The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-12-01

NEW YORK. Nov. sa-The market for
stocks IT Wall street hinged very largely
.oaay on the financial situation abroad.
fserain was again esidently the source or
urgent needs are said TO be IN sympathy
vita the hardening * the rates for rneney
=. Loiisfsn and Paris. cal money at Lon
Gon rising 3 per cent. The price OF god
bars rose an additional fraction in London.
pot gold TO the amount Of S.sts, ake was
WithC-awn from the Bank Of England
tss this amount N.aR,0o was shipped 10
the United States. and probably the rest
wen, TO Germany. The engagemsut for
the United States was the outcome OF the
recent tendency towards lower rates for
money at foreign eenters. which left sc
narrow a margin OF profits on the with
nosIing or the exchange which is constant
~ accommodating at New York as a result
or the continued heavy exports Of mer-
cnandsse. that the movement Of gold is
necessary 70 meet the obligations. The
rise in the money rate in London yesterday
again erected a margin OF profits On loans
made abroad. and the result was seen in
a rise n sterling exchange in New York.
rejecting a renewed demand for inyestH,eH.
n sterling. which viii necessarily put an
end 10 the gold movement for the present
The incident may be accepted as an ad-
fnoaitlon 10 the foreign money markets
tnat they must pay Il good rate or interest
II they want the use Of the credits estSab-
nsheG by this country's favorable trade
balance. Otherwise the activity of business
at home and the needs for dnapc;ng enorm-
Gus consultations and the formation OF
huge new corporations Will neeeSsItate the
cSlang. home OF these credits. The effect
or the tightening money markets abroad
was 10 throw \ burden OF liquidation on
the local stock market. the International
stocks. OF course. showing greatest weak
ness. In view of the large German hold
ings OF Northern Pacific, it was perhaps
natural that this stock should be most
acuteiy affected. But there remains some
feeling or apprehension still OF the rela-
hErx .@fS
competitors. The story reported TO ac-
count for the strength OF Union Pacific of
a plan for the exchange az Oregon Short
Line stock for Union Pacific common
stock Indicates rather an aggressive
Strengthening OF resources than a resigna-
ton 10 an accomplished agreement, as the
Oregon Short Line owns a majority Of
common stock of Oregon Navigat ton thus
insuring an outlet for the Union Pacific
10 the Northwest coast Sugars strength
was due to the rumors OF consolidation
WITH the Glucose company. Rubber stocks
made the usual response TO the prevailing
gum shoe weather. General Electric ad-
vanced on behalf Of a disbursement Of ac-
cum0iated dividends on the preferred stock.
There was strength also In few of the
obscure low-priced stocks The rise in
Manhattan WIS unexplained.
The declines We're largely recovered. but
the days net changes were decidedly
mixed The bond market was irregular
in sympathy with the stocks, but business
was fairly large and well distributed. To-
tai sales. s3.s.aeo. United States Is aa-
vanced Il in bid price.
Money and Exchange.
Money on call. 2tl2is per cent. last loans.
2 per cent: prime mercantile paper, st.ss
"A per cent. Sterling exchange firm, with
actual business in bankers bills at stS&i.
04Siia for demand. and at SS1G4.Sis. for
sixty days: posted rates, siS2t5sl4.Ss and
s4.Ssi.6liS6: commercial bills, 81 Soie Sill
yer certificates. 6oisGsilsc. Bar silver.
59tsc. Mexican dollars. i6iac. Government
bonds firm. State bonds steady. Railroad
bonds irregular.