The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-03-18
NEW YORK.

% % %
NEW oRK
The stock
NEW YORK. March 1.-THE stock market con.in-
ued almost In professional hands today. There we're
Avenue over a range OF 81 and Sugar continued 10
share with that stock the largest amount Of atten-
uOn- tennessee Coal advanced 3 points aud gave
sympathetic strength to other iron and steel stocks
on the action Of the directors IN placing the com
mon stock on the dividend list by ordering a dis
b%ursemsnt Of the 2 per cent. after providing for the
claims Of preferred stockholders to accumulation
OF several years dividends. There was a good mar
net Tor American stocks in London and an early
advance ia sympathy here, but the weakness Of the
local traction stocks and uaeasiness over the bank
statement caused q sAssing market, NJ 70 the time
OF the appearance OF the statement, when there came
q smart rally A sudden drop In Third Avenue to
below 81 and renewed weakness In the other trac-
ton stocks checked the advance and settled senu-
nent But the closing was fairly steady aad show
ca net Cams except IN q few stocks The bank
statement was a surprise in many particulars.
wasers had been freely made that the surplus
would be entirely wiped out. The fact that Il was
reduced a little more than half, therefore. had a
sentimental effect against the bears. But the sur
plus Is so small in any event as 70 leave no great
difference In the condition reflected BY the banks.
What was OF special Significance was tho loan con-
the process Of liquidation has commenced Of the
extensive leans taken ont by the banks here and
elsewhere. TO buy government bonds for the pur-
law. Chiefly from this cause the loans Of the New
uary u TO March 10, no less thar ~, as, 600 The
large applications making to the treasury depart
nent for ths conversion ct present bonds into new
d gives promise OF prompt relief for the money
market BY the dishur>sfncnt Of the premiums on the
Old honds. i Is highly Significant also. that the
New York subtrcaaury begins TO reflect the payment
Of pensions in its reduced drain ON the banks. thus
promising relief from the factor that has caused
these accounts the belief Is held that today state
msnt marks the elimination Of the decline in the
surplus reserves. The quotations made IN todAy's
money market were hardly more than nominal, as
loans made on the stock exchange on Friday after
noon carry over until Monday. Not the leAst sar.
prise In the hank statement was the fact that as a
result Of the hrt week the new hank currency law
a. IN operation, there IL an actual decrease record
S2.so
Speculative sentiment IN the stock market has
been suspended during the week between a ccnvie-
ton that the new hank currency and government
sisofatins dow into the seins q circulating medium
and a doubt whether the effects would become 0p-
srstive scon enough 20 c~ounterset The factors con
stnctins the money supply in New York and threat
enins a pinch In the immediate future. The con
tinued dunness 81 the demand fg stocks dunnF
throwing ever of stocks hy tired holders, who had
bought 10 discount the effect y the new Law and
in maaifssiins ITSELF There wss some Calling y
loans on account Of the diminishing reserves d
consequence. Hut tho selling seemed to he ron
hned to professional traders II stocss and those =
Lesser importance Only part ~ ths week, gain
was loss. and the general lsTel Of pucss IS somswha.
higher.
been Investment buying, especiaily In the bnsid mar
hot. sSariiDs an effective supIsst 60 confidence
in the intrinsic valee q secnfttiea, however .they
money market. Ths dini-ait, te no New York
money market 70 due TO tho cuutinnsd drain q cash
las anioustsd 70 9.Na.a0 htiusips the total Or
Tho three weeks last psst g. o'er Na10.en A the
~ March thus fsr anaauuts oaly - between E9o
go aud N,oN.00 h q clear that the1e have Nacn
"pas1 points chan Neu York nat iaere Is a cor
unued demand nesgrthsless fmn ne mtetW