The San Francisco call., 1899-12-10
EASTERN MARKETS
Ne5U York Stock Market.

NEW YORK. Dec. e-To-days short session
of the stock Exchange was an animated one
due In great part 10 the continued demoraliza-
tion among some OF the Industrial stocks. The
determined liquidation manifest in Sugar gave
The tone 10 the market from the opening and
soon spread n contagion OF weakness all
through the Industrial list. Opening sales OF
2''7 shares ran the price down from LAG 10 l44is.
compared with 1875 last night The stock fell
10 ls2- before the appearance OF the bank
statement and the covering movement by the
pears which followed the publication rallied the
price 10 above Ia. together with the whole
market The heavy offerings Of sugar brought
OUT by this advance again decided the tone OF
TIE whole market and broke prices throughout
the list. The last sale OF Sugar al 1891.
The lowest al net decline OF Sis. American
Iobacco kept the leader close company, espe-
clally IN the late break. II sold at l03 and on
me next ana last sale at l04, net loss Of Is.
mere were wide breaches at other points in
the list oi specialties. notably In Metropolitan
street hailWay. which fell an extreme 54.. The
steel ana Iron stocks continued weak but were
not 50 Vulnerable as they had been recently.
dha tney held the late rally better than other
speclalties. The railroad stocks were relatively
much hrmer than the industrials The extreme
9ccllnes reached point in only a few Of them
The late rally brought prices OF many rail-
Tuaos above last night and net gains were
saved Tor a number of them Bears had com
nenced 10 cover before the appearance OF the
bank statement and their buying became rather
more urgent after the statement owing 10 the
NlHN lStleA mat the return was untrustwOrthy
ar an Idea Of the real condition OF the banks
Ieileu u the nnal yielding pr-ces. The outgo
10 the sun treasury alone, which Is a matter
oi record, has amounted 10 nearly s.. 600 600
since the last return. whereas the statement
!Lulcates only SZ,blJ,a00 altogether. That there
has been wholesale contraction OF loans an
week has been palpeble In the stock market
and that actual new loans by the few banks
holding the surplus reserve can have Offset the
contraction 80 far 10 bring the latter down
20 Scs5 500 was skeptically r,led bv the spec
NI.. IHaH |Na# EuH
rles ~ the average system of computation
clouded the results In the statement the market
The week has been given over TO liquidation
IN the stock market and prices are lower
throughout the list. The belief in difficulties
aneaa IN the money market was the motive
OF the selling and additional considerations
emphasized the weakness in the industrial list.
So that losses in the department ranged up 10
10 10 j. points In some cases.
Ia railroads most OF the losses We're from "A
traction 20 points. II is probable that the
money stringency and loan contraction were
the primary cause OF weakness in the indus
trials as In the railroads. hut several incidents
helped 70 make poor market for them and the
forced liquidation brought some violent de-
ciines. Mondays supreme Court decision
hliea Aadlston case was given cumulative
eject by the references in the Presidents
rt sssEe OF the malign effects OF some OF the
lnuustrlal combinations In forming practical
monopoly of production and in advancing
prices. ana Is a conviction that the coming
Presidential campaign Will bring clamor against
the vast Industrial combinations which have
become operative in many lnes.
The fact that the activity in the iron and
steel trade has received a check for the first
time since the boom was reflected in the
stocks of iron and steel companies. For all
these reasons lenders Of money have chosen
those loans 10 cali first which had any Of the
lnoustrlals among the collateral with which
limited supply Of loanabe funds showed equal
discrimination against Industrial stocks in max
ing new loans. The supply Of money in New
York mas suffered from a renewal OF the inter
ioI demand. The Sub-Treasury operations have
made heavy inroads upon the cash resources
Of the banks and the relief by Government
bond redcmptions has been gradually running
down until Thursday IL ceased altogether
Bids for Government bonds in the open market
are at higher figure than the Government
oilers and the Government project for refund
ing the national debt prompts the owners OF
Government bonds 10 hold them. while the ex-
lsung surplus over the legal reserves shown
by the Clesring-h house hanks is partly nlusory
az fully half the members 81 the association
were down 20 the legal limits last week Even
those who hold the surplus are anxious 10
have q little more room 10 turn around as the
year period approaches Provision mus,
lo made fOr the largest Interest and afxIaend
j disbursements on record. The course Of the
foreign money market should disriose an an
prehensive frame of mind. the most lmpor-
tant Incident of the week being the advance
IN the official discount rate Of the Bank of
France from % 81 per cent 70 the highest
rate Tor thirteen years. The drastic cOntrac-
tion both Of loans and Of note issues by the
French Institution indicates preparations for
some kind Of crisis and a determination TO
contest the Rank ~ EnEland's efforts 10 at
tract funds 10 that country.
The London money market Is feeling not only
the cutting Of 81 the usual supply of gold from
the Transvaal mines. but the needs OF the un-
precedeuted activity IN trade that this coun-
try Is doing. War expenses change South A.
rica 10 drain on the money market instead
sf being tho principal source ~ supply The
severity ~ London's need Of money over the
end of the year yet remains 70 be developed.
hut until Il T. appeased any relaxation in the
New York money rate would certainly lead to
prompt Withdrawals ~ gold % lend in Lon
don. Spectators have. therefore. abandoned
hopes of easier money for the present and have
cold stocks.
The bond market has moved In sympathy
with stocks and smaller volume of dealings
and over narrower range Of prices.
United States new -. old - and % ad-
,.auces a. and the 2'e = in fho hid price
.rr-.rr x~nrBEr s.rrpfsry 7 res~-