The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1897-12-18


New York, Dec 17.-Today's stock mar
ket was more or less depressed all day,
though final prices are considerably better
than the low point of the day; liquidation
was not heavy outside a few special lots,
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 sus-
tain values. Manhattan and New Jersey
Central continued to be the principal OBJ
jects of manipulation, was the case
yesterday, and even Sugar continued to
show weakness, its decline from yester
days close 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 the announcement of the decision
of the appellate court the underground
rapid transit plan. This news, which had
been discredited, caused the shorts to
cover, the price advancing over points,
with only fractional reaction afterwards,
leaving a small net gain. Short covering,
due to the same cause, helped Metropolitan
Street Railway, and there was in addition
a report of a business agreement with the
competing company. The variations in
New Jersey Central were dictated by the
needs of the shorts. There was some con-
tinued apprehension regarding the i'm
mense future of the new money market
and the time money market was quoted
at per cent. for thirty days and 49, for
sixty days to ninety days. For call loans
per cent. continued to be paid, but the
rate eased off to 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 sur
plus reserve to be shown by tomorrow's
bank statement will depend upon the
amount of loans which have been called.
There was no further fall in sterling ex-
change yesterday, but yesterdays sharp
decline here was reflected in a stiffening
of the London discount rate to 81 per cent,
which is Il per cent. above the Bank or
England's minimum rate. Confidence was
expressed that the redemption by the gov
eminent 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 presented
for redemption before Jan. l, when they
mature. The next payment of Union Pa
cific purchase money into the treasury is
to be made on Dec. q, the amount to be
about $S,500,000, the final payment of an
equal amount falling due on Jan. 5. In
addition, the usual heavy accumulation of
funds, preliminary to the January dis
bursements of dividends and interest, is to
be reckoned with. AS result of the rally
before the close of today's market, net
losses are in most important instances re-
duced to fractions, the notable exceptions
on the side of gains having been already
indicated. Some inactive stocks show losses
from to per cent.
There was a marked falling off in activ-
ity in the bond market, and some issues
show losses, Union Pacific 41s's declining
per cent.
Total sales, 81, $50 900.
Governments were steady and unchanged
Total sales of stocks today 1865, 800 shares,
Including: Atchison, preferred, 12600; Chi
cago, Burlington and Quincy, 36,945; Louis
vile and Nashville, 1850; Manhattan, 90, 400;
Metropolitan Street Railway, 1904; Missouri
Pacific 16 465; Missouri, Kansas and Texas,
preferred, 3,311; New Jersey Central, $500;
Northern Pacific, 5000; Northern Pacific,
preferred, 21,S00; Reading, 4,190; st. Paul,
23, 700; Southern Railway, preferred 600;
Union Pacific, $685. American Tobacco,
$3.50; Chicago Great Western, $3.50; Peoples
Gas, 12,7OO; Sugar, 66,05O.
Money on call easier at 2d3 per cent; last
loan, 2; closed, 2921s per cent.
Prime mercantile paper, 1904 per cent.
Sterling exchange about steady, with
actual business in bankers bills at $4.S4SQ
Ass for demand and at $4.S294S21s for sixty
days.
Posted rates, .s4.SS94. S31s. and s4.S6Q4.S6k.
Commercial bills sLS1Q4S11s.
Silver certificates, 56AQ57%c.
Bar silver, 56Bc.
Mexican dollars, 45c.