The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-10-04
Mining stock.
NEW YORK MARKETS.
The stock Exchange.

Ihe stock Exchange
NEW YORK. Oct 2-The marked
strength in stocks which developed IN the
late trading yesterday was resumed this
morning In fun force and continued With
oxIy one momeutary pause from the open
ing 10 the close The buying OF the shorts
was eager, and the covering Of short con-
tracts pat out during the reaction in the
narket appeared 20 be urgent There
was every indication that the reaction
mad run It's course, and the agents an
pioyed by the leaders OF the former bun
campaign were buyers on large scale.
The stocks which have shown thu sharp
est declines recently were advanced in
London before the opening hour. Arhi-
TRACE brokers bought for London ac-
counts The stocks which were faVorites
IN the London buying were those that had
recently suffered most severely from the
liquidation OF foreign holders. rejecting
marked Change IN foreign sentiment.
The various trade reviews published tbs
morning all reported continued improve
ment IN trade and industry. and additi7nal
statements OF railway earnings showing
increase contributed 10 the desire 10 buy.
An additional fall IN the rate Of sterling
exchange Of 1sc for demand bills made i
evident that additional gold imports can
not be long delayed. and probably helped
the market, Though gold is so plentiful
az this center at present that some OF the
banks are settling their daily balances
at the clearing house in that metal
The weekly statement OF the clearing
house banks was also interpreted favor
ably. The statement clearly reflected the
pains the banks have been al 10 prevent
any further heavy shrinkage in their sur
posts OF $500, 80 is partially offset by a
contraction IN loans OF $500 making
total contraction for two weeks q S1.330.
so The Withdrawals OF deposits find an
legal tenders OF s.. AZ. go. which was Offset
BY q net Increase Of $500 IN specie, SO
that the actual decrease In cash Will be
only about 8 90 900. The more profitable
4
IL circulation OF So, 019-
Today's net gains I'm prices Of stocks
ran from ! 70 : per cent. the advance be-
ing in full tide when the market closed.
The stock market has been highly tech
meal and professional in its character all
week. and the reaction when vas the
feature OF the week before continued up
10 Friday. The bears have been masters
OF the situation. and there has been 10
aggressive effect IN the opposition 70 the
bears successful attempt TO bear down
prices until today. Prices have declined
simply because more people wanted 70
sell than 10 buy. or sellers were more
anxious than buyers. No favorable Incl
dent seemed to check the decline. The
August statements all showed an enor-
nous increase in net earnings. The resfg-
nation of the Conservative Spanish min
listers and the likelihood of a Liberal SUI
cession was accepted as tending 10 amel.o-
rate the relations between Spain and the
United States concerning Cuba. But the
market sold of sharply on the announce
ment OF these events.
Today's sharp advances have gone far
- reduce the ret declines for the week.
and IN some cases have wiped them cut
entirely The whole Charsc ter Of the
speculation showed a marked change. the
trading on advance being ANNA ted and
the shorts covering heavily The week
has shown a subsistence OF the fears q
money stringeacy, notwithstanding sud
den rise in The call loan rate q FRIDAY 81
per cent. This was clearly understood
70 be due % a temporary demand for the
L. Of fhfH
uentS. Bank ciearings Of az the cities
IN the United States show a decrease
from last week o. over per cent. dough
the increase over last year j. stu per
cent but this u compared with an in
crease last week OF over & per cent The
market fer sterling exchange has steadily
declined since Monday. and gold imports
are believed 70 be again Imminent
The weakness o. exchange is due 30 OF
ferfngs of cotton bills. IL estimating the
probable dimensions q the gold Imports.
the low price for cotton must De- conssA.
cred which, compared with }tsf year
prices make a difference OF many mt
lions o. dollars n the balance due from
abroad on cotton exports.
IMPORTS Of general merchandise ard dry
goods az New York for the week show %
Increase % s. ~. S54 over last week. while
the Increase q this weeks exports from
New YORK over last week vas only about
s15a0ga IL consequence q todaY's rally
So prices, the net declines IN very tew
standard stocks were : polats en- the
week ana some show gains Northern
Pac{re preferred IS cons picuols go me at
ter class
Bonds have been mach less active than
% late and have resisted the decline bet
te~ tran stocks tle net declines being
small United States bonds ara = 10 z
higher.
Bank Statement.
TIE Flnanc.er Says:
% Sew YORK elty for tae week ending Oc-
t1ear s rrocf thzt here - 10 occasion
fHr tEs fears entertained early - tHe sea-
soa % arSaAl s-r.og s1ey 81 ms money mar
bar-s ty reason - tie interior demand Tor
crop money. ere reserves are =, sasasr.s1 at
q secure point ana ne nA51E4- e sl e
season nav oe trusted I'd chviare any &C.
rarEure fran ttfs Standard ~ go T2tlTe-
The sga.dat-sa = .oans coz ln-e@ l1e i-Sss
Ger ne week 1TlIE1lZ re total go ar
amount II s. =as - GE1sr tl4t reported
t1res weeks aGo- Ia INC sane ttuse ce-
pos.ss havs fal.en 81 81 81 - see rs
reserve nas decreased ssasyE4t s. .tsi-ssA As
money las been Sowing % re Interior e.
i1e .aIs e fou- 81 age na4.41cls NeeAlE
during It's vine i W. - - ----@ 1@-+-'-s
have stoo& the drain very eaS4l8.
re demand fer f1E1s s--lt con -1-..ae-s,
taogga IL sesse-sd vc4G-1s Tran reported
for ssvera4 weeks pa'<- TIE decTease q
aepazl Sor ere paSc week. - curse. l5v-
cred taa ress-ve re 4lTasEle1-& sssssTel s1-F-
Tna g. 1lt b,s Eoa6 FeC@lEe1 from Europe
b enc o. th@ o2nks does 90, .z@1 - So
use ID -he clrreEt statement 41e 1eFaS-
caanEas % ire larger csHEs have 1ee1 Az
usually EsaEK during the aesA. f1e szsi@-
tas.oE.s saving -Ae sarEest a4Tsr g, cor
resraeHanrs ransr-.-E ifsses a. Ts-E a.
tst1En Others W1is1 guFe LH -ne c44 1aaF-
ke. have aea1 &Gee-sd - tae general
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