The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1898-01-11

Of 100000 of New York. Chicago and |
st. Louis, As at 1O7. Prices of high |
grade bonds generally are now at the !
highest and the pressure OF investment |
funds forces money into the middle and
lower grade issues. Realizing at the
close reduced prices considerably from
the best and in some cases wiped out
earlier gains. This caused an easy clos |
ing with net changes mixed between
gains and losses.
The expected has happened in the
stock market this week in an outbreak
OF something very like a furore OF spec
ulation and an upward rush of prices
of.pretty much all grades OF securities.
There was a halt in the ANTICIPATED
awakening Of Monday aud Tuesday and
some declines due to several causes, but
primarily TO disappointment at the con-
tinued stiffness Of tie money market
pending the final payment OF the Union
Pacific settlement. This involved the
withdrawal from the market Of $S.53S.-
. and its payment into the Treas
ury and this operation together with ac-
cumulation of funds incident to regu-
lar January disbursements, resulted III
raising the rate of none 10 six per cent
on Monday. By "Wednesday afternoon
the funds thus disbursod began to come
back into the market for investment AMI
the governments outgO Of interest and
redemption had offset the Union Pacific
payments. The declines in prices Of
stocks earlier in the week were quickly
retrieved and professional operators and
commission house brokers acting for out
side spectators and investors began to
vie with each other in marking up prices.
Io-day's bank statement shows the COM
plete rehabilitation Of the New York
money market which has been accom-
plished not only by the release Of funds
at this centre but by 4 large inflow Of
money from interior points, invited by
the recent high rates for money. Not
withstanding that additional deposits of
S1O.ozS,3OO have lifted the level Of the
legal reserve by S2,632,O75, the heavy
cash increase Of S9,1O1. 800 leaves the
surplus reserve S6.475,S2J higher than
last week. Conditions indeed promise
such a plentitude of money that money
lenders see their prospects marred and
there is talk Of releasing to the govern
ments its deposits, which We're left in
New York banks at the time Of part
Of the Union Pacific payments. These
deposits amour to something over $33,-
Q ,OOO. Part Of them are secured by
government bonds whose redemption is
already provided for, so that their sur
render would involve simply a book
keeping exchange, but the taking up by
4 IAS y LIN ~ IN 80 LILObd
would probably involve the withdrawal
Of a sufficient sum in the money market
to serve quite effectively to steady rates
Of interest. The high rate for money
was reinforced as a factor of stock mar
ket depression by the forebodings ex-
pressed by two prominent railroad presi-
dents on Monday that there would be
no profit in competitive railroad business
as there had been 10 z, unless Congress
you'd authorize pool. :.
Railroad earniH-r reported for the
week were an effective cure for much
Of the gloomy apprehension of railroad
officials. IN the foreign exchange mar
ket the feature { the week has been a
], demand which * speculative and based
on the prevailing iow rate of exchange
and the belief that the need for exchange
will grow within the next few weeks.
The average level of stock prices has
week.
the week. prices having been bid up 81
for the old $S's coupon. = for do reg
istered, q for the IS and i per cent for
the new As.
The total sales Of stocks to-day were
224,000 shares, including Atchison pre-
ferred 5,315; c.. B.. and O.. l2,490; Man
haitian T., 1867; Missouri Pacific, T.
80; New York Central. 6,010; Northern
Pacific preferred, II, 73o; Rock Island,
$500: st. Paul, 1870; Union Pacific,
1920: Z. 2. d. and G., $3.50; Chicago
G.. w. 6.320; General Electric, 6.1S5;
Sugar, 1910; Western Union, 1913.
NRW work. CT GSTrIG EST.