The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-02-25
NEW YORK.


The stock Exchange.
NEW YORK. Feb PA general speculative SEN
timent as reflected in the stock market, was good
deal obscured today by the decentralization in Third
avenue. Active trading in stock with resulting
drop in the price Of over ten points is bound to
ever peculiar and individual may be the cause
which induces the selling rather violent break
In Tennessee Coal had the same tendency. As a
matter OF fact traders disposed to sell stocks
on the general outlook especially the reports from
trade authorities that prices OF materials, especially
the metals, declining There also tho fear
that the cutting of grain rates on the trunk lines
would spread TO other classifcations and some
rather striking declines in the volume Of bank clear.
ines compared with the corresponding period Of
last year. Reports by telegraph TO the Financial
Chronicle for FIVE days show large shrinksge. not
at baltimore. amounting to per cent. and
at st Louis Of nearly : per cent. New Orleans.
however. expanded its clearings over " per cent
Chicago 70 per cent. and other cities outside the
seven leading cities So per cent
Railroad earnings continue TO show large increases
sixtyone roads which have already reported for the
second week in February, showing average in
crease Of 1i5 per cent. over the corresponding
period OF last year. Strong returns made dur
ing the day for the third week in February by the
-, Paul. Hooking Valley and the Rio Grande
coal carrying railroad stocks and raying tendency
In the market. which was checked somewhat by the
renewed weakness in Third avenue and the New
York utilities in the final dealings.
The decrease in cash shown by the bank statement
was very near to the estimates. But the SUPPOSE
checked proved erroneous. Chiefly by reason OF the
additional loans Of Sl0sss 800 the surplus reserves
There can be no doubt that bankers are influenced
In their hberslity In extending credits by the posi-
hlty OF currency imitation, authorized by the pend
ins financial bill. Sufficient attention has been
called 10 the fact that the hill authorizes an cx-
tension Of the bank note circulation TO the par
circulation. which would he a 10 per cent increase
but not much attention has been given TO the
fact that bonds at present deposited to secure cir
banks capital amounts TO t60s 900 eo0 which hxes
The limits 70 the bank note circulation permitted.
bonds TO the amount ot the present premium on
outstanding bonds. which will he available for de-
posit to secure additional circulation. The addi-
tionai profit afforded circulation by the new
provisions, 1t "a believed will invite bank note
expansion to the limit authorized unless the pre-
MUM the bonds becomes excessive
The breaking OF the stock exchange week by a
holiday has had some influence in enrtsiling activ.
ity in the securities market Professional spectators
always disinclined TO enter upon commitments
when period q suspension Of trading Is approach
Ing with possibilities ~ events occurring which
will materially affect values. But this motive is
BY means sufficient 70 account for the persistent
duliness 81 the stock market. IN the face 81 Inc
favorable business conditions which are reflected in
all the of the day
Increased business activity. expanding Industries
high level Of earnings for railroads and industrial
corporations all make for higher values ~ seeuri.
ties Either the dividend returns are assured u an
increase. In the of stocks or the payment
Of hSed return ia given additional security as in
the case a. mortgage bonds. But from other points
OF view the activity and prosperity ct general trade
operate against an advance IN the pgico Of the
cttities The demand for money Tor mercantile
uses OF tor Inauguration OF new enterprises cn-
rroaches ON the surplus reserves Of financial nstitu-
uons and leaves Accommodations q Idle funds
which ace eagerly offered for employment in specu,
Pursued 70 its logical conclusion. active trade
and industrial Development tend 10 discourage even
Investment buying q securities as we'll as purely
speculative huyiuE Because 81 an active mertantile
demand Tor credits by raising the interest rates NAV
attMc, the transfer u funds frum hrra ipvs.rost
ia % Ia ~.
was what happened 70 cur securities In forcien
markets last sprius. when our demand upon foroign
money markets Tor settlement Of our favorable trade
balance up the interest rates there Meantime
the pisthora II ttie capital here seeking safe uvrst
mcnt had run no the prices 81 high grsde setr-
itc' 10 unprecedented figures, aud Foreigners sent
them home 90 market Nv the millions and prfbaps
" the hnndTeSis q millions Sven this reiucins
treatment failca 90 wholly relieve the corgrston q
capital untn the countr1's enterprises hqgan Ia
einnloy inorCssins velumas Of MONEY and credits
Then the Inflated securities csme 60 market ia
New Ncrk. IN constantly increasing folutus until
the psnc on tht stock exchange pfocipitatrd al
necemhet II win b. remembered much was saiA
d. auancal quarters during the latter part u last
wear. when New York hank deposits we're dirsinlah-
ins a the enefoafhments uro0 ms hapsius basI.
ncss riats hy thr many ueR trust eusursuire ftst
The aHnual statement u the New Yorh state ssper.
iuteadent & bsnssps has Shown thst tn- derosits
ms 81 the eSpenss q the hanks were ispIr,e4
snne 81 coa o9 for The last ak months Coz Isa
nWrine the same period TIE dercsiis &c the N-y
Nolk llcsrtnS house tants zen % siS 40 M ne
deposit accuNrt ~ tntfricr hNDkx shows thar las.
rAn y ths total saW - A2-d.eN ~ had some into
ule Va ne interior THIS transfer 70 depQsiis wsa
without dcHhs laFEeiy duc 60 obligations insured
b. New Ncrk nuticAtes and hsnke0s thraHsh pta-
moisTs Ter taking ur securities and ptupert.e, q
The constituent eCnpanies in tho great industrial
combinations q last year Sincs thc hrxt a this
Year. rsyilt probably for annusl settlements.
tshnss Of account &c the deposit e the Ncv
Nnrk clearing hcsss haaks have recovered 10 ne
extent az 81. .1s3 Rnt loans have beer ma
"a the same tiue So The extent u 81 r6s oC ana
ceFtcus5 poe fof nee Ia tAe stock nAset The
~ % ca.h ae' seea also turned swo floEn New
hhiss shown 70 last Fcars experience Il the rasaei
COS apsoip pics o capital IS The Industrial sn3
commercial exrAHsieu aud Gtvsopment 4 the
cauntry Is INC urAsYylaz motive n ~. sn.r,iv4tv
q speetlt'en Here tni there s,oess shsw strcnetA
on eeotuE- prorE - hy xcai assurance q an ia-
asyuaaa the magkrt b qua ara narrcs Al rfhs~
points there Is wsakrss aad lissiaat.cn On thrsst
sned iu'esTiS q aissae1is Ga scynaat q ausncial
able movement shsort Al 80 attenticn N re- ~,
feasicna crsTatuTs vAo essead Gu d4iiy ifadas for
their proats
better, mercantile raper Coz time tosnt thrv are
indlsTsns 20 place can loaas az 20 2. pcr -rnt
On the other hard, specplsicr arr not disposed 70
svan themselves q rsr cent rate for can laans
WITH the possibility that dmieihiae surplus r.sr,s
VIII pFvciNiats cAilins Of aaus sH3 magsug % u
rates
ishirz scale 10 an irregular market The marEs,
Tor government brnas has heen unusuauv s-tire ~
rising prices on account q ne psndsney o. the ~
frnaing measure United States y advanced 4
the 9s A. 'he Is. 1 aud the cid d and ss "A per
cent IN the tid pgicc
Weekly Hank Statement
wetkly bank statement l6ve days.. Surplus re-.
serve decrease St9ST l2J loans insrssse Sl ls 30
s. Se6 40 deposits increase SSii 100 banks now hold
sia SIS 50 IN excess Of legel requirements
bank statement for tAs week ending rssruasy "A !,