The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-12-09

NEW YORK, Dec. s-There was very little active
trading in stocks today. and the character Of the
market remained about the same for several days
past. Tennessee Coal and some Of the other in
dustrias, which have been acutely depressed during
tns wess continued fsverish and unsettled Ten
points In sympathy with the late general strength
OF the steel group Federal Steel led the rally and
was helped by talk Of dividend distribution and Of
the adjustment by agreement Of the disputed points
between the great steel combinations. The move
ment Of prices in tho general list was sluggish
throughout; the weak bank statement had been so
accurately forecasted that II had little influence
the trading II anything. prices little bstter
sympathy with the sharp rally In the steel stocks,
but there Is no change In the opinion that the cut
IN two OF the small surplus at this period
serious phase Of the outlook. from speculative
standpoint.
The continued interior demand for money is re-
sarded Is striking evidence Of business activity
and prosperity However, It will interfere Just as
effectively with the purposes Of persons who are
holding stocks on margin with borrowed money.
Tho reported purpose N the treasury department to
anticipate tho payment OF over 5000 900 Of Janu-
government interest did not relieve sentiment to
any extent. experience shows that this manner
Of relief Is cumbersome and slow in making funds
available to the open money market Even In tho
stringent money market Of last fall holders OF gov
eminent bonds allow 10 collect the interest Of
fered by the in advance Of coming here.
The coming yearly settlements, for which prepara-
tions have already commenced involve tho dsburse-
ment OF larger sum Of money than ever before In
the history Of the country.
The irreeuiarity Of the stock market during the
uiative sentiment. and the present safety Of the
vorscious speculative demand, which took in all
classes OF securities without discrimination for a
time after election The decreased volume Of deal
ings IA a reflection OF this condition Of Affairs This
sharp reaction In prices here and there represents
the unloading Of speculative pools. anxious to take
profits and alert to the declining interest IN specu-
iation This process has served TO reveal the col
lapse Of the early buoyant buying spirit The Sugar
episode was In part asgrayatng cause OF
this tendency Of stocks and In some sort merely an
illustration Of H. The abortivc speculation In Sugar
AL xskrF.
OF dividend increase, but other stocks In the
market offer analogy The industnals, as
group: are showing the effects q the pending prob
as a financial device The reener new industf1ais
are more sensitive than those with an older his.
tory. but the same causes anec, both. The steel
group offers the example OF the questions at is
sue The principal OF these questions IL whether
the capitalization Is 80 hish that only saen prices
in the requisite PROFITS TO maintain dividends. The
actual disbursement Of dividends On these stocks and
the course Of events in the trade during the past
year here obviously failed TO entirely solve Doubts
~ this subject In the minds OF the speculative and
investment public, as is shown ., we nhses o. ,ns
,ns The coming year are awaited TO form basis for
more definite conclusions. The prohtA OF msnuiae-
lures at last years level OF prices. D. u pfosen were
~ erea, az 10 invite the bringing into activity u
large aggregate Of productive forces which are ssd
have resulted " an o'erpsoosS,on ann s'es ~
lower price level has driven smaller prodnetive forces
into refinement 4 ain The future raine o. the
securities uf the sWst SNihAtaeV"s
,,b,hsr they can keep prices at low enough level
10 deter the smaller enterprises from competitive
PRODUCTION and stiil earn dividends On Their iAfse
capital -. -. a.. -
Neney rates have been higher durtus the week
49,, ,he money market outlook has ret prevented the
continuance ~ stronger points ~ the market sps
stsiiy hi the lev price railroad stocks
The bslslness In bcnds on several days aefias me
week has risen above the level o. the dsahhss IN
~ active stok market after election. but hAs az no
lime reached the hsh level II the January. ~
,,s,sea Ihr buying more or less speculative ana
- esrceaily directed TO contingent interest tnds
80 ,vnior issues Gnt edge and hish grade heAta
are quiet -. A. a.,,.t A. -, n.n+
aaa a. Y new Is and - ana a. . VT 0rhS IA
-. A.. eau pficc q wesk age