The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-01-04
STOCKS AND BONDS.

New York. Jan. 3.-The money mar
ket failed to show an easier tone to-day
and the January boom in the price OF
stocks which some people had expected
to begin Immediately failed to arrive on
fbis 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 pre-
cipitated something very like squeeze.
The rate for call money ran up to SIX
per cent and loans We're placed at that
amount, though offerings were made
later at 215 per cent. There was no act
nal loan reported during the day, how
ever at less than 21la per cent. 1t is diff
ficlllt to say how far the low rates at
the close may have been maniDulative.
Certainly the stock market all day did
not show evidences of any great plent-
tude of funds available for speculation.
The exchange market hardened, the act
nal rate for long sterling rising to 4S4H.
This was said to be due to an invest
ment demand based on presumption
of easier rates for money here in the near
future and looking to the lending or
money abroad. A perceptible easing
of money in London and Berlin did not
serve to interfere with this demand. Inc
disbursement of January interest by the
government and the further sums paid
out for the redemption of Pacific bonds
were expected to afford relief to the
money market to-day and to offset the
payment of $S,500,000 which is to be
made on Wednesday by the Union Pa
cIfic syndicate to the government, being
the final payment on that account. What
ever additional sums were released to
- - a~ x1a lo m
erations pending seem to have made nee
essary the shifting of loans which re-
suited in the afternoon stiffening Of
rate. 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 important
to bear in mind that the government has
now on deposit in New York banks up
wards of S33, 100000. 1t is said by sub
Treasury officials that the government
is not likely to take up these deposits
for reasonable time to come. But on
the other hand it 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 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
narrow limits. The heaviness was add
ed to by the pessimistic utterance of the
President of the st. Paul as to the I'M
profitable nature of competitive business
at prevailing rates. Even the local Sc
-curities failed to benefit greatly from
the recommendations in the mayors mes
sage, prices being kept down by realiz-
ing on lines that had been bought in
anticipation of the message. Foreign
markets failed to reflect any apprehen-
sion of the situation in the far east.
The liquidation in the grangers here was
quite heavy, especially in st. Paul and
declines of about point are shown
throughout the group.
The bond market was dull but nrices
held firm. Total sales 81. 100. 900.
United States old 4's registered were II
higher bid and do coupon Il higher ey.
dividend.
The total sales Of stocks TODAY was
100000 shares, including the following.
Atchison preferred 3.120: G. r and
O., 20.010: l.. and N, 34TG: Manhattan
l.. 21,415; metropolitan Street RAILWAY
1864: Mo. X. and T., preferred. 4 ono.
Northern Pacific, 1886; do preferred
4,227; Rock Island, 5,697; st. Paul. 90.