The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-12-28

~" "..loSc 1919 = w III 81 HylUlho luz
Lake st"L" 1e IT met VS.. 4a 4a
MONDAY. Dec. 81.
To.day's stock market was decidedly irregu.
lar. All Of the local traction stocks were strong
the greater part Of the day. and a number of the
usually less active shares also showed a good
deal of strength. These movements were not
without effect upon the general speculation. On
the other hand, the professional element. at
least a large proportion of 1t. professed to be
disturbed by the gathering OF European war
ships on the Chinese coast. Besides. the higher
rates for money, resulting from the low condi-
tion Of the bank reserves and from the financing
of tho Union Pacific transaction, caused a little
uneasiness on the part OF those who trade on
light margins. The Street was unable to form any
opinion as to the views of European specu-
lators regarding the Chinese situation, because
the London Stock Exchange was closed to-day,
and at other centres comparatively little bust
ness was done. As to the money market. it is
to be noted that the Associated Banks now hold
only about $l1 900. 900 In excess Of legal re-
quirements, and that q number Of the banks
are below the % y cent. limit. AS there is an
active demand for accommodations for mercan-
tile and manufacturing purposes and a con-
serving OF funds by corporations on account Of
interest and dividend payments due early next
month. and as domestic exchanges are in the
main against this centre. it would not be sur
prising IL the reserves Of the banks were further
reduced this week.
The payment made to-day on account Of the
purchase Of the Union Pacific Railway by the
Reorganization Commit ee was SO, 500. 600. Of
which $4,000, 900 is held temporarily by the
special depositary banks. 1t will remain with
them until the Government needs the money to
redeem its own bonds on and after Jan. 1. A
really active money market was .avertcd to-day
by the disbursement by the Sub-Treasury of
about 81, 600, 900 for the redemption of Pacific
Railway aid bonds. These circumstances and
the fact that the Treasury will doubtless have
to call in at the end of the year the greater part
Of the Union Pacific purchase money remaining
with the banks make 1t plain that tho money
market is likely to work close for a week to
come. AS has been the case for a week past,
Manhattan Railway led the list with respect to
activity. 1t was exceedingly strong in the late
trading and closed 2os o cent. higher than last
Friday at only a shade below the best price re.
corded for 1t. The movement was accompanied
by the usual rumors of q deal of some sort be.
tween the company and the Metropolitan Street
Railway Company. So far as can be learned there
is no basis for these reports. but the persistent
strength Of the market for Manhattan Railway
would seem to foreshadow a more tangible and
possibly moro important development. Early
| 49, 80 oho ~ AhilO
Avenue stock were not maintained. This was
not surprising in view of the material advances
those stocks have recently enjoyed. The specu,
lation in local traction securities extended to
Brooklyn Rapid Transit, which received more
attention than for some time past.
In Sugar Refining there appeared to be moder
ate realizing early in the day, and this encour
aged traders to attack the stock. The Granger
shares also yielded fractionally under bearish
manipulation. Tennessee Coal and Iron devel
opcd exceptional strength, and 30 did Chesa
peake and Ohio, Western Union. the Northern
Pacific stocks. National Lead, p, c., C. and St
Louis, and American Tobacco. Although the
majority of the list closed fractionally lower
than last Friday. none of the declines other thar
that In Sugar Refining was noteworthy. Ths
closing was In the main steady.
Final sales compare with those of Friday as
follows:
Dec. "a. Dec. 27.l Dec. 81. Dee. 81
A,T&sFe. l3is l2Tsl Met st Ry..l32 l3ls.
.T&sFep o 3oNs NatLead... 36a az
Am Cot OIL. 23h 22Aa n W com...12la 1914
Am s Ref ..l4lL 1891 n Pao com. 2la 2lSt
Am S Ref pll3 ia NPac pf... 5es 5ss
Am Tob.... z S9As NY crnt...lo7S 1903
Am sp M. z 81 NJ Cent. e7S e7L
Am sp MP. 9 l6aIont& W.. l6is 10
Brook 7. q 34a PEG G C. z 81
COG stL 4 34a hock Islani ela ell.
C.B&Q"..lOo's 100 reading. 23is go
Con Gas"..lS3 1871 tead LIST pr 90 och
Ches & o.. 2 227sS Poem. 961 Y5I
Oh @ w.. l5S l5LN so R'way es 81
D.L&w.,l67 1856 SO R'wuy p 32A 327
Della Hud.. 1872 ll2 iSt T. W.. 1's 81