The times., 1899-12-17

week when alleged heavy losses TO the
subtreasury had led many to believe that
a decrease Of several millions would be
shown. Some disappointment was express
ed, nevertheless, that it was not better.
The figures were as follows:
Reserves increased. sl66.50O
Loans decreased 5,D14,OVO
Deposits decreased. 4-5i5.2UU
Specie decreased z'I@s'9oo
Icgals increased ,ibs,5pO
Circulation decreased. SicOJO
Yesterdays break was heaviest in the
International securities. as was to have
/ been expected. The London market was
panicky and the Americans were thrown
over with all other securities. The de-
cline on he other side was from two TO
three points. The opening in the grangeTs
the Pacifcs the Vanderbilts. Louisville and
Nashville the Southern Railway stocks
and other internatonals for the New
York market was a point or more off, but
well above the London prices. During the
first hour and a half of the session there
was no further break, but after the bank
statement a quick tumble began. In nearly
al these stocks the resulting quotations
were the lowest Of the movement. Atchi-
son preferred dropped quickly from 81 TO
% and a fraction Burlington 10 123 and
fraction, and ST. Paul 10 III and fraction
Rock Island was the only one of the
grangers that showed any resistance to the
raid of the bears It did not go to so low
a figure as that Of Thursday and the close
was only / SIS of from the close on Fri
day Great Western common, which has
! been one Of the steadiest Of the low priced
securities. declined to below Is al the close.
OF the Pacifics Southern Pacific was weak
est eating as low as 81 and closing at
81 IA. Northern Pacific common continued
, to show its fine strength. The lowest price
| being 81 SIS and the close So, only four
points of from the top figures Of the year
/ The preferred stock went as low as - ga
Wabash preferred declined 10 90 within
point Of the lowest this year Southern
Railway preferred went as low as SO 10
New York Central broke TO 12S. There
is the best OF reason for believing that
these prices are very near, If not quite
the lowest that viii be seen for many long
months. Such is the opinion Of the best
authorities. Present earnings. dividends.
I prospects all mean that the securities
are worth more than they are selling for
( especially the Pacitics, which have not ad-
vanced as rapidly as other groups II is
not to be doubted that there VIII be heavy
+ buying OF all these stocks this week If
further break occurs tomorrow morning,
such buying may stop it.
! Sugar was the weakest stock on the list
! when the break came after the bank state
ment but its tumble did not carry it 10 as
I low price as that Of Thursday The low
/ est was 129 Il. and the close 13O. The
! comment Of the Weekly Sugar Trade
journal regarding The alleged new $l00-
/ 600, coo company is interesting:
Something new is announced from Del
/ aware. viz, The proposed organization Of
4 the Colonial Sugar Company with 500 000,
! coo capital to do almost everything in the
/ sugar line at home and in our new posses
/ siOns. ln the absence Of any names being
( mentioned as promoters, much greater
/ weight appears 10 be given 10 this matter
/ in Wall Street than il is entitled TO. II is
/ hard 10 see where such an amount of
/ money can come from for such purpose.
! Certainly people are not expecting very
brilliant results at present in Cuba. for in
stance, under the extremely slow develop
meut OF that island, as already pointed out
4 by us Conditions in our new tropical pos
f sessions are not considered favorable for
. the production Of refined sugars and there
are more than enough refneries already
established here to supply the demand In
dependent refners state\that they are not
. interested I'm the proposed company The
/ development of the raw sugar industry in
those islands should make steady progress,
but il viii be some time yet before $780,
000 COO is used for this purpose Neverthe-
less the foregoing incidents circulated in
I Wall Street appear 10 have brought about
a most extraordinary liquidation among
holders of the American Sugar Refining
Company's stock. From being extremely
strong at SlG0 and on the high road to $780,
as claimed by Wall Street at the time il
has suddenly become apparently Ialue!ess.
and in the rush 10 get out has declined to
1925 already as a first iustallment of its de-
cline OF the capital stock Of 375, 600 shares
.020 shares were sold on Wednesday Of
this week How much Of this was actual
stock held for investment il Is impossible
10 know. Also whether the st0-k is any
less valuable for investment now than when
selling at Sl60. less than a month ago. The
annual meeting comes due January 10 and
VIII be awaited with much interest. Ger
tafnly nothing that has occurred during he
month is sufficient TO account for the pres
eut stampede
Federal steel common was weak, getting
as low as 81 Ia. The preferred broke 10
-33-4 The continuance of the drive
against these securities by the bears is
likely to prove costly thing 10 the bears
il cannot be doubted that il has been
carried too far The preferred stosk is on
q solid per cent basis from the date of
the formation Of the company. The COM
mon is 10 receive 81 or per cent in a
lump in q few weeks. The first has been
promised officially and the second is ex-
Dected. IN either case the stock viii be
on per cent basis There is the au-
thority Of President Gary for the state
ment that when the dividends on both
stocks for the first year shall have teen
paid there viii remain sufficient surplus
in the treasury to pay both again for
another nine months, or much more han