The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1898-01-04

gin Immediately, failed to arrive on this
the first business day of the new year.
On the contrary, there was quite fur
ry in the money market before the day
passed, and the calling of loans precip-
itated something very like a 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 reported during the day,
however, at less than So per cent. 1t
is difficult to say how far the low rates
at the close may have been manipula-
tive. Certainly the stock market all
day did not show evidences of any great
plentitude of funds valuable for specula-
ton. The exchange market hardened,
the actual rate for long sterling rising
to 4.82A. This was said to be due to an
investment demand based on a pre-
sumption Of easier rates for money here
In the near future and looking to the
lending of money abroad. A percepti-
bic 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 ex-
pected to afford relief to the money
market to-day and to offset the pay
ment Of $S.500,00O which is TO be made on
Wednesday by the Union Pacific syndi-
cate to the government, being the final
payment of that account Whatever
additional sums were released to the
money market to-day, the larger opera
tons pending seem to have made nee
essary the shiftening Of loans which re-
suited in the afternoon stiffening of
rates. OF the ordinary disbursements
for dividends and interest, it was not
expected that large proportion would
become Immediately available for the
money market. AS bearing on the flu
ture of the money market it is import
ant to bear in mind that the govern
ment now has on deposit in New York
banks upwards of $S3, ooo 900. 1t is said
| by sub-treasury officials that the gov
eminent is not likely to take up these
deposits for q reasonable time to come.
| But on the other hand It lies within the
| option Of the banks to surrender the de-
posits by taking up the bonds which
they have placed with the government
| as security. Such q 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 the stocks heavy and re-
| stricted the trading within narrow linz
| its. The heaviness was added to by the
| pessimistic utterance of the president Of
St Paul as to the Improbable nature of
competitive business at prevailing
rates. Even the local securities failed
| to benefit greatly from the recommen-
cations In the mayors message, prices
being kept down by realizing on lines
that had been bought in anticipation of
the message. Foreign market failed to
reflect any apprehension over the situar
ton in the far east. The liquidation in
| the grangers here was quite heavy es-
pecially in st. Paul and declines of
| about point are shown throughout the
group. Declinesb were general and
reached a point IN other causes. The
Pittsburg, Cincinnati, Chicago and ST.
Louis stocks gained Ia and points re-
spectively. 49,
| The bond market was dull but prices
held firm. Total sales, s1,72o,O0O.
United States old As registered were
a higher bid and on coupons X higher
ex-dividend.
Following are the closing prices re-
ported by Prince s. Whitley, bankers
and brokers, 4s Broadway, New York,
i 4 =