The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-12-10
IN THE STOCK MARKET,
Saturdays Short Session Was an AMI
mailed One.
THE lSDUsTRlAls ARE GENERALLY LOWER
A. Anti-Trust Lcgislation IL Feared
Railroads Lost In Instances.
Money Market In Trouble.

Money
New York. December s.-.Today's short SEES
sion of the stock exchange wes an animated
cue due III great part to the continued de-
norslizstion among some Of the industrial
stocks. Tho determined liquidation manifested
in Sugar gave tone to the marset from tho
opening and soon spread centagion of weak
ness all through the industrial list. The
heavy offerings OF Sugar brought out by
the advance decided the tone OF the whole
market and brought down priees throughout
-theNnst. The last sale Of sugar was az issss,
Tobacco kept the leader close company and
| especially In the late break. II sold at Tvs,
aud on the next and last sale al IVA. .
net loss OF 5Isc. There We're vide breaches
4 at other points in the list OF specialties. no
taDy IN metropolitan street Railway, when
Tell an extreme, sac. me steel aha iron On
Vulnerable as they had been recently. and
they held the late rally better tnan other
specialties. The railroad stocks we're rsia-
| lively much hrmer than the industrias. Inc
| extreme declines reached point IN only q
| few Of them The late rally orougnt prices
| of many railroads above last night anu net
| cams were saved Tor number OF them bears
| had commenced to cover before the appear
| ance OF the bank statement and their buyins
became more urgent after the statement, ow-
l
! conviction that the report was untrustwortny
| as an index to the real condition OF the banks
Helped to the final yielding OF prices. Toe
outro to the su5trtasury alone. wn,en rs r,s .
! mater OF record has amounted 10 nearly
! 81, coo since tho last return, whereas the
statement Indicates only S2,!IS, iVO altogether.
That there has been wnoietnle eontrasl ron
OF loans all week has been paipahle in the
stock market and that actual new loans oy
tho few ranks holding the surplus reserve
can have onset tho conttaetiol 60 Iar as ~
Mi, na Inv Husn
tcaI!y regarded by the speculative puphc' IN
DER the belief that the vasaries OF the aver
age system Of computation clouoeo the re-
suits in the statement, tue market closen
with pressure to sell in full force again
The week has heen given over TO iiauida-
tion In the stock market and prices are
lower throughout tie list. The lehef IN all
foulties ahead in the moroy market was tho
rotive OF the selling and additional cor
s.derations emphasized the weaAness in the
Industrial list SO that losses In tnat depart
ment ranged up to 10 and Is points IN some
cases, In the railroads most OF the losses
range from a fraction to points II IS
probable that the money strtngency and loan
contraction were the primary causes Of weak
ness in the ndustrials, as In the railroads.
but several incidents helped TO make a poor
market for them and the forced liquidation
brought some violent declines.
| Mondays supreme court decision against
the iron pipe combination in the so-ealled
Addistone case was given cumulative effect
by the references in the presidents. message
to the malignant effects OF some OF the 10,
oustrial combinations in forming practical
monopoly Of ion ana IN
stocks have been diligent In urging that Tue
} practices decided TO be Illegal in the iron
pipe combination are not pFasesieed by incl
! trarly advanced prices. But their enorts
! have not awaited in face Of the conviction
that the coming political campaign VIII brlnt
J claIaor against the vast industrial comblna
5 tons which have become operative In many
, lines.
I The presidents reference to the prospec
tive Recommendations OF the industrial com
mission which is investigating this sublec
brought homo to the speculative mind tha
some concrete measure OF restriction ant
! regulation might be- forthcoming from thi.
source. Rumors of combinations have served
to break the vulnerability of the trusts u
''encroachments. In the field OF unwieldy
! capitalization and obligations" The admitted
DISQUALIFICATION OF many of the new IN
dustIials begets spirit OF distrust, The FAC
: that the activity in the iron and steel trad'
a has received a check for the nrst TIME
: since the boom was reflected 10 the, stocks
< of iron and steel companies. For all thes'
p reasons lenders OF money have chosen thos'
3 loans to call first which had any OF the m
= dustrials among the collateral with which
7 they we're secured. Those who controlled The
limited supply OF loanable funds showed eQua
discrimination against industrial stocks II
making new loans. The supply OF money IL
New York have suffered from an overwhelm
ing demand from the West.
The relief by government bond redemption
has been gradually running down. until OF
4 Thursday 1t ceased altogether BIDS Tor gov
Z eminent bonds in the open market are at
higher figure than the government oiiers ane
2 the government project for refundlng th'
National debt prompts the owners OF govern
ment bonds to hold them. Provision mus
be made for the largest interest and dividend
disbursem ents on record. The course OF th'
foreign money markets disclose an apprehen
II sive frame of mind, the most Important IN
cident OF the week being the advance IN Tn
offcial discount rate of the Bank OF France
from to 49, per cent 70 the highest rate To-
thirteen years The drastic contraction poti
in loans and OF notes issued by the Frehci
institutions indicates preparations for SOM
kind of crisis and determination to contes
the Bank OF Ergland's efforts to attract tuha
10 that center. The London market has showl
signs of ease and has been anls 70 iepa h
large sums 10 the Bank OF Enflnpd. But I'M
tunk, not content with the rscuperation IRON
that source. mas been selling government Sc
curities or as 1t Is termed, botIoWng ircH
:he market. This is a MEASURE designed y
keep up the prvat, money rate SO tnat ]
!, viii be responsive to tho bank and may b.
,c preliminary TO further advance IA the lat
~ Ter The London money ma:ket is feeling mo-
d oply the cutting off OF the usual supply Q
i: gold from the Transvaal mlnes, pui the heedi
Of the unprecedented activity In trade IN thi
); country. War expenses change South Afrlei
!, Ia a drain on the money market from beinl
s. the principal source Of supply. Inc ssYeril;
Of the London need OF money WI h,,
until II is appeased, all relaxation In th'
i New York money rate would Germany iea'
- to prompt withdrh~ais Oh sVio ~ 'Snt t "
l. london Spectators have, therefore, aban
o donsd hope OF easier money for the presen
!; and have sold stocks.
?, The bond market has moved IN sy laHasa
with stocks on smaller volume OF dealing
and over a narrower range OF prices.
The following ars the closing prices O.
% bonds at New YORK: ~.
T. United states Is. registered ....... lo2
v Iy,i's s,a,es ss registered ...... l09s
IA TGniteS s,a,ss as couuon ..... 1893
4, SIni.ed States new AZ. iggistsred... 1885,
l. United States new As, coupon.':'.' 49,
d. United States old Is, reglstereo'',. ~ ~
Id United States old Is, coupon '''.'.'' -
United states IS, registered ~ ~
1870. ~ cni,,rnbia & 65s..,....... 1j8
D .t,e " anersi zs ..,..... 90
et Atchison adjustment Is .:,.:.''.''. ~
90 Denver and Rio Grande hrsts'..'.- w
Denver and Rio Granda Is ...'..''.' =,
a r. W. ard Denver City hrsts e
=. G.. II. and S. a. Go .",..'''.''''i. ~
&C., H. ana S A. seconds -'....... ivs