The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-12-18
Liquidation Not Heavy, Outside a
Few Specials.
IN THE MONEY MARKET
APPREHENSION TINUEs RE-
GARDING IT'S FUTURE.
Quotations For Time Money-No Fur
Their Fall In Sterling Exchange
Next Payment of U. P. Purchase
Money Dec. 27-Bond Market
Less Active-Bar Silver 561s.

New York, Dec. 17.-Today's stock
market was more or less depressed all
day, though final prices were consid-
erably better than the lowest for the
day Liquidation was not heavy out
side of a few special stocks, and the
sagging tendency Of prices seemed to
be due rather to an absence of active
demand. Some of the recent promi-
nent bulls bought stocks on a down.
ward scale OF prices, but without any
attempt to sustain values. Manhattan
and New Jersey Central continued to
be the principal objects OF manipula-
ton, as was the case yesterday, and
Sugar continued to show weakness, it's
decline from yesterday reaching at one
time 2 per. cent, but with final rally,
leaving its net loss only -ts4ct4Oll>a..
Manhattan was traded In ex-divide'es
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 discredited, caused the shorts
to cover, the prices advancing over two
points with only a 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 COM
peting company. The variations in
New Jersey Central were dictated by
the needs of the shorts.
FUTURE OF MONEY MARKET.
There were some continued apprehen-
sion regarding the immediate future of
the money market, and the time money
market was quoted at per cent for
so days, and 312 per cent for SO to 80
days. For call loans, 8 per cent con-
tinued 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
surplus reserve to be shown by tomor-
rows bank statement will depend upon
the amount of loans which have been
called.
There was no further fall in sterling
exchange today, but yesterdays sharp
decline here was reflected in stiffen-
ing of the London discount rate to 81
per cent, which is 4 per cent above
the Bank of England's minimum rate.
Confidence was expressed that the re-
demption 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
presented for redemption before Jan. 1,
when they mature.
NEXT PAYMENT.
The next payment of Union Pacific
purchase money into the treasury is to
be on Dec. 81, the amount being about
IS, 500 600, the final payment of an equal
amount falling due on Jan. 5. In ad-
dftion the usual heavy accumulation of
funds preliminary to the January dis
bursements of dividends 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 impor-
tant instances reduced to fractions, the
notable exceptions on the side of gains
having been already indicated. Some
inactive stocks show losses from to z
per cent.
There was a marked falling off in &C
tivity in the bond market, and some
issues show loss, Union Pacific AIS
declining points. Total sales, $1,75O,
co.,
Government bonds were steady and
unchanged.