The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-01-09

primarily to disappointment at the con-
timed stiffness of the money market
pending the final payment of the Union
Pacific settlement. This involved the
withdrawal from the market of $685.
401 and its payment into the Treas
ury and this operation together with ac-
emulation of funds incident to regu-
lar January disbursements, resulted in
raising the rate of money to six per cent
on Monday. BY Wednesday afternoon
the funds thus disbursed began to come
back into the market for investment and
the governments outgo of interest and
redemption had offset the Union Pacific
payments. The declines in prices of
stocks earlier in the week were quickly
retrieved and professional operators and
commission house brokers acting for out
side spectators and investors began to
vie with each other in marking up prices.
To-days bank settlement shows the COM
plete rehabiiitstl,a of the New York
money market hch has been accom-
plished not only the release of funds
at this centre b. = a large inflow OF
money from int l,r points, invited by
the recent high T..tes for money. Not
withstanding that additional deposits Of
S105ZS, 300 have lifted the level of the
legal reserve by $2,632,075, the heavy
cash increase of S9,107,900 leaves the
surplus reserve $6,475,S25 higher than
last week. Conditions indeed promise
such a plentitude of money that money
lenders see their prospects marred and
there is talk of releasing to the govern
ments it's deposits, which were left in
New York banks at the time of part
of the Union Pacific payments. These
deposits amount to something over 1885,
100000. Part Of them are secured by
government bonds whose redemption is
already provided for, so that their sur
render would involve simply book
keeping exchange, but the taking up by
the government of the total amount
would probably involve the withdrawal
of a sufficient sum in the money market
to serve quite effectively to steady rates
of interest. The high rate for money
was reinforced as factor of stock mar
ket depression by the forebodings ex-
pressed by two prominent railroad presi-
dents on Monday that there would be
no profit in competitive railroad business
as there had been none, unless Congress
would authorize pooling.
Railroad earnings reported for the
week were an effective cure for much
of the gloomy apprehension of railroad
ket the feature of the week has been Il
demand which is speculative and based
on the prevailing low rate of exchange
and the belief that tho need for exchange
viii grow within the next few weeks.
The average level of stock prices has
risen between land points during the
week.
Business in bonds has been of large
proportions since Wednesday and some
large advances are recorded. Prices
throughout are higher. Sales for the
week $17,200,000.
Government bonds are all higher on
the week, prices having been bid up 3s
for the old SIS coupon, u for do reg
istered, u for the 5's and per cent for
the new is.
The total sales of stocks to-day were
224,000 shares, including Atchison pre-
ferred 5,315; G. B. and O., 1890; Man
haitian L., 1867; Missouri Pacific, T.
315; New York Central. 6,010; Northern
Pacific preferred, 11,735; Rock Island,
5000; st. Paul. 1870; Union Pacific,
$500; u. p. d. and c., $3.50; Chicago
G. W., $500; General Electric, 6,1SJ;
Sugar, 1910; Western Union 1898.