The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-07-29
NEW YORK.



NEW YORK. July 1-There was almost nothing
IN the days stock market 70 interest anyone outside
Of the small circle Of professional operators in stocks
Who conducted all the business Prices advanced
In the first hour and declined after the appearance
Of the Unexpectedly strong bank statement. Small
net losses were the rule CONSEQUENCES. The
feature the drop of points in Sugar. after an
opening advance Of D. The reason assigned was
rimor OF strike in one Of the companys rehneries
The r%or ras denied without materially s'rs o1.p.
on the long side were discovered At the decline and
the raid on the stock was doubtless made with the
purpose Of dslodeing these orders The bears were
content 10 take their profits and the stock queted
down. Brooklyn Transit was hid up on rumors OF
good agricultural report, and burlington Was
show net earnings that would compare fsvcrahly
with those Of other roads The selling after the
bank statement seemed e be realizing and was
the good bank statement. hut there did not seem
TO BE- any shorts, and the market sarged on to the
recovery 10 sterling exchange IN Paris to the high
point Of the week aud sharp rise in Berlin dis
counts were features Of the day bearing the
est in the stock market demonstrated to their
satisfaction early in the week that their cam
paign, whit easily successful in advancing prices
was entirely abortive In inviting any outside de-
mand for stccn. 1t vas easy 70 bid up prices, as
there large selling but there practically
demand outside Of that from the professionals
Themselves when they attempted 70 seii TO raise
airy price. prices quickly broke back to where the
professional buying had started them. The decline
shorts who were forced to cover on the advance
no longer element.
The insrtness Of the market on any rally shows
that the bears have but scant short lines With
their interest lessened and with the long interest
which has been unable to secure prodts increased
weakened since the professional attempt to sd.
vance prices has been abandoned they settled back
to low level diminishing scale Of activity
which has progressed to stagnztion Only these
stocks amors the speeiaties which have been infu-
enced BY individual causes have shown any nonsid
ershie signs Of life The growins conviction that
period OF money stringency Is not improbable has
been the potent influence 10 checking speculation
for rise. The prevailing ease Of call loans Is
really reflection Of this uneasiness over the money
outlook. and shows the desire OF lenders 10 keep
their funds In readily accessible FORM rather than
ripera bundsnce Of idle capital 1t is evident that
At present at a very low ebb, as the hears have
failed with repeated trials TO diodge offerings BY
rsidins down prices The same must be true Of
commodities OF all kinds, the lengthenne period
Of reaction IN prices has undoubtedly led to general
quidaton Of speculative hoidng 90 that the prices
nay ma % saia 70 ne normal index o. actual supply
assurance Of the soundness Of the situation and ac
count for the hardness Of the securities market and
the hrmness with which stocks are held The we'll
recognized law that commercial crises come with
sudden contraction Of credits. which have gone to
the speculative imitation Of prices is pretty clearly
seen not to apply 70 the present situation. The
sentative purpose to avoid weakening the situation
is seen In the determined unwiIlIngness Of the public
to embark In speculation in stocks There are not
nation such as the stil unmatured crops net earn
igs OF railroads and the presidential campaign But
the scat Of greatest uncertainty has shifted for the
present TO China. Even within its present scope
the trouble there insures sufficient demand upon
the worlds money markets for war loans TO mater
tally anect their resources The policy nausurated
BY the Bank OF England last week Of saising
its discount rate and lifting the outside dis
count rate To its level BY borrowins gold has been
effective in turning the national exchange Of the
world In favor Of London The Paris rate for ster-
ling has reacted IN the latter part Of the week
York viii go next TO Paris Of London. But that .
large demand for cold remains to be satisfied II Is
20 be mostly met by supplies in the West. because
there they are most abundant and most easily spared
s the conviction Of the financial world Speculation
hslts TO distinguish the effects Of this operation
The dullness Of the bond market gave evidence Of
present caution Of capital The usual reinycstnent
OF July Dividends and interest although the largest
amount was disborsed this year In the country's his
tory has been entirely lacking In the bond market
London and Berlin are reported heavy sellers Of
hghfrsde American railroad bonds, hut no such
change
United States refundinr =, when issued: 81. old
4 and b. advanced | in the bid price