The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-01-04
FhURRY In MONEY
SOMETHING LIKE a SQUEEZE PRE-
CIPiTATED BY CALLING IN
LOANS.
RUN UP TO SIX PER CENT.
STOCK TONE HEAVY AND TRADING
VERY NARROW AS A
RESULT.
NET LOSSES IN MOST CASES.
Liquidation Heavy in the Changers,
With a Decline of a Point in
the Group.
RUN UP TO SIX PER CENT
NET LOSSES IN MOST CASES.

NEW YORK, Jan. 3.-The money mar
ket failed to show an easier tone today and
January boom in the price Of stocks, which
some people had expected TO begin Immediate
ly, failed to arrive on this, the first bust
ness day of the new year. On the contrary,
there was quite a furry in the money mar
ket before the day passed. and the calling
of loans precipitated something very like
squeeze. The rate for call money ran up
to per cent, and loans were placed at that
amount, though offerings were made later at
21s per cent There was no actual loan re-
ported during the day, however, at less than
21e per cent. 1t is difficult to say how far
the low rates at the close may have been
manipulative. Certainly the stock market
all day did not show evidence of any great
plentitude of funds available for speculation.
The exchange market hardened, the actual
rate for long sterling rising to $4.84A. This
was said to be due to an investment demand
based a presumption of easier rates for
money here in the near future, and looking
to the lending of money abroad. A percepti
BILE easing of money in London and Berlin
did not serve to interfere with this demand.
The disbursement of January interest by the
government and the further sums paid out for
the redemption of Pacific bonds were expected
to afford relief to the money market today and
to Offset the payment of S., 500, Co., which is
to be made on Wednesday by the Union Pa
cific syndicate to the government, being the
final payment on that account. Whatever ad-
ditional sums were released to the money
market today, the large operations pending
seem to have made necessary the shifting
of loans, which resulted in the afternoon
stiffening of rates. OF the ordinary disburse-
ments for dividends and interest 1t was not
expected that large proportion would be-
come Immediately available for the money
market AS bearing on the future of the
money market, 1t is important to bear in
mind that the government has now on deposit
in New York banks upwards Of $3S, 600, 600. 1t
is said by subtreasury officials that he gov
eminent is not likely to take up these de-
posits for a reasonable time to come. But
on the other hand it lies 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 naturally
tend to sustain the rates for money in the
market
The situation in the money market kept
the tone of stocks heavy and restricted the
trading within narrow limits. The heaviness
was agreed to by the pessimistic utterances
of the president of the st. Paul as to the
improbable nature Of competitive business
at prevailing rates. Even the local securities
failed to benefit greatly from the recommend
atoms in the mayors message, prices being
been bought in anticipation Of the message.
Foreign markets failed to reflect any appre-
liquidation in the grangers was quite heavy,
especially in ST. Paul, and declines of about
point are shown throughout the group. De
clines were general and reached point In
other cases. The Pittsburg, Cincinnati, Chi
cago ST. Louis stocks gained IA and 2
points respectively.
The bond market was dull but prices held
firm Total sales was 81, 720, 600. U. S. old
reg. were a higher and ditto coupon Is high
er, ex. dividend.
shares, including: Atchison pfd, 1920; Bur-
lington, 2O.O1O; L. & L., 8 476; Metropolitan,
1854; M. K. & T. pfd, 1905; Northern Pa
cific 1855; Northern Pacific pfd 4,227; r. l.,
5,697; ST. Paul, &c, 1853; Tobacco. 1850; Chicago
G. W., 9,S47; Peoples Gas 1858; Sugar, 49,
$40; Western Union. 5,991.
The following were the fluctuations Of the
leading railway and Industrial shares fur
nished by c. H. F. Smith & Co., members
New York stock exchange and Chicago board