The times. [volume] (Washington [D.C.]) 1897-1901, 1900-12-08
ADISTURBANCE IN LOANS
Uncertainty in the Money Market
Unsettles Stocks.
Financial interests Relieved 10 BE
Making Toward irtificinIIy Tight
Conditions - High Rates ENacted
for the shorter Observation-Disclosures
in the Inaustrials and Specinltics.

NEW YORK, Dee. THE stock market
was generally unsettled today, although
the comparative steadiness of a few
stocks caused il TO preserve the irregular
appearance it has displayed for the past
fortnight. At the same time the pressure
of the selling for both accounts was more
effective as regards prices than it as been
for some weeks past.
So far as could be ascertained the most
tangible influence in the dealings was the
fear that distressing stringency would de-
velop in the money market al some period
between this time and the first of the
year. AS might have been expected to-
ward the close OF the week the apprehen-
sions in this respec, were accentuated by
the strong probabilities that a heavy re-
duction in the banks surplus reserve will
be shown tomorrow in their weekly ate
ments.
1t is commonly reckoned that the deliv-
cry of the stocks sold here in the past few
weeks for foreign account will result in a
considerable expansion of loans, while on
the other hand. the banks have lost up
ward of $1,0G0,000 in their dealings with
the Sub Treasury alone since last Friday.
There was quite a general disturbance of
loans today, resulting in an active money
market, although by no means a stringent
one.
Speculative Wall Street continues to con-
lure up in rs fancy a conspiracy on the
part of some conspicuous local financial in
terests loking to the creation of artificial
Iy tight money conditions, and its sus-
pieions in this respect were increased to-
day by the weakness of certain stocks in
which the interests in question are sup
posedly large holders. These notions were
further fostered by the attitude of the in
terests in question in the money market,
and, broadly speaking, it may be said that
these several and collective circumstances
had as much to do with shaping the days
speculative sentiment as any other matter.
AS was the case yesterday, money lend
ers showed no reluctance In putting out
their funds on time. and they significantly
exacted the highest rates for the shorter
periods. There was little or nothing in the
situation at large to compete in interest
with money market conditions. and. in
deed, the day opened with nothing else oc-
cupying attention to a considerable ex-
tent.
Insignificant changes were shown in the
London quotations for American stocks.
and the dealings here for foreign account
were on a smaller scale than for some
time though mostly on the selling side. 1t
was estimated that foreign houses sold
about $4,000 shares of stocks in this mar.
ket. In the earlier dealings the stocks re-
Gently conspicuously firm, namely, the Den
yer and Rio Grande. Erie, and ST. Louis
and San Francisco issues, continued firm.
but they could not withstand the subse-
Quent generally reactionary tendency OF
the market.
As was to be expected, the most severe
declines were in the industrial quarter
and among the specialties. but losses In
excess Of l point were not uncommon in
the railway list. Tennessee Coal and Iron
broke with special rapidity in the early
dealings. There was again an absence of
any definite explanations regarding the
course of the stock, although it is now
commonly assumed that the diminishing
earnings of the company imply a reduc-
ton in the dividend to be paid on Febru-
airy /. The decline in this stock, and, in
deed. the more severe losses scored in
other directions, were plainly accentuated
by the execution of stop loss orders.
Intelligent comment upon the Tennessee
Coal and Iron Company is to the effect
that while IT is. beyond doubt, a great
property and one possessing tremendous
possibilities, little can be hoped for it SO
long as the management is retained In the
present hands, and SO long as the proper
ty Is subject to the vicissitudes, mana
gerial and political, from which it now
suffers.
The directors of the United States Rub
Der Company met again today and again
adjourned without acting on the dividend
on the common stock, from which it was
assumed that the latter has been passed
for another quarterly period.
The manipulation of Amalgamated Cop
per is SO far beyond the streets under
standing that the various and eccentric
in the stock have come TO be
accepted without comment or enquiry for
causes. In the railway list there were
materia. declines in st. Paul, Louisville
and Nashville, Southern Railway pre-
ferred. and the Pacific stocks with no
special gossip attaching TO the movements
In any OF these instances. Sugar refining
WAS exceedingly active, and, as has been
the case for some time. the stock moved
contrary to the general tendency of the
market.
The New York. Chicago and St Louis
stocks were conspicuous features Of The
last hours dealings, and the Erie issues
also recovered sharply. Notwithstanding
the denials made by parties in interest,
the idea prevailed that negotiations we're
pending which would result in the ahan-
Comment of the project for the construc
ticn of an Independent coal railroad to
tidewater.