The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-12-18
DULLNESS RATHER THAN LIQUIDA-
TION RESPONSIBLE FOR DE-
PRESSED STOCK TONE.
CLOSE ABOVE THE WORST.
LOSSES REDUCED TO FRACTIONS
BY A RALLY BEFORE THE
END.
Some Fear of Stringency in the Inn
mediate Future-SlOw Demand
for Bonds.

NEW YORK, Dec. T7.-Today's stock mar
ket was more or less depressed all day.
though final prices considerably better
than the low point of the day; liquidation was
not heavy outside few special stocks, and
the sagging tendency of prices seemed TO be
due to an absence of active demand. Some
of the recent prominent bulls bought stocks
on downward scale of prices but withLu
any attempt to sustain values. Manhattan
and New Jersey Central continued to be the
principal object Of manipulation, as was the
case yesterday, and Sugar continued to show
weakness. its decline from yesterday reaching
at one time per cent, but with a final rally
leaving its net loss only fractional. Manhat-
tan was traded in ex-dividend and was quite
feverish up to the time of the announcement
of the decision of the appellate court on the
underground rapid transit plan. This news,
which has been discredited, caused the shoIIs
to cover, the price advancing over points
with only a fractional reaction afterwards,
leaving a small net gain. Short covering,
due to the same cause, helped Metropolitan,
and there was, in addition, a report OF a
business agreement with the competing COM
pany. The variations in New Jersey Central
were dictated by the needs of the snorts.
There was continued apprehension regard
ing the immediate future of the money mar
ket and the time money market was quoted
at per cent for thirty days and 3h per cent
for sixty and and ninety days For call
loans 8 per cent continued to be paid, but
the rate eased off to per cent in the final
hour. New York banks have gained bal
ances during the week from the currency
movement but have lost heavily to the sub
treasury and the condition of the surplus re-
serve to be shown by tomorrows bank state
ment will depend upon the amount of loans
which have been called. There was no fur
ther fall in sterling exchange today, but yes
terday's sharp decline here was reflected in
a stiffening of the London discount rate to
81 per cent which Is a per cent above the
Bank of England's minimum rate. Conf
dence was expressed that the redemption by
the government of the currency 6s, beginning
next Friday, would serve as a safeguard
against stringency in the money market. But
there is much room for uncertainty as to
what amount Of these bonds will be pre-
scented for redemption before Jan. l, when
they mature. The next payment of Union Pa
cifc purchase money into the treasury is to
be on Dec q, the amount being about IS, $780,
000 the final payment of equal amount
falling due on Jan. 8. In addition to the
usual heavy accumulation of funds prelimi-
nary to the January disbursements of divi-
dends and interest is to be reckoned with.
AS a result of the rally before the close of
today's market net losses are, in most i'm
portant instances, reduced to fractions, the
notable exceptions on the side of gains haV
ing been already indicated Some inactive
stocks show losses from 1 to 2 per cent.
There was a marked falling off in activity
In the bond market and some issues show
losses Union Pacific 4ks, declining points.
Total sales, $1,750.O0O. Government bonds
were steady and unchanged.
Total sales OF stocks today were 1863, 300
shares, including: 1859 Atchison preferred;
36,945 Burlington; 1850 L. & N; 80, 467 Man.
haitian; 1904 Metropolitan; 16 465 Missouri Pa
cifc; 1911 NJ, X. & T. preferred; 1861 New
Jersey Central; 6,s49 Northern Pacific; q, 1872
Northern Pacific preferred; 4190 Reading;
%, ITO st. Paul; $500 Southern Railroad pre-
ferred; 5,565 Union Pacific; $3.50 Tobacco;
$3.50 Chicago Great Western; 1900 Peoples
Gas; 66.5SS Sugar.
The following were the fluctuations Of the
leading railway and Industrial shares fur
nished by c. H. F. Smith & Co., members
of the New York stock exchange and Chicago
board of trade: