange offers an tion to transmIt funds to this center Rumors continued very persistent of contemplated measures of relief for tor the money market by the secretary of the tho treasury but t arrival of that of official official at Chicago confirmed the asser tIon that such measures of relief would be made mado dependent upon the finding of evidence of the need outside of the speculatIve centers It was broadly in intimated intimated however that the tho treasury de department pertinent would adopt a tolerant atti attitude attitude tude towards the reserve requIrements of the banks durIng the exIstence of any crisis in the money market and It was wag the tho general supposition that the banks were availing themselves of this Implied permission to encroach liberal liberally ly upon their reserves There was an urgent demand for time loans for the shorter periods as well as for call loans and the commissions demanded to ae e cure sixty and funds made the interest rate equivalent to 9 per lent ent This condition in the time loan market opens a serIous question as to the justification for the tho overweening confidence in the speculative circles of an immediate relaxation In the money stringency after the first of tho year The weekly statement of the Bank ot of England disclosed an almost weak condItion of that for the period of the year and the weekly return of the Bank of Franco was waR a poor one There were constant rumors hero of the formation of a bankers pool to provide a fund for the money market such as was done clone in the crisis of 1902 It was al also that the banks had concert concerted ed an agreement to keep the rate of standing loans at a fixed figure until next week These rumors were of ef effect feet on sentiment but could not be con confIrmed confirmed fIrmed The Tho late lato relapse In the money rate to 60 per cant W was S of no canoe most demands having been sat before that rate was WIlS tou hed but the speculative confidence was main tamed and the market closed active and strong Anaconda Mining Was n a sensational feature and other copper and smelting stocks were conspicuous OUR ous but such stocks as Union PacIfic and New York Tork Central kept up the re rep ot of the standard railroad list In the tho days movement Bonds Wore were easy Total sales par value United States bonds bohde were all unchanged on call |