The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-12-05
"A TICHTNESS In MONEY
New York Rate Ranged from 6 to u
Per Cent.
DECISION AGAINST TRUSTS WAS MADE
By the Supreme Court and This Az
fcctcd IndustrinIs-BOndO hfer-
ings Arc Light.

New York. December 4.-The weakness oil
stocks today was response to the world
wide tghtness in money. marked enec'
was also produced by the supreme court de-
cison in the Addystone Pips case involvins
an infringement OF the antitrust law by In
dustrial combination. Strenuous efforts were
made by professional operators to belittle tho
force of this decision on the ground that the
marty to the case was a particularly fragrant
ILLUSTRATION of trust formation and that the
points In the case could not apply to the
general run OF industrial combinations. but
the acute effect produced on the securities OF
these combinations argued an apprehehsiu'i,
on the part OF holders that their yaiue wou.a
be impaired by the decision Stocks OF tne
industrals fell anywhere from j TO points
and showed but feeble rallyine power III
fact there seemed to be no railylng at any
point in the market There was some early
strength in Burlington. some of the iron ana
steel stocks Pacific Mail. Great Northern
preferred and American Lipseed preferred.
but with the downward course there was prac ray, =
tically no interruption and the closing was
at the lowest. the majority OF actve STOCKS
showing net losses of a point or over. sugar
was conspicuously weak and is over points
lower on the day. There was some short
selling among tho ndustrials on the strength
of the supreme court decision, but that proht.
taking was largely for the long account
was very manifest from the marked weak
ness In stocks. which have recently advanced.
notably the trunk lines. the Pacihcs ana
Sugar. The apprehension over money affairs
turned principally to foreign centers. ana
especially to Berlin and Paris. The advance
In the sterling rate of points to very near
the gold export level marked the influence of
theBank of England's measures to attract
funds. The sterling exchange rate In New
York also advanced. but the money rate both
in Paris and Berlin remained quiet, contrary
TO the fears of the speculative world The
stagnation OF speculation at those centers
probably had to do with this result. In New
York on the contrary. the money rate stiff
ened as the day progressed and flurried to IL
per cent. at which point 1t closed. No loans
we're made below per cent. Some of the
borrowers counting upon easy money
market following Saturdays strong bank
statement, delayed supplying their needs I'M
I'll late In the day and SO bid UP the ratio.
The strength of Saturdays bank statement is
seen to be noticeable to single institution.
as was the case last week Moreover. sub
treasury operations, from which the whole
OF last weeks cash regeneration was derived.
shows gains by the subtreasury at the ex-
pense OF the banks since last Friday of ST.
2i4.oO0 Offerings of bonds for redemption at
the subtreasury have fallen to so low point
as to AFFORD only a slight Offset to the alb
sorption of funds in the taking up of sur
plus revenues.
On the other hand interior exchanges moved
slightly in favor of New York. The specula-
tive public. however, has abandoned hone of
any easier money conditions until after the
end of the year.
Railroad bonds were easier. in sympathy
with stocks.