Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-12-08
Stocks Were Weak and Lower all
Along the Line.
INDUOfRIALS SUFFERED TEE MOST
Gas Shares Dropped Eleven Points
After the Close.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, December S.-The slight i'm
provement in sentiment noted at the close
of yesterdays business failed to last over
night London, usual, sent over a range
of prices about at the local parity. but
again failed to inspire any local enthusl-
assn. There was almost no evidence OF an
actual buying demand. Traders had the
market and the larger financial interests
encouraged liquidation to the extent that
they made no effort to resist the move
ment-
The banks have lost money to the sub
treasury during the week, probably more
than four millions, and the interior de-
mands again come to the front as further
menace to local resources. After repeated
delays and disappointments. the street is
coming to the conclusion that very con-
siderable permanent change has taken place
in financial conditions. The local banks. by
charging on all out-of-town collection bus
mess. have practically turned away the ac-
counts OF banks in the south and west
This business done at some loss in
previous years, and the local banks. Of
course, are losing nothing now. Not hay-
ing such an abundance of the surplus funds
OF other cities. the surplus of the local in
stitutionS is put out to better advantage.
The hardship of this falls on the Dor
rover who has to be more careful as to
the character of his collateral. and is even
then obliged to submit to rates which six
months ago seemed to have passed perma-
nently beyond the range of proba bility.
A second reason for the delay in return
ing money from the interior is that bust
ness activity is entirely too general to ad-
nit of any. accumulation of funds in sin
gle center. These facts are being empha-
sized now because of the necessity for pro-
vidins for the LIST Of January interest pay
menIS.
Some estimates of these needs put the
amount high as $50, 100000 AS to the
discrimination in loans, the tndustrials af-
ford a striking example of the evils of ten
dering coiiaterais which have lost caste at
the banks.
The presidential message, following With
in twenty-four hours of the Addyston de-
cisiOn. has reduced prices to the extent of
unsettiing the entire investment situation.
Iron and steel stocks, representing equities
in the most prosperous Of all the nations
enterprises. are leaders in the decline.
Every property which has been brought
out within the last twelve months and
usually with most glowing Endorsements,
is now paying the penalty of overca pital-
cation. These concerns were 1oated before
the people of the country had drawn
against the funds, the plethora of which
had established call loan rates around
per cent. The real owners of the money so
loaned have resumed possession and and
s per cent loans have come to be the
ruling rate.
The next advance in prices must come
after the wildness of the first part of the
year gives away to the inevitable saneness
which demands that market prices shall
be within reasonable distance of value
Northwestern increased its dividend on
the common stock to 6 per cent basis at
todays meeting, and the companys pro-
tege. Omaha, declared a per cent dis
bursement. Union Pacific shows Az per
cent earned on the common stock, but
none of these events was equal to inspir-
ing confidence.
Standard Gas, on the curb, broke eleven
points, and the evils of the gas war were
paraded at a time when the market ex-
cept for the railroads, was falling of its
own weight. 'L-'