The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1897-12-18
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Proceedings.
NEW YORK STOCK REPORT
Digest of Exchange News-Mining Stocks
Metal Quotations-Wool Prices and
Movements-Grain and Pro-
duce-Review of Trade

New York Dec. T.-To-day's stock mar
ket was more or less depressed all day.
though final prices were considerably bet
ter than the lowest for the day. Liquida-
tons were not heavy outside OF lew
special stocks and the sagging tendency
of prices seemed to be due rather TO an
absence of active demand. Some OF the
recent prominent bulls bought stocks on
a downward scale of prices, but without
any attempt to sustain prices. Manhattan
and New Jersey Central continued to ne
the principal objects of manipulation, as
was the case yesterday, and Sugar con-
tinued to show weakness, its decline from
yesterday reaching at one time per cent,
but with a final rally, leaving its net
loss only fractional.
Manhattan was traded in ex-dividend
and was quite feverish up to the time OF
the announcement of the decision oil the
appellate court on the underground RAPID
transit plan. This news, which had peeh
discredited, caused shorts TO cover, the
prices advancing over two points with
only a fraction afterwards, leaving
small net gain. Short covering que 10 the
same cause helped Metropolitan street
Railway and there was in ADDITION re-
port of business agreement with the
connecting company. The variations in
New Jersey Central were dictated by the
needs of the shorts. There was some con-
tinued apprehension regarding the lmme-
date future of the money market, ana
the time money market was quoted at j
per cent. for so days and 3ls per cent. 1or
so to 80 DAYS. For call loans j per cent
continued to be paid, but the rate eased
off to per cent. in the final hour.
New York banks have gained Oh bal
ance during the week from the cuffehc!
movement but have lost heavily to the
sub-treasury, and the condition or the
surplus reserve to be shown by to-mor-
| rows bank statement will depend upon
| the amount of loans which have been
called. There was no further fall in ster-
| ling exchange to-day, but yesterday
| sharp decline here was reflected in a
stiffening of the London discount rate 10
az per cent which is II per cent. above
| the Bank of England's minimum rate.
/ Confidence was expressed that the re-
dempton by the government OF the cur
rency 6s beginning next FRIDAY %ouIu
| serve as a safeguard against stringehcy
/ I'm the money market. But there Is much
| room for uncertainty as TO what amount
/ Of these bonds will be presented Tor re-
demption before Jan. |. when they ma
| ture. The next payment OF Union racine
| purchase money into the treasury IS te
| be on Dec. q, the amount being ABOUT
SIS. 500 0OO the final payment of an equa
| amount falling due on Jan. .. the ADDITION
of the usual heavy accumulation OF FUNDS
preliminary to the January disbursement
| of dividends and interest is to be reck'
oned with.
AS a result of the rally before the Close
of to-days market net losses are III TN
most important instances reduced TO ffac
tons the notable exceptions on the sid'
of the gains having already been ndl
Gated Some inactive stocks show losses
of from / TO . per cent. There was a mark
ed falling off in activity in the bond mar
ket and some issues show lossr Union ia
cific 4la's declining three points. Iota
sales. 81. 100 900. Government bonds wer
| steady and unchanged