The times. [volume] (Washington [D.C.]) 1897-1901, 1900-12-09

and week to week. is extending further
than was generally expected, just as the
advances went further than even the
bulls, some of them, looked for. The
present outlook is fer another week or
two of recession. 1t is the belief of many
careful market people that the tendency
during the remainder of the month and
year will be downward. sharp recovery
is looked for with the beginning of the
new year and ii is entirely probable that
it will be the most important upward
movement that the market has seen for
many years. The level OF prices viii go
ten TO twenty-five points higher than any
of November If these people are right in
their surmises. The advice given by care
full brokers, On this basis. is to buy stocks
on the reactions. They recommend the
grangers, the Pacifics, the Southern Sc
curities generally. the coalers, the trunk
line securities, and many of the better
industrials. The immediate market may
have an upturn of point tomorrow and
Tuesday. but it is not thought that it
will last more than day or SO.
The bank statement yesterday. and the
action of the Secretary of the Treasury,
terest on the Government bonds, crystal
lie the chief difficulty in the situation.
The street is again afraid that money Will
be tight and that call loan rates VIII
be advanced before the end of the year.
The bank statement shows a surplus re-
serve of 100000 cut in two, so that 1t
is evidently entirely possible that next
weeks statement may show no surplus
remaining. Something very like this in
hn han nS hpr II cfryn ont n CT
preceded call loan rates as high as 1S6
per cent, 1t will be remembered, and for
many days the rate varied from 10 to 30
per cent. There is q fear. more or less
assumed by bear interests for stock job
bling purposes, that the same thing Will
occur this year The outlook is that there
may be per cent money for time. and
perhaps for day or two higher rate,
but the situation is much better than 1t
was year ago. and after the beginning
of the year there should be no further
difficulty. AS it is New York is alone in
experiencing any approach to tight money
conditions, the Balance of the country
having ample funds. The approach of The
end of the year settlements is causing the
interior banks to draw on their deposits
in New York and that is the entire diff
ficulty. There is nothing whatever on
which to base any fear of permanent bad
conditions.
The bank statement figures were as fol-
lows:
Reserves decreased. l6i, 400
Loans increased. ..................... 1,eii, 400
Specie decreased. Observation-Disclosures. 5000, 600
Lcgals decreased ACKNOWLEDGEMENTS. 19l5,J0o
Deposits Observation-Disclosures. 3,365,a0J
Circulation decreased. ................... o2,lOO
There remains of the surplus reserve
over the legal requirement. $500 l25. The
loss of lawful money is seen to have been
over $6,000,000, of which two-thirds is in
specie. This is not quite as large as was
fcreshadowed by the known movement Of
money during ne week, but is probably to
be accounted for by the system of aver
ages used by the clearing house in making
up The statement. The increase in leans
is comparatively small. The statement
very nearly balances" Last year there
was no surplus reserve at this time.
The action of the Secretary of the
Treasury is outlined in the following
statement issued by the Treasury Depart
ment yesterday morning:
The Secretary CT the Treasury has au-
thorized the payment, without rebate. OF
the interest due January /, 1901. upon the
4 per cent bonds Of 1907 and the 2 per
cent consols Of 1880. The coupons Of said
bonds Will be paid by the Treasurer Of
the United States and the several Assist
ant Treasurors on and after December 10,
1900, and interest checks may be cashed
on and after December 20, 1900. The
Treasurer of the United States will mail !
the interest checks to the owners Of the
registered bonds at the earliest possible
moment"
1t is not thought that this will have
much effect on the situation. 1t Will per- |
haps help New York little directly, and |
perhaps the interior banks will find 1t |
necessary to call on New York for some |
what less money ON account of it. The |
total amount of January interest is only |
about $5,o00,GG0. Wall Street regards The !
action as more an evidence CT coed inten-
ton than any real benefit. 1t again shows
that Mr.. Gage wishes to do everything he
can for the banks at all times. This was
at the close yesterday, when
there was a rally from the low prices OF
the day, largely on account Of this official |
statement. Any further rally tomorrow
would be due to the same cause. 1t is in |
to note that while the street in |
general did not have any intimat:on CT
this action by the Treasury Department
until near the close of the session, enc
OF the Washington brokers furnished his
customers with the information on Friday
night.
The range of prices during the past
week and in former weeks Is shown in an
way by the following table.
The prices given are the closing quota
lions on the active securities for yester-
day and previous Saturdays:
Nov. L. Dec. !. Does.
,tefison -;;;............ 3s?. iC@s Ssh
aicson pfd............ s29s 81 s3A