The age-herald., 1898-01-04
In Wall Street.

New York Jan. 3.-Whateyer additional sums were released to the money market today the largest operations pending seems to have made necessary the shipping of loans, which resulted in the afternoon in the stiffening of rates. Of the ordinary disbursements for dividends and interest, it was not expected that large proportion would become immediately available for the money market. As bearing on the fu- ture of the money market, it is important to bear in mind that the government has now on deposit in New York banks up- wards of $3S ,000 .O00. It is said by the sub treasurer that the government is not like ly to take up these deposits for reasona- ble time to come. But, on the other hand, it is within the option of the banks to surrender the deposits by taking up the bonds which they have placed with the government as security. Such a surrender of these deposits would now really tend to sustain the rates of the money market. The situation in the money market kept the tone of stocks heavy and restricted the trading within narrow limits The heavi- ness was added to by the pessimistic ut terances of the president of the St. Paul regarding the profitable nature Of com petitive business with prevailing rates Even the local securities failed to be bene fitted by the recommendations in the may or's message, prices being kept down by realization on lines that had been bought in anticipation of the message. Foreign markets failed to reflect any apprenensloh of the situation in the far east.
 The liquidation in the grangers here was quite heavy and especially in St. Paul, and declines of about point are shown. Declines were general and reached point in other cases. The Pittsburg, Cincinnati, Chicago and St. Louis stocks gained A to 2 points respectively. The bond market was dull but prices held firm.
 4 Total sales of stock today 25OO00 shares in- cluding Atchison, preferred, 312O; Chicago, Burlington and Quincy, 20O1O; Louisville and Nashville, s4,6; Metropolitan Street Railway, 5,S64; Missouri, Kansas and Texas, preferred, 4,OO6; Northeastern, 4,SS5; do preferred, APT; Rock Island, 5,6H; St. Paul, 20 359; American Tobacco. 7,OS0; Chi cago Great Western. s.O47; Peoples Gas, 5,593; Sugar, 4S,94O; Western Union, 5,991.
 Total sales s1,72O,OOO.
 United States old As were 4 higher bid. and do coupon A higher, except dividend.
 
 easier tone today, and January booming the price of stocks, which some people had expected to begin, immediately failed to arrive on this the first of the, year. On the contrary there was quite furry in the money market before the day passed, and the calling of loans precipitated some thing very like squeeze. The rate for call money ran up to per cent. and was placed at that amount, though offerings were made later with 2h per cent. It is difficult to say how far the low rates at the close may have been manipulated The market all day did not show evidence of any great pientitude of funds available for speculation. The exchange market had the actual rate for long, sterling ris- ing to $4S4A This was said to be due to an investment demand on a presumption of easier rates for money here in the near future and the looking to the lending of money abroad. A perceptible casing of money in London and Berlin did not serve to interfere with the demand. 4
 Money on call firm, 21s@3 per cent; last loan 3ls; closed 21z@3 per cent. Prime mer- cantile paper, 31A@4A. Sterling exchange firmer, with actual business in bankers bills at s4S47s@4S5 for demand. and at $4 6I4@4. .S6ss for sixty days. Mexican dol 2 lars 46H. Silver certificates, 57A@5S. Bar silver 571s.
 Government bonds firm. os,
 State bonds dull.
 4- D ,dy d,-ro