Omaha daily bee., 1899-12-10
: THE OMAHA DAILY BEE. SUNDAY, DECEMBER TO- 1899

teal monopoly Of production and in ad.
Friends Of the different Industrial stocks
have been diligent in urging that the prac-
tees decided to be Illegal in the iron pipe
SombPiinaon Sombina ions are are not not 6ractGed by their
! trarily advanced prices But their EFFORTS
! nave not avniled In the face of the convic-
! ion that the coming political campaign will
bring clamor against the vast Industrial
combinations which have become operative
! In many lines The presidents reference to
! the prospective recommendations of the in
dusral committee which Is investigating
this subject brought home to the specu-
/ iatiVe mind that some concrete measure Of
restriction and regulation might be forth
coming from this source, Stages of the
! gas war in New York, the sugar war and
fumors OF new and powerful competition in
the tobacco trade have served to demon
strate the vulnerability of the trusts" to
unwieldy capitalization and dividend obli-
cations.
The admitted overcapitalization in New
spirit of Industry. The activity in the iron
Industries has received a check for the first
time since the boom. For all these reasons
tenders of money have chosen those loans
to call first which had any of the indus
trials among the collateral 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 in New York has
suffered from a renewal demand, especially
from the south, where cotton is still com
ing forward. The subtreasury operations
have made heavy inroads on the cash re-
sources of the banks and the relief by gov
ernment bond redemptions has been grad
ually running down until on Thursday 1t
ceased altogether. Bids for government
bonds In the open market are at a higher
figure than the government offers and the
project for refunding the national debt
prompts the owners of the government
bonds to hold them with the existing sur
plus over the reserves shown by the clear
ing house banks. Fully half the members
iat hnU In tl,a y11
limit last week. Even those who hold the
surplus are anxious to have a little more |
period approaches. Provision must be |
made for the largest interest and dividend /,
disbursements on record.
The course of the foreign money markets |
dscloses an apprehensive frame of mind, |
the most important incident of the week |
being the advance in the official discount
rate in the Bank of France from to 3b per
cent to the highest rate for thirteen years.
The drastic contraction both of loans and
OF note issues by the French institutions in
dicates preparations for some kind of crisis
and a determination to contest the Bank of
Englands efforts to attract funds to that ,
center The London money market has
repay large sums to the Bank of England
But the bank, not content with the re-
cuperation from that source, has been sell
ling government securities, or, as 1t is
termed, borrowing from the market This
Is measure designed to keep up the pri-
vate money rate so that it will be respon- I
an advance in the latter.
The London money market is feeling not
only the cutting off of the usual supply of /
gold from the Transvaal Mines but the &
need of the unprecedented activity in trade
his country is showing. War expenses
change South Africa to drain on the
money market from being the principal 9
,ource OF supply. The severity of the Lon
lon need for money over the end of the
iear yet remains to be developed but until
t is appeased any relaxation in the New G
York money rate would certainly lead to a
prompt Withdrawals of money to lend in I
london. Spectators have abandoned hopes '
or easier money for the present and have a
old stocks. o
The bond market has moved in sympathy C
With stocks, and a smaller system of deal l
ngs and over narrower range of prices.
jmted States new As, old 4s and 5s ad- t
'anced q. and the IS 1s. v
The Commercial Advertisers financial t
ablegram says: The markets were idle and o
weak all around. Fears of light money n
we're supplemented by anxiety over Cen A.
raj Methuen's position. Paris sold Kaffirs v
RELY, as well as international stocks, l
shade over Friday, but eased off later. q
here was little business done. Industrials' i
re regarded here as a bad feature The 81
lose was dull. with Union Pacific shares
otably fiat ard Denver preferred and o
.ouisville heavy. Spanish As sold at 663sc Il
-nacondas Sla and Rio Tntos 46k The c
tank of England bought $4,000 of French cl
old and sent out e2C00 to Malta icl
The following are the quotations for the u
,ading stocks on the New York exchange o.
)day: II