Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1898-01-04
Stocks and Bonds.

New York. Jan. s.-The money market
January's 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 like a squeeze. The rate for call
money ran up TO 6 per cent and loans were
placed at that amount. though offerings
were made later at 22 per cent. There
was no actual loan reported during the
day. however. at less than 2hs per cent.
at the close may have been manipulative.
Certainly the stock market all day did
not show evidences of any great plentitude
of funds available for speculation. The
exchange market hardened, the actual rate
for long sterling rising to s4.S44. This was
said to be due to an investment demand
based on 4 presumption Of easier rates for
money here in the near future and looking
to the lending of money abroad. A per-
ceptible easing of money in London and
Berlin did not serve to interfere with this
demand. The disbursement of January in
terest by the government and the further
sums paid out for the redemption of Pa
citic bonds. We're expected to afford relief
to the money market and to offset the pay
ment of S., 500. 900. which Is to be made on
Wednesday by the Union Pacific syndicate
to the government, being the final payment
on that account. Whatever additional sums
We're released to the money market to-day,
the large operations pending seem to have
AAAtAS 49, = NfN "a SAA AiAN
resulted in the afternoon stiffening of
rates. OF the ordinary disbursements
for dividends and interest 1t was not eX-
| pected that a large proportion would be-
come Immediately available for the money
market. AS bearing on the future of the
money market, it is important to bear in
mind that the government has now on de-
post in New York banks upward of $685.
900, 900. 1t is said by sub-treaSury officials
that the government is not likely to take
up these deposits for a reasonable time to
come. But. on the other hand. it lies
| within the option of the banks to sur
render the deposits by taking up the bonds
which they have placed with the govern
| ment as security. Such Il surrender of
| these deposits would naturally tend to sus-
tain 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 heavi-
ness was added to by the pessimistic utter
ance by the president of the St. Paul as to
the improbable nature of competitive bust
| ness at prevailing rates. Even the local
securities failed to benefit greatly from the
recommendations in the mayors message,
| prices being kept down by realizing on
ines that had been bought in anticipation
of the message. Foreign markets failed to
| reflect any apprehension of the situation
| in the far East. The liquidation In the
grangerS here was quite heavy, especially
in st. Paul. and declines of about a point
are shown throughout the group. Declines
were general and reached a point in other
| cases.
The bond market was dull. but prices
held steady.
Closing quotations on the New York Stock ex-