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Show M ALMOST A RECORD I DAY ON 'CHANGE One of Two or Three Most Active Act-ive Saturdays in History. His-tory. i I STRIKING READINESS TO ABSORB OFFERINGS L n Market ( loses Active and Regu-Jg Regu-Jg lar in Spite of Profit- 3 5 Taking. t :: JK . .v NEW YORK, Jan. 6 Today proved to 81 one of the two or three most active Saturday half-days business tn the hls-tory hls-tory of th tock exchange transactions In the, two hour rising well ovsr a. million mil-lion shares, The Btrenfth of the market jj .. vwim striking and comprehensive, not withstanding sonifi alight irregularity . and reactions, Profit-taking In fact, WaX on a lare xcale, but. the rendlneas ta' ' with which It wap absorbed was strlk- . lnr K !, The tact that yesterday s trading failed to show the late reaction which had OOCUrred on each former day of the week J that the week's testing operation had proved the strength of the market with 'he definite relapso in the rates for money on call The bank statement i r. roved something or a disappointment but 5 osterday a low rates for run loans were accepted u.s a truer Index of money conditions, and sprulatlve operations on ... I llf l'K side were conducted with great 14 V hnldness 8ml on a large scale. St. Paul and the Southwestern Paoifll ,J-aJWr wete central features of the market, and lA rt g"slp "aR very busy with forecasts of t f '.ho amount r, f the forthcoming fnlon Pa- u cMc dividend Several Industrial speciai- (aJJ tivs which havr not moved hitherto also y? rose suddenly and violently. I The copper stocks and the coolers were e forced back after showing early strength artl 1 hr weight .if realizing sales There jq Sc w A-" nn enormous absorption of 1'nlted K ifc' 'jjr Statrv Steel, which advanced it to the Otjfc" rr highest record on the present movement arf ' There was no great surprise that the Heavy local movements ot cash had con-eta con-eta fused the preliminary estimates of that tig ten! In the bank statement, the loss In ash running to $2. 198.700 in place of the. expected increase of that amount The sterling exchange market also, al-U al-U tliouch nominal on b-aturday. was distinctly dis-tinctly strong, and the continental ex- changes moved against London again. There waa a heavy withdrawal ol gold from the Bank of England for shipment at. 1o South America. These developments, added to the Interest With which the hankers nre watching money develop-rnnnta develop-rnnnta on the side of the foreign ex- change market. The stock market however, showed a -A late, revival of strength nnd closed 0X- Jljk iremelv active, but still Irregular Total ,w - Males of bondB par value. Jl.845,000. - The t. cek s speculation has shown evl- B dence -rf a struggle with tho difficulties of the money situation. The strlngnncy 1 n " made progress toward relaxation, as was )k -' taken for granted would be the case, hit the iTfilgl eaa whs alow and the Immediate requirement so stiff aa to discourage. II many holders who had refrained from liquidation even with the V& per i ent aa rate of last weejcii money market. " A rate for call loans on Tuesday of 60 at , er . eiit on Wednesday of W per cent. ! and maximum rate even on Thursday of 5 per cent fell so far short of the rll " prompt relief expected that stocks came IB freely upon the market from time to it tlmo and cauaed considerable inroads upon price.-. The backing and filling of the market mm v tinder the Influence of the uneasy feeling Kf f gap wov to a sharp drop on Thursday afternoon upon tho publication of the n remarka of Jacob H. Bchift, pointing out l the poaaible dangera of financial conditions condi-tions In words that were given a sensa-of sensa-of the money altuatton naturally save live of a great deal of discussion of its bf jrobable causes. JB The weight of the criticism up to the j;i nine of Air. Schlff's utterance bore upon Jm - ihe hanking policy The buying of de- poults especially Of Interior bonke. bj be offer of Interest rates on deposits 13 during the season when fundi were In hi i small request through the country at large waa held hugely responsible for m th piling up of excessive reserves in . - New York banks and trust companies 'Die urgent pressure to employ these funds wns ihe cause for their placement In securities nnd speculation from which they could not readily he withdrawn when the demand for circulation began W j tf) t)rai to the reserves of New York by the withdrawal "f deposits by interior S'.' institutions The growth of trust companies, the magnitude of their banking operations B . r i,j their freedom to place thrlr reserves 0 4i on deposit with the New York banks. 4 tWlf' ...lore thov figured again In the Item Of reserves of the banks themselves were ointed to as greatly expanding the H credit operations of the bunking system wlthoit any corresponding Increase in the available reserves The extraordinary pressure for credit wl lch has result.-d recognized to be due prlmarllj to the unprecedented trado activity and prosperity of the country Rut these conditions have been so clearly r i seen for many months past and havs been BO constantly heralded by warnings against excess In tho extension or credits that the banks are criticized for not putting restraint upon the borrowings and providing better for the inevitable ex-eesaes ex-eesaes of the autumn money markets Mr. Schlff's decisive fixing of the blame for the situation upon t h Inelastic cur-r cur-r ie v svstem of ihe country has given a new course to the market of criticism. Tin- abstention of the United Stutes 1 Treasury authorities from nrnusureH of iHi Kcr relief for tin money market ba o been ! grievance In the prevailing discomfort dis-comfort of the situation. Of a moru personal per-sonal quality was the Influence of th dlssatlsfmotiott felt and loudly expressed hv the customers of the great stock n - change houses upon receiving statements this week of Interest charges for December Decem-ber on nums borrowed for carrying stof ks on margin. Average rates for the month ranging from 8 per cent to 20 per cent made .a formidable offset In speculative profit on , ;ny ordinary advance in juices of stocks Aggrieved customers point out that the usual charge to them of S per cent In seasons sea-sons when the commission houses are borrowing for 2 per cent on call 01 les entitles them to an averaging down of the rute. even when commission houses have to pay lf" to MB per cent for a da.;. 01 i sv u The commission bouse ta retort that tho stock exchange regulations are strict against any allowance of Interest to us-tomers us-tomers that WOUld operate 1o reduco the prescribed rate of commission on truns-n.-tlonK on the exchange Dls-oi.tent on this subject has caused no small amount of liquidation by disgruntled operators W And transfer of accounts from one broker f to another, with accusation and recrlm- W Z inaUon among brokers themselves which I - have kept the stock exohunge authorities busv with consideration of complaints AVhlh the belated relaxation of the a money Stringency has sersed to allav some of the disappointment of the earlier part of the week, there remains some anxiety an-xiety over the extent to which tho easing of the money rate may be expected to go Closing Stock List. ga ics j tisti i .. i Mi is. ifi " 1 AUftrns Kxpr' ...... ,Hl .,,,,.1 .-..-..per '"VS.. i IPS i ml w preferre.l "" It Amar Cotton Oil I'm i preferred - ClOSlng Stock! Snlr lttph Uw. Close. Araerlcaj) Exprois tU Ainer H A- L pref . .. P-H Amorlcin to .j W 7J" 4&S Amer unoed on . .. . .... ...... 1114 preferred 41 Amer loconiotl .. 14,400 7 77 i"7S prfcrre,l 20.) 117', 1174 117 Amor Smelt A Rf .. 2 200 IK J4S 1644 prferrd 1 . " i 1X7 1IT74 127 Amor Sugar Rof . . 43.200 1U lMVi 166 Amr Tob pref crt 400 1 106 1 Aniconda f'n C- 46.000 274 2f. I62VS Atchonon ti.i."i ::'i W1 prfrre-l l.JflO 104 Kd'fc 1"! Atlantic C I too 15$ 4 1614 16 Bali & Ohio J2.1W 1M4 114 1I4H preferred . .... ..... N Brok ltapld Trana , .. 7.(Wj 4 Canadian Pac .... ... S.200 174 4 174S Cen of X J . Tieaa & (ihlo .t.?no fi 16 U Chi A Alton :4 preferred 69 Chi Ut Wotorn 2M 221 221 !Vl Chi M ft K P SI V"! ir., 1SI4 14.J-, Chi Term & Trann : prefenod 81 C C C S 1 .W 104 !0t lo 'olo Kufl Iron :. son .',', :: 0lo & South . .. 11.400 UH :" 111 prefrrrad 3.6Crl 704 7" "0 2nJ preferred ... . C.'S fon Oss 174 Corn Product 1,900 l'JS II "4 preferred 100 f.?4 "4 S7 nla & Hudson t2t DS l-ack i Wmt .410 D 4 R,d 1 100 M , S$ preferrM Jt-0 M4 SS 87 Dltrtlller' Seo JS 60i Ul U Krle 12.10-j 44 4)iS 4 lit preferred 60n S14 114 14 2nd referred 100 72 4 7.14 734 den Electric 1. 000 1S1 1794 Hocking Vai 114 Illinois Central .. 176 International Paper 1,100 BJi preferreil .Vt 7 SJUj K7 1 ntrnatlor,al Pump 27 preferred 100 I04 104 " Iowa Ontral BOO J4 4 prforrd 4'i 604 04 CO K C Southern t.80O J74 3S4 preferred C.Mn 71 ti 70 Insula & Nah 10.IM 16.14 1HH 1634 Manhafan I, MO 1CP, 1S14 1614 Metropolian R-c ... 1.400 734 7114 724 Metropolitan St P.v .... l.SOO 1244 174 124H Mexlean Central . . 4 coo S4 a H14 Minneapolis I 8 L .... 8M l V 11 11 Minn B P te 8 B Iff .... t' 1434 143 143 preferred W 174 171 174 Mo Pac 4.IW 101 JO04 100; Mo Kan & Tex I3,00 374 364 364 preferred 800 70 6sT4 C National 1-eod . .. 1 34 M 3li N R R of M pref .... M0 3 38 34 N Y Contra! ... ... . 11,400 UU 1124 l4 N Y Ont Went 4W IZ &14 13 Nor & Went 3.300 m N S preferred .- 100 Wl 96 M Noith Arneriian f.0" 100 M. 994 Pac Matl W 47'. 474 474 Pennsylvania 3j.Wo 1444 143 Ut Peoples' Gas . .... 7fri 107 10114 iiS PltU ('PAST 13 Presoed Steel CVr ... l.OOo 144 MM U preferred Pallman 1'nlnte Cat Hi Rf-adltiK '.601 1444 UK 143; lt preferred ...... MM k)f 2nd pr.frred M Kepubll' Kteel 1,4"" 34 U 34 preferred 1 000 14 '.ot n4 Rock Ialand Co. 6.:i a. U 244 preferred DO B H 624 Kubber Cloods ....... 404 preferred 100 n L 8 V -'"1 pr.-f . TOO 4H, 4S 414 I t 8 W 7fio 21 21 21 prsferrad O0 t4 "4 644 Ph.. 73 KM CT' kT,4 C, preferred n4 IU ..-4 South Ry .' 374 m n preferre.1 300 W 100 lOuS Tcnn C A I 7,300 L3H 1324 J4 Texa & Par. .... .. Tr-iO .134 2.14 Tol 8 L t W 800 36 2f. 4 preferred MO M U- Union Pac . 20I..o IU 1 lti4 preferrj.1 MO V9 W 7 IT 8 Exprea 118 1 B ItesJty ...... Sl t; S Kubber 1.4M U .'? 124 preferred ... 300 111 111 1104 0 B stu.t It.MO 44 4 434 444 proferred .. 14.000 1064 K'4 10f Virginia '"aro Chem 1,000 i.'. H H preferred ......... IM 11C4 1154 116 Wabash "-' t0 t0 preferred IM 41 4m4 t0 Well? Katgn Expre . . 230 Wentlnrhouse Klertrir 173 estern I nlon Mo 9 U M Whe-1 1. K ..... ITJi Wisconsin Central t preferred 3'" 614 (I CI 4 Northern Pac 1,100 2tt. 90SK 20JV Centrml LeeXner .... L3.4VM v 4 4 4is prsCsrrsd 800 104 n4 108H sio . 1.000 4 M4 x4 New York Bonds XI 8 rtf a rec . lo27i Japan it i Coupon t0Il Jap 6w 2d nerlK . SJ T ? Its res . U'!4 Jap 4 4a ,tf . . 91 Coupo" .103 Jap 4 4 Ctfi 2 ; '.j'. TJ B old 4 rei 1"3 Man . .n g 4.i 10SV Coupon IM Meat c.,,i n :8, V 8 P 4b rei .1304 1st Inr 2.4 Coupon 1304 Mlr.n & Ht L 4 . till Ton 4-. t Mo K A T 4a 1004 ta Ks I . 8914 Atchison Sn 4a . 103 Nut ft It of Mex adjst 4 44 con 4a S14 Atlantic C Ij 4 11 V C n-n 114a S4 Kalt A O 4i 1034 K I C jjen n . mj, j. s 54'- ;..n .o h HrooK B T CV 4S W' U J 1 ..t Georfia it Norr A W c 4n .102 1st Inc W " f It rrd 4e . . 2nd inc 814 Peon ev I(s , 11114 3rd IDS 74 KaJlnK gm 4a ..102 C A Ohio 4 o i4 st 1 1 M ... la 1164 ( hi. I 2V4a 78rk81 1 A H e- fB 4. B U A: Q ti 4 ICVJ St L W W ..n i . 1 1 R I 4 P 4a .... J' stno V 1. a tol t ITWSoulheni Poj 4- H C C C t 8 L' ll 1034i lal 4a ctfi iv, Colo Ind 8a er A. 714 Sc. Ry Un 11$' erle B , Tfi A PgC la 1214 Colo Mid 4 74i Tol at I. A W 4 8S14 i3olO A Bo 4s U P 4S .... ..... 1054 Cuba Sa .. . IM cv 41 U D 4 R d U 1M ll B Steel -Tn.i Is 17 pit see Bs ISttj'Wsbasli Is 1M4 urir p Hen 4- ''" Deb h ;:n. Km 4a Set Wvat Md 4a .. 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