Worcester morning daily spy., 1898-01-04
MARKET DULL.
No Boom in Stocks Came With
the New Year.
Situation in Money Market Placed
Damper on Free Trading-CalI Loans
at Per Cent.

New York, Jan. S.-The money market
failed to show an easier tone today, and
the January boom in the price of stocks
which some people have expected TO be-
gin Immediately failed to arrive on this
the first business day Of the New Year.
On the contrary there was quite furry
in the money market before the day
passed, and the calling Of loans precipi-
tated something very like a squeeze.
The rate for call money ran up to 8
per cent, and loans were placed at that
amount. though offerings were made
later at ~ per cent. There was no
actual loan reported during the day,
however, at less than 81 per cent 1t is
difficult to say how far the low rates
at the close may have been manipnla-
tive. Certainly the stock market all DAY
did not show evidences of any great
plentitude of funds available for specu-
1ation The exchange market hardened
the actual rate of the long sterling ris-
ing to 4S2k. This was said to be due to
on presumption of easier rates
for money here in the near
future and looking TO the lend
ing OF money abroad. A pereepuole cas-
ing of money in London and Berlin dlu
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 Paciflc
bonds were expected to afford relief TO
the money market today, and to offset
the payment of IS, 100000 which is 70 be
made on Wednesday by the Union Pacl-
fic syndicate to the government belng
the final payment on that account:
Whatever additional sums were released
to the money market today the larger
operations pending seem 10 nave IIlaoe
necessary the shifting of loans whlch re-
suited in the afternoon stiireninS OF
rates. OF the ordinary disbursements Tor
dividends and interest it was not eN-
pected that large proportion would pc
come Immediately available for the
money market AS bearing on the future
OF the money market it is important 70
bear in mind that the government no"
has on deposit in New York banks up
wards Of $50, 900. 600. It is said by SUP
treasury officials that the government Is
not likely to take up these deposits Ioi
8. reasonable time to come.
But. on the other hand, it lies WITHIN
she option of the banks TO sulTendel
the deposits by taking up the oonos
which they have placed with the gov
eminent as security. Such surrender
OF these deposits would naturally teno
to sustain the rates for money in the
market. The situation IL the money
market kept the tone of stocks heavy
and restricted the trading within mar
row limits The heaTness was added &c
by the pessimistic utterance OF the pres
ident of st. Paul as TO the Improbable
nature of competitive business at pre-
vafIing rates. Even the local securities
failed to benefit greatly from the rec
concentrations in the mayors message
prices being kept down by realizing on
lines that had been bought in anticipa-
ton Of the message. Foreign markets
failed to reflect any apprehension over
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 Pittsburg, Cincinnati, Chi
cago and St. Louis stocks gained IA and
points respectively.
The bond market was dull, but prices
held firm Total sales, 81, 100000 U. S.
old As registered were IA higher bid
and do. coupon 1-s higher ex-diTdend
NEW YORK CLOSING QUOTATIONS
Jau11aTy