The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-10-03

NEW YORK MARKETS.


NEW YORK. Oct. l.--Todays short ses-
sion OF the stock market gave striking evil
dence that the power of the bear faction has
not diminished in efYecting lower prices
The break In Tobacco was ne more sensa-
tionai in view of the half holiday. No de-
yeopments concerning the speculation IN
this stock were announced and the bears
pursued the same dl.gent tactics that have
been responsible for the tremendous drop
this week, New spots Of weakness have
appeared every day and te3ay's development
was Consolidated Gas. Competition OF the
electric lighting companies ami a rival gas
plant furnished the basis for break Of slrc
The railway Est had some strength but
the influence OF the speciaities was so over
towering that losses resulted The bank
statement exceeded the favorable expec;a-
lions and its publication checked the break
In a discussion OF the financial develop
ments Of the week. the industrial group
must have first considerations The pyro-
technical movements Of these stocks ssis:s:sh-
ed general confidence and this condition
found expression In AZ enormous .lquida-
ton In all classes Of securities Rumors
regarding the status Of industrial properties
were circulated freely and the operators
By the bear faction were conducted with
marked briIIiancy Influential speculative
interests were apparently banded together
10 create generalization among the holders
ard hai faitt between Interested cisques
were assigned az causes for the spasn1odso
attacks n various quarters. Iidusdafion IN
the group was uninterrupted throughout
and the volume ~ stop orders reached ex-
ceeaea a previous oufrouring OF weekly
margins Accounts were swept away. and
hsrkIng institutions In some cases took
execution 10 the indus,rials as collateral
and sauSed sacrifices of the standard stocks
and the advantage secured by Inc pears N
this connection vas responsible Ter the cur
.aif-nen, OF the outside demand Monetary
rnrdltionS also exerted an important bear
ing on the course Of the market, and al
though apprehension as - strsngency was
considerably aliayed. ine oceassoIlal naFf.es
,Tonarco was the dominant feature, and
ne tseluge OF stocks which accompanied
he brysak colored reports that inside inter
isis were unloading. Gossip had IL tIak
ne re<-sut Jump above $50 vas for The
purpose or squeezing powerful short ia
,ars<t and now thai the incident WAS
1,ssa~renca from the 1sanipuaat!ve inter
.Sfs in control. The numerous coups that
rave f.ses effected IN tats specially e3ncf.
rs irls reduction 20 the stock market have
0hsi1a.s r,,,aiic dealings and reduced trad
.nsy % the more daring prof essionaIs. The
magnitude 81 the trading IN the special
ties naturally served 10 promote symp :
fhesir tendency in tire railroad list. but
tfsv.sourpentx there included many favor
able factors which sterriznssf the traction
Ia fact standard issss-s on the vhoss ex-
hltits4 remarkable resisting powers. aHo
r;71vet ND pendently az intervals, bat the
pevwGen. RAIDS ei@ew here rotsoess The liss
~ monetary advantages. TIE bears fos-
iowexi a systematic course and devoted
:o@;r sTort= from ore stock TO another
until the entire Industrial group Was ham
ulerei
r,o-assstr conditions rNreetess a coEssEau-
srsse OF ths business expanSaor which Is
rartI1uIsrsv marked IN some lines Ac-
tN.ty In the iron Ard stsSS TRADE. which
"a considered a far barometer OF tire gssa-
efsi situation confirmed conf3s@t fre1.c-
lions "a 10 sne general outlook and The
ssgaav Increase N we<s-boJns trz1sc OF
the Fading lines offset the Ugh, sran
movement Tgas latter ctTcUr1s lance mast
eventually ~ rersse4issi by Increased move
rr1ent asxher waeat prices or forced snip
merits Related borrowers OF caI money
rad 20 nav as high ~ Ter cent FOR ac-
-ars~ass4 atoms. out IN = rate wsA Only s@Esa-
r-srary Average rates were SsE4 per cent.
ana sifsass funds ana discount rates we're
asrssadly sAxaee. SnipsseHse az os<rcncy
., tbs srass-sor showed . notable oscrease