The San Francisco call., 1899-12-24

bued opinions and have bulled the market even
N inumations mat military movement was
IN prospect, making large inroads on the money
supply 10 carry stocks The British military
reFerses have had a correspondingiy acute ef-
tect The consequent difficulties have had a
worldwide effect. forcing up sterling exchange
and the money rates In Paris Berlin and New
l''h, ahu taxing so!d from all these centers
20 meet the necessities OF the annual settle
ments. The New York money market bur
dened with extraordinary commitments on ac-
count ot the great Industrial combinations has
been thus cut from the expected replenishment
p} gold imports account of the continued
favoring trade balance. Also the usual au-
tnHn rehuN of money from the interior 10 New
hork after the crop-moving period has been
entirely suspended this year. owing to the
business activity all over the country. sim
eHytAer ADVERSE FACTOR was the continued alb
sor4non OF funds by the United States Treas
Wy owing 10 the unexpectedly large revenues
$500 nav Ne established a running surplus. The
grain has been particularly oppressive on New
hoTA owing 10 the large proportion both Of
hhe custom and internal revenue taxes which
are paid through New York clearing house
.a,lAS' tS' Inc large capitalization and hota-
cari. -oh OF hooes and prospects whicn
Sapltal were carrying were thus made
more burdensome. OF the clements of dis
Tust or such hoDes and prospects which null
ntls az periods of difficulties and grow apace
ume informed by reason OF the weeks events
ne ditnculiy last week In Boston in sustain
~ lne market for copper mining stocks was
the initiatory step Very large sums of none,
mao naa 70 be taken out OF New York 10 that CEN
ttr ana the whispers thus caused tegot a spirit
OF distrust. The suspension OF one OF the ms
HefouS new trust companies. which have been
orsanlzed IN New York in the past yea caused
ehother mass OF fears and possibilities Of
narIn, which spread in a true Panic manner
Inc week s events have sufficiently proved the
reallty or some OF the difficulties which were
allrehended- But n is not To be disguised that
ullter animosities and competitions OF = over
lll money forces and even social enmities have
paced large part in the innumerab.e cur
rents coursiuE beneath the surface. Thus some
az the most powerful money interests in the
country are In conflict over the control NJ the
public utilities in the Greater New y ork the
gas war being an incident Their maneuvers
and counter moves have stirred up the market
like the Rranple Of Leyiathans In a pool OF
water. Again. the encroachments Of the trust
companies on the banking Geld 81 the last Few
months have aroused criticism and reprnba tion
from conflicting interests There Is reason to
believe that there was a willingness 10 utilize
the weeks events 10 exercise some suaslon
upon the trust companies 10 keep more strictly
within their own field. IL Is recognized m
the liquidation which has been largely Effected
during the week had become essential and that
stantial basis by reason Of A. The conviction
the Preparations for tie annual settlements Will
50 unanimous as % whether such preparation
rs yet completed
Bonds have suffered In sympathy with stocks
the selling So large.
United States old A. advanced n point the ss
= and the 2s new as and IS = in the bid price.