The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-04
MONEY. RATES STIFFEN
EXPECTED JANUARY BOOM l.
STOCKS FAILED TO ARRIVE.
Some of the WaII-Street Brokers Who
Needed Money Were Squeezed-
Local Markets Quiet

At New York, yesterday, money on call
was firm at 21aG6 per cent; last loan, 49,
per cent; closed, 2laQ3 per cent.
Prime mercantile paper, 31zQ424 per cent
Sterling exchange was firm with actual
business in bankers bills at S4S47s14S5 for
demand and at $4S2A@4S2ss for sixty days;
posted rates, $4.S3 and $i.S5lkQ4S6; CONNER
cial mills, $4.S1.
Mexican dollars, 1910, silver certificates,
574q5Sc; bar silver, 571sc. At London bar
silver closed dull at 26 9-16d an ounce.
Total sales of stocks were 250, 500 shares
including: Atchison preferred, S,12O; Chicago.
Burlington & Quincy, 2O.010; Louisville &
Nashville, $40; Metropolitan Street-rail-
way, 1854; Missouri, Kansas & Texas pre-
ferred, 40O6; Northern Pacific, 3Ss6; North
ern Pacific preferred, 4.227; Rock Island, o.
697; St Paul, 2O.S59; American Tobacco, 1850;
Chicago Great Western, 9,O47; Peoples Gas
1888; Sugar, 4S94O; Western Union, 1891.
The New York money market failed to
show an easier tone yesterday and January
boom in the price of stocks, which some
people had expected to begin Immediately,
failed to arrive on the first business day
of the new year. On the contrary, there
was quite a furry in the money market be-
fore the day passed. and the calling of loans
precipitated something very 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 2l5 per
cent There was actual loan reported
during the day. however, at less than 215
per cent. 1t is difficult to say how far the
low rates at the close may have been manip-
ulat1Ve. Certainly the stock market all day
did not show evidences of any great plen-
itude of funds available for speculation.
5e fof on ep6 rae4fe ne ths aefp b
was said to be due to an investment de-
mand based on presumption of easier rates
for money here in the near future and look
Ing to the lending of money abroad. A per-
ceptlble easing of money in London and Ber-
lin did not serve to interfere with this de-
mand- The disbursement of January inter-
est by the government and further sums
paid out for the redemption of Pacific bonds
We're expected to afford relief to the money
market and to offset the payment of $780,.
600 which is 10 be made on Wednesday by
the Union Pacific syndicate to the govern
count. Whatever additional sums were re-
leased to the money market the large oper-
atoms pending seem TO nave made necessary
the shifting of loans. which resulted in stiff
ing of rates in the afternoon. OF the
ordinary disbursements for dividends and in
tereSt II was not expected that a large pro-
portion would become Immediately available
for the money market. AS bearing on the
future Of the money market, it is important
10 bear in mind that the government has
on deposit in New York banks up
wards of $50 GOO. 1t is said by subtreas-
uTy OllCldlS IldI the government Is not ike
~ to take up these deposits for reasonable
time to come. But the other hand it lies
within the option of the banks to surrender
the despoSits by taking up the bonds which
they have placed with the government as
security. Such 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 mar
limits. The heayinesS added to by
the peSSimiStic utterance OF the president
of St. Paul as to the Improbable nature of
comparative business 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 lines that had been bought in
anticipation of the message. Foreign mar
kets failed to reflect any apprehension of the
situation in the far East. The liquidation
in the grangers 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 Pittsburg. Cincinnati, Chicago
& ST. Louis stocks gained Ia and points,
respectively.
The bond market was dull, but prices held
firm. Total sales, $1,720 co., United States
old tours registered were Il higher bid and
old tours coupon Is higher, ex. dividend.
The following table, prepared by l.. w.
Louis Room II, Board of Trade, shows the
range of quotations: