The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-01-04

New York, Jan. 3.-The money market
failed to show an easier tone today ana
Januarv's boom in the price OF STOCKS,
which some people had expected to DeSlh'
failed to arrive on this, the first business
day of the new year. On the contrary
there was quite a furry in the money
market before the day passed ana the
calling of loans precipitated something
very like a squeeze. The rate Tor call
money ran up to d per cent, ana loans
were placed at that amount, though OF
feringS were made later at per cent
There was no actual loan reported during
the daY. however. 1t is dlfncult 10 say,
however, how far lower rates at the close
may have been manipulated. Certainly,
the stock market all day did not snow
evidences of a plenitude OF funds avail
able for speculation. The exchange mar
ket h2rdened. the actual rate Ior eA-
change rising to 4.S414. This was SAID 10
be due to an investment demand Daseu
on a presumption of easier rates for
money in the near future, and looking 10
the lending of money abroad.
DISAPPOINTING FEATURES.
A perceptible easing of money in Lon
don and Berlin did not serve to interfere
with this demand. The disbursement OF
January interest by the government and
the further sums paid out Tor the re
demption of Pacific bonds were expected
TO afford relief to the money market and
to offset the payment OF S, 0OO when
Is TO De maze on w euIeSuSiy ny lAO
Union Pacific syndicate to the govern
ment. being the final payment on that
account. Whatever additional sums were
released to the money market today,
the large operations pending seem TO
have made necessary the shifting of loans
which resulted in the afternoon stiffening
of rates OF the ordinary disbursements
for dividends and interest, II was not eX-
Dected that q large proportion would be
come Immediately available for the money
market. AS bearing on the future of the
money market, it is important to bear in
mind that the government has now on
deposit in New York banks upward of
S33, 0G0 coo. 1t is said by the sub-treasury
officials that the government is not like
ly to take up the deposits for a reason
able time to come. But on the other hand,
lit 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.
STOCKS HEAVY.
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
added to by the peSSimistic utterance by
the president of the st. Paul as to the
Improbable nature of competitive bust
ness at prevailing rates.
Foreign markets failed to reflect any
apprehension of the situation in the far
east. Declines were general and reached
a point in other cases.
The bond market was dull, but prices
held firm. Total sales, $1.7200O0. L. S. old
As registered were 4 higher bid and U.
S. As coupon Is higher, ex-dividend
MONEY MARKET.
Money on call firm. 214Q3 per cent; last
loan. 315; closed. 212G3.
Prime mercantile paper, 31ad43l. Ster-
ling exchange, firmer, with actual bust
ness in bankers bills at 4S47sQ4.S5 for de-
mand and 4S2AQ4.S23s for go days. Posted
rates, 4.S3 and 4.S5lsG4.S6. Commercial bills,
4.S1.
Mexican dollars. 461l. Silver certificates,
STAGES. Bar silver, 571s.
Government bonds. firm; state bonds,
dull; railroad bonds. firm.
SALES OF STOCKS.
Total sales of stocks today, 100000
shares; including, AtchisoH preferred ref rIl'