The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-03-07

csIr~s. Large selling orders were sxecut-
ed for Washington account. - was the
case Yesterday. There i no news 20 &C.
count for fnis selling. beyond general
feeling Of apprehension over the Spanish
situation
There were occasional rrrsnrs Of new de-
vesopmsurs set afsoat. but to large ex-
teri they represented the gfe<2es from
traders as 10 the Washington situation.
The contraction In loans. the falling on IN
much larger than had been expected The
fact that the financial world had been go
Ing through such trying period with so
IN view OF the underlying strength which
l. thus demonstrated Never ref@es. the
general fEst shows marked net declines. ex-
Union Pacific preferred, Northwestern and
Manhattan were the special points OF
weakness The Changers were relatively
firm. and the coalers also showed some re-
sisrarce TO the decline.
Dealings In Sugar were large and there
seemed 10 be good support for this stock
AZ 4 measure Of the uneasfness felt by
the financial community over the status
81 the cognrry's relations with Spain. to-
days statement Of New York clearing
house banks makes startling exhibit
There Is In +, evidence Of a great drawing
In of its credits and fixing Of reserves. The
statement was surprise. II has been
known thar the demands OF the country
coFslderab bly, this week: but the statement
nevertheless shows decrease In the cash
reserve Of nearly fe.Ad1O9 That this re-
fleets the withdrawal of deposits IN New
York banks by interior institutions as a
precautionary measure TO strengthen
their reserves Is beyond doubt. The eror-
NOUS contraction In loans Of $l3. g.. 40 rep
resents the precautionary measure of the
New York banks and explains why money
for purely speculative purposes has De-
come scarce. why liquidation on the stock
exchange has been forced and why prices
were acuiely depressed IL - possible that
some part Of the loan contraction Is due
10 liquidation on sterling exchange coll
lateral, which has been Withdrawn from
use IN importing gold. But IL Il the gen
eral belief that the gold imports have been
made on the sale OF new bills against
London purchasers OF American secnrl-
ties. which were heavy last week and
against grain shipments from here
The net results TO the clearing house
banks IL a decrease In deposits OF SIS, i33 SD.
Gold in transit for New York or received
today amounts In the aggregate TO $500
TO. which will serve as an Offset In part
to the banks losses OF cash The situation
In the stock market Is closely analogous
TO that which followed the elimination OF
the rise In prices last September. The
movement OF money then TO the interior
money rates. and liquidation Of speculative
stock holdings. Whe.h the import move
meHt Of gold will result in a renewed adj
vance In stocks with the easing OF the
money rates remains to be seen. That the
disposition for the movement is against
speculative outlay In securities Is evident.
tn0ugh large rapttai apparently STANDS
ready 10 buy stocks at any considerable
decline In prices. The decline Of the lat
ter part OF the week has not In all cases
wiped out the early advance. and net
changes are mixed
Bonds have not been as active as stocks.
hut have moved I'm sympathy with them
within a narrow range. L. s. old IL and
the ends are 2iz lower. and the new Is
ID lower bid.
Money and Exchange.
Money steady at last loan at per cent. /.
prime mercantile paper, sM4L Der cent.
Sterling exchange dull and steady at
NA's demand al5a4siA sixty, days
81 sos. silver certificates. AlsIdssc. bars.
assc Mexican dollars AAc. Government
bonds weak. state bonds dull, railroad
bonds weak. New As Sl.2a, As. H1l. cou-
pom, N.i.: seconds. sec; Ss. $ll2. Pacific.
81 Co.