The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-12-03
NEW york.
The stock rxch.nr..

.,NE.,M ivnn; Dec. z-Tcdxs stock market vas
the idea Of diseountins favorable bank state
tape was the signal for light rssiiains movement.
and a. there was no outside demand 10 AhSorb II,
y % K. rs sGn a an 81 "a
liberal srrinkiing IT net losses whsrc the level
had been higher throughout in the early dealings,
for consolidation and absorption Of competitors
There were evidences Of strength In Union Pa
Ohio. and in one Or two q The isss pruminsns
indnstriss None Of the gains was wel maintained.
the whole list being affected By tho easier tone in
the mai dealings. The bank statement was fully
as favorable a. had been expected though the lib
ersi expansion In the loan account was unlocked
security offered ara attractive, inducing The banks
to keep their loans close to the limit Of the legal
allowance The lack Of response 70 the bank state.
mcnt was due to the understanding that the re-
cupcration In reserves was wholly due to bond re-
dempton operations with the subtrcasury. The fact
the interior balance, and the progress Of the
sterling exchange rate towards the gold export
point a. further ,, step q which wa. made today.
promising from the stock operators point Of view
Activity in stocks during the week has been re-
stretsd to afew individual securities. and the gem
eral list has been rather neglected The dropping
tendency OF prices was partly ofset by. the heavy
sharp n M pc. q o sed the
critics The reports put In circulation to explain
these movements are mostly anonymous. and are
ticns Of consolidation Of ownership to milder in.
timntions Of friendly and mutually advanta-
s tho e. r pSs nsns ns S
the stock taps q is conviction that policies have
provement OF the trunk line situation. The special
field Of tho benefits to accrue is indicated BY tho
way some other railroad stocks have suffered en-
stocks Besides the great trunk limo stocks, there
has been movement In a number Of extremely low
priced stocks The strength Of these attributed
mi fn ipriv x,.k
eral tendency toward consolidation either Of small
lines with each other. Of ANAL lines with power
IN the explanations offered Of these movements
such movements have resulted In a fair sprinkng
q net gains . sh,Gssh the Inst but the majority Of
failure OF the money market to show work easter.
IN spite Of last Saturdays improved showing Of the
banks was the principal motive Of the indsposition
1t 10 the custom for stock brokers to charge their
ina stocks, no matter how low the MONEY rate for
call loans may go. Now that open market rates
are ruling at or above per cent. brokers have
with protests. While the call loan rate serves to
wipe out the profits to brokers leans they are
tensive scale. The weeks events seem to put the
return to cheap money some time in the future
The Rank Of England has waited to advance its
official rate until 1t has secured control Of the op4n
market by selling cousols, and thus lifting money
from the market, The English institution Is mani
testify certifying Itself for = special demand to
come later. partly to meet requirements for yearly
disbursements by corporations on January 1, and
partly. 1t Is believed In expectation Of further
issue Of government securities to meet the South
African expenses
An unusually large volume Of loans by Canadian
banks is in the New York market, and the advance
IN the London money rate threatens to attract
these funds, necessitating their withdrawal from
New York In the New York money market itself
the recuperaton Of disclosed by last weeks
bank statement has not led To any appreciabe in
in offerings for loans. Neither has the sddi-
tion to resources during the week by reason Of the
subtreasury operations in connection with bond re-
dcmptions.
The strength Of last Saturdays bank statement
was due to the operations Of only one bank but
very influential and powerful one. These opera
tons disclosed a change from the recent policy Of
calling in Of outstanding credits than nee
cssary to keep barely within slightly be-
with increase in cash Of So 600 oO0
this single institution contracted its loans over
$4o00.000 last week. This looks like entering upon
system Of recuperaton In preparation for meeting
a coming demand. Such policy. while strength
ening the showing Of the banks would still further
restrict funds available for speculative operations
in stocks. The interior exchanges have turned
against New York again during the week. Although
the treasury department has extended tho period of
its offer redeem bonds Of which about 81 600 800
are still available Under the offer. 1t is now mani
and that 1t releases funds except under pressure
Of high money rates.
Dealings in bonds have been n moderate scale
Price movements have been in sympathy with the
stocks of the companies.
United States twos and fours advanced ], the
threes 4. and the old fours and fves in the bid
price.