The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-01-04
INANCIAL.

New York Jan. 3. Money on
call was firm at 212d6 per cent;
the Lass loan was at 31a per cent, and
closed offered at 2l2@3 per cent. prime
mercantile paper, S4S312d4S334. Sterling
exchange steady, with actual business in
bankers bills at $4.S44 @4.S5 for demand
and $4.84hG4S4as for sixty days; posted
rates. A.S519d4.S6; commercial bills. $4.81.
Mexican dollars, 46Ac silver certificates,
57A Q5Sc; bar silver, 571sc. Government
bonds firm; state bonds were dull; rail
road bonds were firm.
Washington, Jan. 3.-To-day's statement
of the condition of the treasury: Availa-
BILE cash balances, $2S5, 474,769; gold re-
serve $16O,911 ,546.
New York, jan 3.--The Evening Posts
London financial cablegram: Business in
the stock markets here has not yet been
fully resumed, but the tone was distinctly
cheerful to-day. Americans opened firm
with other markets. but gave way later,
and closed rather dull on realizations. The
undertone, however, was good and hope
full"
New York, Jan. 3.-The money market
failed to show an easier tone to-day and
the January boom in the price of stocks,
which some people had expected to begin
Immediately, failed to arrive on this, the
first business day of the new year On
the contrary there was quite a furry in
the money market before the day passed
and the calling of loans precipitated some
thing very like a squeeze.
The rate for call money ran up to 6 per
cent, and loans were offered at that fig
ure, although offerings were made later
at 21z per cent. 1t is difficult to say how
far the low rates at the close may have
been manipulative. Certainly the call
market all day did not show evidence of
any great plendtude of funds available
for speculation.
The exchange market hardened. the ac-
tual rate for long sterling rising to $4S41z.
This was said to be due to an investment
demand, based upon a presumption of
easier rates for money here, in the near
future, and looking to the lending of
money abroad. A perceptible easing of
money in London, Paris and abroad did
not seem to interfere with this demand.
The disbursement of interest money by
the government, and further funds paid
out by the redemption of Pacific bonds,
were sufficient to afford relief to the mon
ey market to-day and to offset the pay
ment of $S,O00O0O, which will be made ON
Wednesday by the Union Pacific to the
government being the final payment on
that account. With the ordinary disburse-
ments for disbursements and dividend
items il was not expected that a large
proportion would become Immediately
available in the market.
Because of its bearing on the future
money market, il must be borne in mind,
that the government has ON deposit in
New York banks, upwards of $33 600, 900.
1t is said by subtreasury officials that the
government is not likely to take up these
deposits for a reasOnab BILE time to come
But on the other hand, it lies within the
option of the banks to surrender the de-
pcsits by taking up the bonds which they
have placed with the government as Sc
curity, Such a surrender of these depos-
its would naturally tend to sustain the
rates for money in the market.
The situation in the money market keeps
the tone of stocks heavy and restricts
trading within narrow limits. The heavi-
ness was added to by the pessmistic ut
terances of the president of the St. Paul
road, as to the nature of the competitive
business at prevailing rates. Even the
local securities fail to benefit greatly from
the recommendations in the mayors mes
sage, prices being kept down by realiza-
tons on lines that had been bought in
anticipation of the message Foreign mar
kets failed to reflect any apprehension of
the situation in the far east.
The liquidation in the Changers here
was quite heavy and especially in ST. Paul
and declines of about point were shown
throughout the group. Declines were gem
email and reached a point in other cases.
The Pittsburg, Cincinnati Chicago and
st. Louis stocks gained IL and 2 points
respectively
The bond market was dull, but prices
held firm Total sales amounted to 81, 72O, :
600 United States, old As, registered were
"A higher bid, and United States As cou-
pons. Is higher. ex-dividend
Total sales of stocks to-day. 10000
shares, including Atchison preferred 3.12O:
Chicago. Burlington and Quincy 2001O.
Louisville and Nashville, 3476; Metropolitan
Street railway, 1864; Missouri. Kansas ana
Texas preferred, 1905; Northern Pacific.
1855; Northern Pacific preferred. 4227
Rock Island, 5,697: ST. Paul. 2O359: Ameri-
can Tobacco, 1850; Chicago Great West
ern, 90f; Peoples Gas, 5,593; Sugar. 49,
$40; Western Union, 5.991