The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-03-22
THE MARKET REPORT.
The stock Exchange.

The stock Exchange.
w.~ York March H-Today's stock mar
kst was fairy active for a af-hoiiday. and
tina business Was distributed In small
AMOUNTS over q wider range than usual.
Only one stock American Tobacco. reached
a commanding total. AZ usual for some
time past the dealings were almost entire
ly professional The sentiment appeared
To be rather bullish. Pacific Mail score6O'
net loss OF per cent on the day. on the
delay in deciding upon the question OF Its
substdy by the trsnscontinental roads at
the meeting tina, was in progress today.
The closing was strong in tone. with the
list fraction higher in most cases.
Speculation during the week has been on
a moderate scale. and in most cases the
transactions have been based on manipula-
sioa by professionals on various more or
less flrnsy pretexts. The event Of the week
was the publication OF the plan for the re-
habliitat.on Of the great Northern Pacific
system. The magnitude OF the undertaking
and the world-wide distribution OF the vari-
ous securities had caused great anxiety on
the subject OF the plan, and It's early pro-
mulgasion came rather as surprise to the
rank and file in Wall street. During the
week sncipient Signs Of opposition to the
schems disappeared, although q discop-
tented attitude In still maintained by some
OF the interests In the third mortgage bonds
of the company. In Wall street the plan
/. considered as equitable - the conditions
affecting the property for long time past
viii permit. Holders Of the Junior securi-
ties must pay the penalty of their fndif-
ference toward their own rights in former
years. The mortgages OF the company
were heavily dealt in early In the week. ana
scored a sharp Improvement. which was
most pronounced In the consolidated Sc.
Toward the close. however. most OF the
| gains were lost. with the thirds declining
sharply to below tina level at the close OF
the previous week
call on the depository banks by thS
/ treasury department for 20 per cent. Of the
government money held by them on bond
| account resulted in the payment TO the
| New York sub-treasury Of over $500. 900.
| The ayowed object of the treasury in max
| ing the call was to preclude any approach
| in exchange rates to the gold shipping point
| by stiffening the rates for call money. Ex-
| change was heavy. but lack Of inquiry was
| the chief cause Of that condition. Call
| loans advanced to AZ per cent. This was
| the maximum figure. and the bulk OF the
| transactions were on the basis Of 1854
| per cent Time funds improved to per
| cent. ranging up to six months. but the
| volume OF business was only modernte. and
| toward the close the lenders were less ex-
| acting a. TO the quality Of collateral. De-
| spite the Increase IN the Treasury gold re-
| serve to above SIS, 900 900 and the sharp
| increases in railroad earnings. notably by
| the St Paul. apprehension as to the mer-
| camille situation IN connection with the
| keen discrimination in commercial paper
| by money lenders disposed operators to-
+! ward the short side. Another unfavorabls
! influence was the succession Of disturbing
! political reports from Europe. A few stocks
| were attacked on account Of the special
\ trade conditions. Sugar was helped by
| favorable trade reports and by the action
| OF the German legislature on the sugar
| bounty question. The closing dealings OF
| the week were marked by degree OF firm
| ness and by general recoveries from the
| extreme low point.
Raslroad bonds today closed slightly
| lower Sales. 5000. For the week bonds
| are generally lower. The aggregate DEAL
| ings we're g. $500 Tho Northern Pacific
| issues were the chief Gestures. The thirds
| were exceptionally heavy. receding per
| cent. 10 7st1.
Government bonds were firm. on trans
| actions OF $4,000.