The daily morning journal and courier., 1897-12-18
EtrraMc1aI.
Stock Market More or Less Depressed All
 Day.

Stock Market More Less Depressed All
 Day.
 New York, Dec. 17.--To-day's stock market was more or less depressed all day, though final prices are consider ably better than the low point of the side of a few special stocks and the sagging tendency of prices seems to be due rather to an absence of active de- mand. Some of the recent prominent bulls bought stocks on downward scale of prices but without any attempt to sustain values. Manhattan and New Jersey Central continued to be the prin- cipal objects of manipulation, as was the case yesterday, and Sugar contin- ued to show weakness, its decline from yesterdays close reaching at one time 2 per cent, but with a final rally leav- ing it's net loss only fractional. Man. haitian 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 had been discounted, caused the shorts to cover and carried the prices of the stock up over 2 points with only a fractional reaction afterward, leaving a small net gain. Short covering also helped Metropolitan Street railway, and there was in addition @ report of a business agreement with the competing company. The variations in New York Central were dominated by the needs of the shorts. There was some contin- ued apprehension regarding the imme- diate future of the money market, and time money was quoted at per cent. for 30 days and S1s per cent. for 60 and 90 cents. For call loans per cent. con- tinued to be paid, but the rate eased off to 2 per cent. in the final hour. New York banks have gained on balance during the week from the currency movement but have lost heavily to the sub-treasury and the condition of the surplus reserves to be shown by to- morrow's bank statement will depend upon the amount of loans which have been called. There was no further fall in sterling exchange to-day, but yes- terdays sharp decline here was reflect ed in stiffening of the London dis count rate to 3A per cent, which is a quarter of one per cent. above the bank of England's minimum rate. Conf- dence was expressed that the redemp- ton by the government of the curren- cy 6s, beginning next Friday, would serve as a safeguard against stringen- cy in the money market But there is much room for uncertainty as to what amount of these bonds will be presented for redemption before January 1, when they mature. The next payment of Union Pacific purchase money into the treasury is to be made on December 27 the amount being about $S, 600 900, the final payment of an equal amount fall- ing on January ,. In addition the usual heavy accumulation of funds prelimi- nary to the January disbursements of dividends and interest Is to be reckon- ed with. As result of the rally before the close of to-day's market net losses are in most important instances reduc- ed to fractions, the notable exceptions on the side of gains having been all ready indicated. Some inactive stocks show losses from to 2 per cent.
 There was a marked failing off in &C., tivity in the bond market, and some show losses, Union Pacific 41ss declin- ing points. Total sales $1, 100000.
 Government bonds were steady and | unchanged. ..
 Following are the closing prices re- ported by Prince & Whitely, bankers and brokers, 46 Broadway, New York l and 15 Center Street, New Haven: