The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-10
Short But Animated Session Of New
York Exchange.
WEEKLYBANK STATEMENT
SHOWS UNEXPECTEDLY SMALL
LOSS IN CASH.
Week On Wall Street Has Been Given
Over to Liquidation and Prices
Are Lower Throughout the East
Difficulties Ahead In the Money
Market.

New York. Dec. 9.-Today's short ses-
sion of the Stock Exchange was animated,
due in great part to the continued demor-
| alization among some of the industrial
stocks. The determined liquidation mani
| fest in Sugar gave tone to the market
| from the opening and spread a contagion
| of weakness all through the industrial
| list. Opening sales of 2,500 shares ran the
| price down from i46 TO 1441s, compared
| with A7% last night. The stock fell TO
| 142%t before the appearance OIL the panh
statement, and the covering movement py
| the bears which followed the publication
| rallied the price 10 above la. togetner
! with the whole market. The heavy Offer
| ings of Sugar brought out by this advance
| again decided the tone of the whole mar
| ket and broke prices throughout the INST.
! The last sale OF Sugar was at 1891. the
| lowest, at a net decline of SIS American
! Tobacco kept the leader close company,
f, especially. in the late break 1t sold at loS,
| and on the next and last sale at 1e4, net
There were wide breaches at other
| points in the list of specialties, notably IN
! Metropolitan Street railway, which fell an
| extreme of So. The steel and ION stocks
] continued weak but were not so vulner-
able as they had been recently, and they
held the late rally. better l. than nc ot rs1
atively much firmer than the industrials.
| The extreme declines reached a point in
only a few of them. The late rally brought
prices of many railroads above last night
and net gains were saved for a number of
them.
Bears had commenced to cover before
the appearance of the bank statement,
and their buying became rather more ur-
gent after the statement. owing to the
unexpectedly small loss in cash. The gen.
eral conviction that the return was I'M
trustworthy as an index of the real con-
dition of the banks helped to the final
yielding of prices. The outgo to the sub
treasury alone, which is a matter of rec
ord. has amounted to nearly $5,00o,oOO since
the last return, whereas the Statement in
dicates only $2,675400 altogether. That
there has been a wholesale contraction OF
loans all week has been palpable IN the
stock market and that actual new loans
by the few banks holding the surplus re-
serve can nave offset the contraction so
far as to bring the latter down TO SOS. $40
was skcptically regarded by the specuia-
tive public. Under the belief that the
vagaries OF the average system of compu-
tation clouded the results in the state
ment, the market closed with pressure to
sell in full force again.
The week has been given over to liquid
alton in the stock market and prices are
lower throughout the list. The belief in
difficulties ahead in the money market
was the motive of the selling. and addi-
tional considerations emphasized the
weakness in the Industrial list so that
losses in that department ranged up to 10
In railroads, most of the losses were
from a fraction to points. 1t is probable
the money Stringency and loan contrac-
ton were the primary cause of weakness
in the industrials as in the railroads. but
several incidents helped to make a poor
market for them and the forced liquid
alton brought some violent declines
Mondays supreme court decision against
the iron pipe combination in the so-called
Addison case was given cumulative effect
by the references IN the presidents mes.
sage to the malignant effectsSof some of
the industrial combinations in forming
practical monopoly3of production and in
advancing prices, and thus gives con-
viction that the coming presidential CAM
paign will bring clamor against the vast
industrial combinations which have be-
come operative in many lines.
The fact is that the activity in the iron
and steel trade has received a check for
the first time since the boom was re-
Elected in the stocks of iron and steel
companies. For all these reasons lenders
of money have chosen those loans TO call
first which had any of the industrials
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 of the interior
demand. The sub-treasury operations
have made heavy inroads upon the cash
resources of the banks. and the relief by
government bond redemptions has been
gradually running down until on Thurs
day it ceased altogether Bids for gov
a higher figure than the government
offers, and the government project for
refunding the national debt prompts the
owners of government bonds to ho.d them.
While the existing surplus over the legal
reserves shown by the clearing house
banks is partly .illusory. as fully half the
members of the association were down TO
the legal limit last week. even those who
hold the surplus are anxious to have Il
little more room TO turn around as the
New Years period approaches.
Provision must be made for the largest
interest and dividend disbursements on
record. The course of the foreign money
markets disclose an apprehensive frame
of mind the most important incident of
the week being the advance in the official
discount rate of the Bank of France from
to 31a per cent to the highest rate for
thirteen years. The drastic contraction
both of loans and of note issues by the
French institution indicates preparations
for some kind of 4 crisis and determina-
ton TO contest the Bank of England's
efforts TO attract funds to that center.
The London money market is feeling not
only the cutting off of the usual supply
of gold from the Transyaal mines, but the
needs of the unprecedented activity in
trade that this country is doing. War ex-
penses change South. Africa to drain on
The money market. Instead of being the
principal source of supply. The severity
of Londons nes1 for money over the end
of the year yet remains TO be developed.
but until it is appeased any relaxation in
the New York money rate would certainly
lead to prompt Withdrawals OF gold to
lend in London. Spectators have. there
fore. abandoned hopes of easier money
for the present and have sold stocks.
The bond market has moved in sympa-
thy with stocks and a smaller volume of
dealings and over a narrower range of
prices. United States new As. old As and IS
advanced q and the IS Is in the bid price.
Bond Quotations.