The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-12-19

SATURDAY. Dec. 10.
The encouraging character Of tho general
trade reports published this morning was ap-
p~arently responsible for q sharp rally In
prices on the Stock Exchange. Those re-
ports stimulated some commission buying,
and the manner In which prices responded to It
alarmed the short interest to an extent that
caused q fairly active demand for stocks
in tho last hour of business. The improve
ment in prices was. therefore. most pro-
nounoed In stocks that have been sold
most freely during tho last few days,
chiefly ON the belief that the money market may
become active between now and the end of the
year in consequence Of the absorption OF money
by the Treasury preliminary to tho redemption
Of tho Union Pacific subsidy bonds. Tho
money market has naturally boon q little
moro active, and the decrease Of nearly 4la
millions in lawful money shown by to-day's
bank statement. resulting largely from pay.
ments to the Government on account of the
Union Pacific Railway transaction. foreshadows
the profitable employment of loanable funds
during tho next week or ten days. A further ad-
vance In tho rates for money at this centre would
doubtless attract unemployed capital from other
points. and possibly from abroad. for the for
eign exchange market has shown this week
that It II susceptible to even q moder-
alto rise in tho rates for call money.
1t was reported to-day that 100000 in gold
had been withdrawn from the Bank of England
for shipment to the United States. On investi.
cation 1t was learned that the withdrawal was
for Germany.
Tho market for local railway securities, par
t~ioularly for Manhattan Railway. reflected
the view that yesterdays decision of tho
Appellate Division Of the Supreme Court
virtually killed tho underground rapid
transit scheme. It certainly opens the way
Tor protractod litigation. and also imposes bur-
dens that are not likely to be readily assumed
either by the friends of tho scheme or those
who hope to mako money out Of It. Sugar Re-
hning held Its accustomed place as leader
Of the market. and scored an advance
of moro than 2 points. The anthracite coal
stocks were exceptionally strong. under the
lead OF Jersey Central. which closed 2la
v cent higher than yesterday. According TO
the best information obtainable tho rela-
lions between the various anthracite producing
and transportation industries were never moro
satisfactory than at present. Tho recent per.
sistent sellers OF Peoples Gas apparently be-
came alarmed because of the announcement
that an exceedingly favorable showing of the
operations OF the company will be made at the
annual meeting OF the company. OF tho Granger
stocks c., b. and Quincy recovered most rapidly.
IL was also traded In more extensively than any
Vi tho othern. Inc only noteworthy feature or tho
bank statement other than the loss In lawful
money was q decrease OF over a million dollars In
tho loans. This was unexpected, the Street
having made up Its mind that further payments
to tho Government on account OF the Union
Pacific purchase would DO attended by an OK.
pAnsion of the loans of the Associated Banks.
The decrease In loans and In lawful money have
reduced the deposits moro than Oh millions;
but Notwithstanding this change tho surplus 70.
serve has been reduced moro than %. 900. 900
and now stands at q little less than 1854 millions.
The closing Of tho stock market was strong at
about the beat priceS. except for Day State Gas,
which sustained q net loss OF moro than O point.
4 Ase0mDSredY 'ith the final prices OF last Sat