The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-09-23
NEW YORK.
The stock Market.

NEW YORK, SEPT. 22-Stoch weakened afresh
today, aud after two hours of active trading the
market closed active and weak except for the If
regularity caused by shorts buying to in
Of the stocks which had been most severely raided
by the bears Only in Tennessee Coal was the rally
as much as point leaving net loss Of points in
that stock The coaers. he hgh-priced specialties
and the steel stocks except the steel rail makers
show the heaviest losses The riotiug and boodshed
in the anthracite mining region had depressing in
huence the whole list. and Reading issues were
especially affected. in the hope that has been in
dulged that its mines would not be shut down.
which Is disappointed by yesterdays cessation Of
work in that compsnys shafts The light buying for
London account entirely disregafded and the
slight demand from bargain hunters, which made
its here and there without influence
IN checking the liquidation. The railroad group
did not escape the prevailing weakness, and stand
ard railroad stocks we're as much depressed stocks
OF minor roads. There examples Of a loss of
point in the trunk lines the Southern group
the Southwestern, the grangers and the Pacifcs.
Baltimore 4 Ohio and Louisville 4 Nashville
most conspicuous for weakness. The bank statement
seemed 70 preciptate renewed selling, although IL
weaker than had been expected. and in the
decrease in loans was rather better
Prices considerably lower result Of the
weeks trading in the stock market, On Monday and
Hiesday there seemed TO be an effective check to
the liquidation begun Friday and Saturday Of
last week. and the demand from shorts to cover
effected some considerable rallies but on Wednesday
the liquidation renewed in force and broadcned
out 50 TO include pretty much the whole list,
active ~ well as dormant In the latter class some
heavy declines recorded. owing to the length OF
time which had elapsed since there any trading
In the stocks and the change IN conditions in the
meantime.
week have not been important, but the conviction
has been forced upon the speculative element,
which has held out pcrsisently for high prices that
the usual factors making for depression at this
son are not 20 be evaded this year For time
past various speculative pools have been at work
In the manipulation Of prices here and there,
times BY dissemination Of unwarranted assertions
regarding prospective dividends. the entrance Of in
nuential elements into specific properties and
such devices The task Of sustaining prices has been
comparatively easy. owing to the hrmness with which
the controlling interests In various stocks have held
on and the continuance Of low rates for money But
while the bull party has been able 70 sustain prices
by careful nursing the market has been entirely I'M
at 10 absorb any realizing sales owing to the deter
mined ahstention of the general public from any
buying Even after perceiving this condition, the
spectators held on in the confidence that the mon
ey market was to escape the usual fall stringeney
and that they would he able TO carry their apecula
tive holdings 10 the later period, when advancing
prices generally expected in Wall street. But
unmistakahle premontory symptoms have developed
this week that the course Of the money market ~
TO be about usual this year The spectators have
therefore abandoned their attempt 10 maintain ~ -
and have thrown over their holdings bringing oat
other offerings on the decline is invariably the
result Of fail in prices
Foreign gorernrents needs for loans TO meet mill
tary expenditures have absorbed large credits and
the German money market has had burden 20 car
ry N initiation Of capital issues industrial pro-
ject. Furthermore. the London market is still cut
OF from its recert Of gold supply in south
Africa. and the large sums Of gold which usually go
from Australia to London have been diverted 20
San Francisco. In consequence New York bankers
have been large lenders in foreign markets. and 70.
{
/ 2 local market Interior markets. in the mean
time have been placing loans in the New York
market The effect Of these conditions. which have
been rpcniug for long time, became manifest last
| week when demands made upon New fouk bank
reserves for currency for interior points The hope
that the Galveston relief measures made last week
movement abnormal Is dssipated by this weeks larg
| er movement, demands from Western points being
| added 10 those from the South. New York money
rates have apprecabv in response. aud specu-
latite sentiment In the stock market has been much
| more sensitive Ia elements " uncertainty in the
outlook The coal miners strike, the unsettled wage
schedules in the steel trade and tho growing com
plexity Of the diplomatic situation China have
\ PLAYED parts Of increasing Importance. u ~ re-
called that in the experience Of last fan, the needs
"A speculative holders q stocks the last 70 Ia
| consulted by lenders Of money and many industrial
dividend paying stocks rejected as collateral rot
| loans The call loan rate on the stock exchange
| SCARED 20 is6 per cent, While no more than pei
| cent was paid for loans the ordinary busines'
| transactions. These are the considerations tha'
| have induced the weeks liquidation
| The bond market has been only slightly Affected
! a. COMPARED with stocks but liquidation has hesr
/ in evidence there also. =,
| sew q coupon advanced y auad the old Is
per cent. in the hid price The "a declined u pei
]