The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-12-24

THURsDAY, Dec. %.
Tho stock market was lifeless the creator part
Of the day. a condition that, as usual. encour-
aged selling by professional operators, which
was effective in somo stocks to the extent Of
half q point. Speculation was apparently held
in check by fcars that preparations for paying
SO. 900 into the Treasury next Monday on
account OF the purchase of the Union Pa
cifc Railway by the Reorganization Com.
mittee might cause a sufficient dcgroo
OF activity in tho money market to dislodRe
weakly marginod stocks. Whom 1t became ap.
parent, in the early afternoon, that abnormal
rates for money wero improbable tho short in.
terest betrayed alarm, and as the supply of
stocks In sight was Insignificant, moderate ur.
chases to close short contracts impaired a
very firm tono to the market. In the last
hour Of business commission houses came
into the market as buyers. Their clients were
evidently influenced by the condition of tho
money market. tho further decline in the for.
eign exchange and possibly by the usual an
nouncement by the representatives OF the rnil-
roads in the Joint Traffic Association that moro
effective measures than were over before
adopted had been taken to secure q mainte-
nance of rates. -a ..
Without doubt tho most IMPORTANT circum-
stance affecting speculation was tho compare.
two ease Of the money market. The possibility
VI Auffy III hiohoy tHio "eek mus gov
erned both investment and speculative opera
tions. That possibility is no longer q menace,
for the Government will begin tomorrow to pay
out nearly $50. 000. 900 to t Q holders of its ma
turing currency bonds. According to Washing.
ton advices about $4,000. 900 of those bonds
have already been presented for payment. That
amount will therefore DO returned to circula-
ton, chiefly In this city. carly next week. On
the other hand. the Union Pacific Reorganiza-
ton Committee will have to pay to the Govern
mont on Monday over eight and o half million
dollars on account of tho Union Pacific Rail-
way purchase Nearly half Of that amount
will, however, BIO deposited In tho Clear
ing House banks of this city to the
credit of tho Government. and will be
at once available for the purposes Of
business. The manner in which the Union
Pacific matter has been financed rebounds to
tho credit both Of the Treasury Department,
tho Reorganization Committee. and its allies
among the officers of the Clearing House banks.
In addition to the unusual disbursements that
the Government will begin to mako tomorrow,
corporation, municipal, and other paymentso on
account of interest and dividends will be
made on Jan. 3, or coon thereafter. aggre.
eating many millions of dollars. Preparations
for these payments may keep the call money
market upon q 8 to 4 Y cent. basis for ten days
to come. but after that the amount of money
seeking investment or temporary employment
Is certain to have an effect. Moreover. the
weakness in exchange precludes q stringent
money market here. although European money
markets are very firm at comparatively high
rates, and European bankers are doing every.
thing in their power to prevent shipments Of
specie to this country.
Owing to the sharp rally In prices in the last
hour the dealings in stocks were moro extensive
than yesterday or tho day before. Tho transac.
tions showed a diversity of interest. Manhat-
tan Hallway led tho list In respect to activity at
q net advance of 2 points. Metropolitan Rail-
way, on about the usual volume OF transactions,
closed 2ls y cent. higher than yesterday. while
Third Avenue railroad was favorably affected
by local transportation developments to the OK.
tent of 8 points. Sugar Refining was exception.
ally strong. and tho same remark applies to PEG.
pies Gas. Brooklyn Rapid Transit. and Jersey
Central. The closing WAS strong at about the
best prices.
Final sales compare with those OF yesterday
as follows: