The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-07-22
NEW YORK.
The stock Excha nge.

NEW YORK, July q. There were a few sporadic
cases of strength in the stock market today. but
none Of the gains held at the highest. and Of
them more than wiped out In the railroad list
Southern Pacific and ST. Paul were the only stocks
to make any considerable show OF strength. Among
the speciaites Leather. the New York fractions and
Tennessee Coal the features Sugar was lifted
points at the opening but It was very obviously
10 realize profits. The stock closed points below
the high level and dominated the whole market
As the London exchange not in session today
and had adjourned yesterday before the receipt at
Washington Of Minister Conger's message, the effect
Of that news on the English market is stin some
what prohlemsticai. French rentes y centimes
today. But the skep.ical tone Of the British press
to the authenticity of the Couger message left
doubt in the minds Of SPECTATORS TO how it would
affect the market The figures of the bank state
men again rather mystifying. and II they do not
prove the receipt this week OF ssmv9 In goid
which was shipped last week from the Pacific coast
accounts for the large increase in the reserve. The
decrease In the loans item indicates that German
borrowers still repaying loans OF New York cap
tal. Sterling exchange advanced in Paris and Ber-
lin, and firm though nominal here, and call
money hardened in London. increasing the hkeli.
hood of gold exports next week The much inooted
question Of how largely the trade balance in our
favor has been paid, or met is partly answered by
the appearance today Of advertised offerings by New
York and Chicago bond dealers and bankers Of
varied list Of foreign government securities includ
Ing German, Russian Swiss, Dutch. Belgian. swed-
ish and Canadian securities Of many denominations
The market closed at unimportant net chaues.
Prices Of stocks have been raised another notch as
a result Of the weeks trading But the character OF
the market has not materially changed from its
strictly professional lines Operations by speculative
pools have had some temporary effect in moving
prices Of special stocks individual causes have
affected others There has been some slight sy1npa-
thetic response in the general list. But there has
been manifest difficulty in maintaining prices at
level, and the persistent tendency has been to
return TO fixed level TO obtain an adequate
idea OF the extreme lethargy Of the market, 1t is
necessary to 90 back three four weeks. In many
stocks present prices vary only barely fraction from
those Of the end az June Some have been higher
and have been lower in the meantime. but IL
A
stable equilibrium The notable movements Of the
week have been mostly in the speciaties. and have
been helped by the forced covering of short con-
tracts Sugar Brooklyn Rapid Transit. the iron
and steel stocks and Pacific Mail have been notable
examples. Efforts have continued with
to advance Union Pacific. The conviction has be-
general in Wall street that this stock is go
on a per cent. dividend basis at the next dividend
meeting Nevertheless. efforts 10 advance the price
have encountered large offerings Of the stock. The
supposition that the military operations in China
would result IN increased demand and transporta-
ton Of supplies we'll troops. has affected Pa
cfhc Mail aud transeontinental railroad lines. The
strength n iron and steel stocks has also been at
tribued 10 this influence.
The demands from foreign governments for capital
TO conduct military operations in China
pected to keep money rates up to point that will
make it profitable to leave American capital in for
eigu loans The Bank Of England has inaugirated
policy OF retrenchment and reeuperaton by an un.
expected advance Of fun | per cent. from to
per cent in its minimum rate Of discount and has
been able by borrowings In the open market to carry
the private discount rates up TO its own rate The
action Of the treasury department In resembling
call for repayment Of another $40 o0o000 Of govern
ment deposits is doubtless recognition Of the strain
which might res. upon the money market. So, also.
Is the authorization by the treasury department Of
the payment by the San Francisco mint for gold
arriving from Alaska and Australia by telegraphie
transfer on the New York assay office
The bond market has failed to show any pressure
Of capital seeking investment. The funds disbursed
in July apparently held in accessible FORM pend
ing Developments in the money market.
United states refunding r. when issued. advanced
4. and the is. old Is and IS | per cent In the hid
price The Is declined