Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-12-09
FINANCE AND TRADE
Heavy Liquidation in the Industrial
Stock List.
SUGAR TIE POINT OF ATTACK
Railway Shares Hold Their Own
for the Present.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star.
NEW YORK, December 9.-Opening prices
this morning reflected further pressure
of stock from the room and some sharp
concessions were recorded toward the end
of the first hours business. Fears of a
bad bank statement and the stringency in
The money markets were the arguments for
the decline. Banks are positive in their
demands for gfft-edged collaterals at this
time. This fact is SO generally recognized
| that borrowers on industrial issues, con-
strue every raid to mean an additional
hardship and hquidate rather than resist
the movement
The selling today was not wholly confined
to the newer properties. American Sugar,
| for example, failed to sustain its reputation
for having become a known quantity. On
the rally following the publication of the
bank statement, the stock supplied in
such volume as to reduce the price over 4
per cent la thirty minutes.
The Tobacco shares were being sent to
market on large scale also, and the crea-
tions of the last year were not especially
disgraced by following suit.
An interview with the most prominent
seller of these shares gave the Addyston
flne decision as the reason for all this
skeptieiSm. The decision was generally
construed to be a between the-lines indorse-
fneht OF the Sugar Companys character
yet the operator in question sold the latter
stock very freely.
There is no support from the inside in
terests. The public is, in a sense, fndiffer-
ent TO the market, and the professional
room element is in undisputed control of
prices
During the balance Of the year little hope
of change seems justifiable. The attack
centers in the industrial department, and
the railway list holds wonderfully well. but
the latter is not likely to cut away from
its active neighbor just yet
Some buying of the better class of rail-
way stocks was reported today, but the
buying was mostly of a kind intended for
quick returns. The situation is one of in
decision on the part of the believer In the
future of prices and of decided aggressive
ness on the part of his pessimistic neigh
Dor. The contest is between politics and
legislative strife on one hand and prosper
ity and unusual opportunity on the other.
The latter conditions are unfortunately
endangered by the former. and ready
money may be as desirable an asset in 1888
as it proved itself to be nearly four years
ago. There are many important changes
to be recorded before the security mar
kets attract Unlimited confidence The idea
that trusts are the real source of trouble is
tar from correct, and the knowledge of this
fact may come very extensively to indis-
criminate sellers.
The bank statement was a surprise 10
the street inasmuch as the loss of s. $1,000
IN cash is about half of what was predicted.
The loans decreased only $685., 500, a very
insignificant change in view of the general
selling of securities. The deposits decreas-
ed 1892, 800 and the surplus is less by
Sl,6lI1I5. The net result leaves the total
surplus holdings s6.s5952
The statement follows: Reserve de-
| crease, 81 .6ll .6I5; loans. decrease, 81 $685.
1 boo; specie decrease, Sl,345. 400; legals de-
crease 81 800 800; deposits decrease 3d.
$50 $50; circulation, decrease 500 600.