The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-12-10

All through the 1ndusc1A list. Opsnln9 saiee q
compared with A1l last night The stock fell to
ia2a before the appearance Of this bank statement.
followed the publication. rallied the price to above
IA. together with the whole Market The heavy
onsn .cded ~ oao y ss s whole m.rs an
broke prices throughout tho list. Tho last sale Of
Sugar was at 1891 the loweot at a net decline Of
pany. especially in the late break 1t sold at ios
and on tho next and last sale At loa. net loss of
the list Of specialties, notably in Metropolitan
Street Railway, which fell an extreme s. The
steel and iron stocks continued weak. but were we're
they hsd the late rally better than other special
ties The railroad stocks were, relatively, much
fsmM than the industrials. The extreme declines
reached point in only few Of them. The late
rally brought prices Of many railroads above last
% ana net s, cams h,s I0 to cayer
the appearance Of tho bank statement. ana their
buying became rather more urgent after the state
The general conviction that the return was un-
trustworthy, index of the real condition OF
The oatso to the subtreasuIy alone. which IS
matter OF record. has amounted to nearly ~ ooo o0
since the last return whereas the statement inul
been wholesale contraction Of loans, all week. has
been palpabls in the stock market and that actual
new loans by the few banks holding the surplus
reserve can have Offset the contraction, so far a.
to bring the latter down to sos was skeptcany
s s tS y Il. s. q
putation clouded the results In the statement the
market closed. with pressure to sell in fun force
The week has been given over to liquidation in
the stock market and prices are lower throusnont
the list. The belief in difficulties ahead in the
money market was the motive of the selling. and
additional consideration emphasizes the weakness in
the industrial list that losses in that depart
ment ranged up to 10 to is points in some cases.
In railroads most Of the Losses were from
fraction to 4 points. It Is probable the money
stringency and loan contractions were the primary
cause Of weakness in the industtals, as in the rail-
roads, but several incidents helped to make poor
market for them and the forced LIQUIDATION Drought
cision against the iron pipe combination, in the So
called Addyston case was given cumulative erect
malignant effects Of of the industrial combi-
nations, In forming practical monopoly OF pro
yietion that the coming presidential campaign will
bring clamor against the vast industrial combina-
tions which have become operative in many lines
The fact that the activity In the iron and steel
trade has received check for the first time since
the boom" reelected in the stocks OF iron
and steel companies, for all the reasons tenders
Of money have chosen their leans to call first
which had any Of the industrials among the colat-
oral with which they. were secured Those who
controlled the limited supply OF loanable funds
showed equal discrimination against industrial
stocks in making new loans. The supply OF money
interior demand The subtreasury operations have
made heavy inroads upon the cash resources OF the
banks and the relief by government bond redemp
Thursday 1t ceased altogether. Bids for government
bonds in the open market arc at a higher figure
than the government offers. and the governments
project for refunding the national debt prompts the
owners Of government bonds TO hold them. Inc
existing surplus the legal reserves shown by
fully half the members Of the association were down
to the legal limit last week. Even those who hold
the surplus anxious to have little more room
to turn around as the new years period approaches
Provision must be made for the largest interest and
dividend disbursements record. Tho course OF
the foreign money markets discloses an apprehen-
sive frame OF mind. the most important incident OF
the week being the advance in the official discount
highest rate for thirteen years. The drastic con-
traction both of loans and of note issues. by the
French institution indicates preparations for some
kind Of crisis and determination to contest the
Bank oil Englands efforts to attract funds to that
center.
the cutting off of the usual supply Of gold from the
Transvaa mines, but the needs Of the unprecedented
activity In trade that this country Is doing. War
expenses change South Africa to drain the
money market instead of being the principal source
of supply The severity of London's need for money
over the end Of the year yet remains to be devel-
oped, but, until it is appeased any relaxation in
the Nav York money rate would Ger, certainly lead to
Spectators have. therefore, abandoned hopes Of
easier money for the present and have sold stocks
The bond market has moved in sympathy with
stocks and a smaller volume Of dealings and
narrower range of prices. United States new Is.
ODDS, and IS advanced I and the IS advanced in
the bid price.
Bank Statement.
Weekly bank statement:
Surplus reserve decrease syT l75
Loans decrease 695 500
Specie decrease .......................1 .3i5 400
Legal tenders decrease .,.......... a.. 1899 900
Deposits decrease .....................3 1892 500
Circulation decrease Observation-Disclosures. $500
The banks now hold s6.s59.53 in excess of ire
quirements.
The Financier says:
The statement Of the New York associated banks,
ending December .. proved surprise In the mod
crate amount Of cash losses for the week. 1t had
been figured that. result Of the operations with
the subtreasury and the Interior at least S. 900
had been taken from the reserve and that surplus
holdings would chow heavy decline. Yet the total
decrease in excess reserve, as revealed by the fig
urcs was only $l677. l75. The actual loss in cash
holdings was $2.s753ee, which Is 70 be traced for
the most part to one institution.
Loans fell of $695 500 and deposits nearly 81 600 900.
the decrease nj the latter bringing the reserve
quirements down about slo000n 1t will be
7, that the statement affected entirely by the
loss Of cash from the banks, Whether the actual
condition Of affairs, at the close Of the week, il
portrayed by this exhibit is doubtful The course
OF the money market from until after the
opening Of the lew yeAr promises TO be cratic