The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1898-01-04
On the Contrary There Was Quite a Furry
In the Money Market.
CALL LOANS PREcIPlTATEO A SQUEEZE
The situation I'm tho money Mnrhc,
Kept tho Tone orstoclts Heavy ana
Restricted tho Trading within
Narrow Iiniis-IIquidntions, In
tho Changers Was Qnito Hcnvy, Ea-
pccinily I'm st. Paul,

New York Jan. 3.-Tho money market
talled to show an easier tone to-day and
INC January boom in the price of stocks
mNlcn some people had expected to began
annlediately failed 10 arrive OIL this, The
uist business day OF the new year. On
the f0nIrary, there Mas quite a furry in
Cd, and tho calling of loans p~rccipitated
something very like n squeeze. The rate
and loans were placed {. that amount,
per cent. There was no actual loan re-
1,ian 2Hz per cent. II is difficult TO suy
how far the low rates ut the close NAV
hnve been manipulated; Certainly the
aenGes OF any great plentitude OF funds
anailaoie Tor speculation. The exchange
ionr sSe,. h%rdehed, the actual rate for
10 be due to an investment demand based
on a presuInption OF easier rates for
money here in the near future and look
ing 10 the lending Of money abroad. A
perSepti6le easing of money London
and berlin did not serve TO Interfere with
lhis demand. The disbursements of Jan
uary interest by the government and the
lurther sums paid out for the redemption
OF Iacitlc bonds We're expected TO AFFORD
Tehei 10 the money market to-day and
70 OFFSET the payment OF SS,5 000 which
Il to- be made on Wednesday by the
mcnt. being the final m on that
account. Whatever additional sums were
!sieased 10 the money market to-day,
100 o. ~ NtlillIS btGIl 10 nave
made necessary Ill shifting Of loans which
resulted In the afternoon s,iffcning OF
rates. OF the ordinary disbursements for
ulplachds ana interest, IL was not cX-
pected mat Il; large proportion would be-
come Immediately available for the
M y market AS bearing on the future
OF the money market 1t is important 10
bear In mind TINT the government has
now on deposit III New York banks up-
wards Of S53, G0. $50. 1t Is snid by Sub
Treasury officials that the government is
rot likely 10 take up these deposits for
a reasonable time to come. But on she
other hand 1t 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 n 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
marrow limits. The hcavincsS was added
10 by the pessinistic uttcrunce of the
pres dent of the st. Paul as to the I'M
pfohtaDle nature of competitive business
ut prevailing rates. Even the local Sc
curities failed to benefit greatly from the
sage. prices being kept down by realiz-
ing on lines that had been bought in an
ticlfIation OF the mcaSngc. Foreign mark
els tailed TO reflect any apprehension of
khe situation in the Far East. The liuui-
cation In the grangcrs here was quite
OF about II point are shown throughout
The group.
The bond market was dull but prices
held firm. Total sales. 81, 40. 900.
United States old Is registered were
SSc., niger bid and do coup sc. higher OK.
tn total sales of stock to-day was
20O,U1 shares.