The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-12-17

Amc SuOCk N2cnam8Cs
NEW YORK. Dec. l6-The New York stock ma;
ket today made determined stand against the
decentralization reflected from the London Exchange
and by the end Of the INT hour seemed 70 have
was deceptive. Active liquidation In full force
early in the second hour and ate away the recover
opening low level. Ths market closed with all the
symphonic Of Generalization and at tho lowest
The days net losses for the principal active
stocks run from to points. In tho railroad list
the greatest sufferers, naturally were the share;
especially those which have been recent speculative
favcrtes there. such New York Central. pennsyi-
preferred and Missouri Pacific. In the list Of in
dustrials and specalties the New York city stocks
sugar Tennessee Coal and othem OF the iron IRON, ana
sistance was due in large part. to the determined
support afforded by the distribution Of large L,'y.
in the various stocks These interests had not
waited for the opening here to do this, but had
@usn ne 40 had been comforting
itself with r,imors from South Africa OF the re-
trieval Of Gen. Buffers reyersals The fact that
todays steamer Is the last that Will be available
for shipments Of gold gave relief from that direc-
tion during the coming week. There was q resump.
tion Of selling orders by cable during the second
hour and growing uneasiness over the situation In
Boston, growing out Of the announcement Of bank
failure from that center The bank statement was
though the cash changes conformed closely to fore
casts. The small loan contraction barely served to
reserves Is only nominal. The statement does not In
clude todays gold engagements which aggregate
The weeks experience IN the stock mar TAR
provement in the money situation 1t Il evident that
q large part Of the money called In has been put
stances A large amount Is known to have been
transferred to Boston to strengthen the monetary
there Tns t S.9 m nrsss a sns
withdrawal Of support
1t is many months since the stock market has
rnov, afrl,ta rod tn md
ton that Of the past week. At intervals II was
met with aggressive support by friends Of
have occasionally closed out their short contracts al
the inviting prices offered, but AZ other times all
o,ner snppor seemed rn1n D. sos ~ nv WHINE
out Of competent estimates placing the figures IN
the hundreds Of millions. As consequence credit
facilities heavily cnt and stocks placed as col.
lateral were forced to sale for the protection OF
money lenders. The bear operators were very bold
and aggressive and offered prices down in seem-
ngiy reckless manner wherever any indication could
be had of large speculative holdings In some OF the
ndustrials which have been manipulated ey spean-
lodged enormous holdings and the bears reapcd
sensational profits. The combination Of crcum-
on panic several times during the week The mar
ket's quick response to any development IN the
the seat Of trouble. Ali the powerful resources
of the English financial center were even being ex
erted to attract funds to meet present ana pros-
ment shows continued drain ON interior points to
supply the extraordinary trade activity In England
Just as the New York banks have been drawn upon
from interior points In this country. The extreme
depression in the London stock market from the
OF the setback to the British operations and
the convulsive recoveries caused by even vague ru
mors of successes warrant the deduction that the
English money market had adjusted itself to hope
sumption Of shipments Of gold from South Africa
The urgent need OF other relief Is manifested In the
ali the worlds money centers. Both at Paris and
New York the rate reached the gold export point
during the week The Importance attached to the
strated in the Generalization of "Wednesday after
noon. when preparations were made to export gold,
as well in the sudden recovery of Thursday, when
a relapse in the sterling rate raised the hope that
gold exports were, for the time. averted. Although
the q STS s h sam the the mar
nonncement Of the treasury departments decision
to forcgo rebate in anticipation OF the January
relieve the drain from that source for the imme-
diate future. The Of the interior exchanges
relief in New York. and funds have been received
here not only from interior points in this country
but in Canada. With the relief thus secured from
largely offset The Stock Exchange liquidation,
ITSELF has gone to such lengths as to materially ro-
plensh the supplies OF available funds. The vol
ume of the transactions made it evident that the
interests affected larger than the ordinary pro-
essona ,n IN ,hs the nesessy Of SUPPORT
in the copper mines market was factor IN the SIT
uation Large selling was attributed also to the
aiization produced in OF the newer industrial
stocks was an indication of the burdensome nature
of the underwriters holdings and the narrow mar
gin for many Of the fotations, which have been
below the listing prices the exchange in many
cnses 1t is a maxim Of commerce that general
rise in prices induced speculative buying, which,
in itself furthers the rise In prices But specula-
tive buying of commodities which are not Tor CON
sumption and speculative buying Of securities which
are not for investment. certain, ultimately to
carry prices above the level Of consumptiye and In
yestinent demand. In the case OF securities the
prce level receded the rate for money advanced.
Speculative losses become to secure the re-
adjustment tn the true conditions. based on the
rate of the return and its security. certain
amount of Investment buying has been attracted
Inv the weeks relapse in prices, but Ii has shown
a notable falling off on any substantial rally in
prices , ~, 4.
As in the bid price.
The Bank Statement.
The weekly bank statement:
Surpluj reserve, increase ..............S lo6,50v
Loans, decrease o'Oto,1os
Specie, decrease I.Ioo'Vot
Iesai tenders increase ................ l,76s,50a
nopoe;ts decrease 4,543.2
rrc,,iation decrease .................... 346,00t
Banks now hold s7.025.s25 in excess Of require