The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-11-19

FINANCIAL AND
STOCK REPORTS.
NEW York.


NEW YORK. Nov r-The notable thing In 70
Gays stock marset was the small range & prices
distribution At the dealings. There coutina-
Gus demand daring the whole Of the twc hours
session. Tie demand fed with constant sup
ply which looked like realizing. and which held the
market back from any advance. bat which was dis
coassinaed on any sisns Of reaction The .bsorp-
ton OF Baltimore Ohio preferred continued on
large scale, and lifted the stock point Sugar
was also notably strong. were the local traction
shares and some 81 the metal stocks Glucose rose
a.: Minneapolis & 81, Lcnis preferred q The
large advance in Sugar invited active realizing, and
baltimore Ohio was Affected by the same cause
AZ points. but this did net last, and the market
closed easy At MIXED Ret changes The recupeyatian
in the proportion Of bank Is wholly due to
Loan contractions The sum Of over S. 900 co., which
has been paid TO the market hy the subtreasury,
20 find almost reflection the statement On the
Other hand. the showing Of loan contraction Is be-
eSed TO be exaggerated. that process came early
In the period covered by the statement The banks
have been lenders during the latter part Of week
OF sufficient TO largely Offset the earlier con-
traction. While the statements seem to understate
the cash Ssins and To osers,ate the loan reduction
the reduction Of the descit in reserves met expec-
tations
ments in the money situation. which has been its
Characteristic for some time past, was emphasized
during the week. The circular of the secretary OF
the treasury Offering to redeem SIS 900 900 Of gov
eminent bonds AT Wednesdays market prices was
issued after trading had ceased on Wednesday. bat
II the occasion At the opening Gu Thursday for
bathurst Of animation and the huoFant rise in
prices, and the stock market dominated by this
influence for the rest Of the week On Monday the
opening liquidation, in expectation OF loan contrac-
ton by the banks incident to the increases in their
deficit In surplus reserves was promptly checked
by the sudden drop in sterling exchange to near the
gold import point and the making OF preliminary
arrangements for shipments Of geld from London
The local money market was also fed by sporadic
supply. due TO special railroad bond operation.
But this casual supply of money had the effect Of
easing the money market so far as to affect the
sterling exchange rate, which rose promptly away
from gold import point. thus disappointing expecta-
tons of relief from that quarter and causing
reactionary tendency of stocks The money situation
had improved "Wednesday by reason of some cash
accruatians from sundrY and the relaxation
In the demands OF the suh-treasgry on the local
money market. Under those conditions the stock
market was ripe for active speculative movement
which was precipitated By the appearance OF the
treasury circular. Sales to take profits were on
the large commitments made in various stocks made
it manifest that the increased money supply was
being rapidly diverted To expansion Of credits
Tor the purpose Of speculation in stocks. TIE ex-
tent which tho trsas1rys offer Of bond redeinp'
has already been asaiied OF - not easily eN'
planned in comparison with the slight response To
the olier to anticipate the fiscal years government
bonds interest. Less than per cent OF tire to.as
amount II interest thus offered has been taken,
notwithstanding the continuance OF government
bonds hy New York banking interests. partly in tho
hope that they would become available as security
for additional government deposits and partly In Tho
hope that the government would commence buying
bonds.
Unitcd States Is advanced Il. the is !. old Is
registered B do coupon l and the 81 In the bid
r,riee for tte