The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-05-13
NEW YORK.
The Stuck Exchange.


NEW YORK. May l2.-The tone Of the trading In
stocks feverish and uncertain today and the
disposition to sell still evident. There was an
effort support stocks and the shorting sell
ing by the bears which followed by buying to
cover contracts Missouri Pacific was lifted at one
time point above last night. carrying the railroad
list with it. The grangers. especially Burlington
and Southern Railway preferred, was pretty well
supported after the rally in Continental Tobacco
preferred from its 81 point slump. This stock re-
covered almost completely before the close Stocks
offered freely at the higher level of prices and
declined TO the lowest before the appearance of
the bank statement Peoples Gas, the local trac-
tions and the steel stocks were all notably weak.
and large losses registered in number Of
shares which have not been traded in during the
recent declines Some effort was made 10 rally
prices after the bank statement because it failed
TO show the expected heavy expansion in loans, but
it successful only in isolated instances. The
close generally was unsteady and net changes were
mixed.
The weekly reports Of the mercantile agencies
frned the feeling that the business reaction has
not yet reached its limits, and that opinions
pressed in the senate yesterday Of the possibility Of
foreign complications. on account Of the Monroe
doctrine applied TO the Danish West Indies,
cited by the bears as further ground for specula-
tive depression.
The report Of a small decrease in the loan ac-
count Of the banks for the week. instead Of
heavy increase. surprise to Wall street. IL
did not alter the belief in the reported loan to the
PENNSYLVANIA. which is today renorted TO be from
SIS 900 600 to 900 The placing Of such loan
late in the week would figure in the bank statement
for the Of only day The calling Of loans
earlier in the week, in preparation for the new
accommodation, would figure disproportionately in
the averages. The effect would be to throw the
showing in the statement of the next week
The clearings statements are lower than they
were week ago after week Of great irregular
ity and uncertainty in movement. For two days
the market looked as though general liquidation had
set in, but the. quick recovery Wednesday after
the result Of movement TO cover by the
bears, who had been selling short. but who became
alarmed at the cessation of the pressure to lquidate
Liquidation, in fact, seemed to be completed for
the time being. and its limited extent gave color 10
the superstition that it had been due TO the selling
ont of pool. whose members had grown tired of
their non success in getting prices up The strong
and skilful manipulation with which the market
sustained while the liquidation being eff
fectcd showed that the sellers had large resources
and wide reaching concert of action. The market
rallied considerably from the low point the de-
mand to cover bear contracts. and efforts were made
by bull pools to extend the advance, but the gem
eral demand for stocks continued extremely pathetic
and the market fell back into dullness and renewed
weakness. Wall street wants to know how much
further the decline in prices of commodities must
go before renewed consumption win be invited in
sufficient volume to absorb production. Upon the
answer to this question depends future profits for
industrial enterprises, well earnings by rail
roads. SO far events of the week have furnished
any light the problem they indicate that the
readiustment Of prices is not vet complete. The
present of money is regarded in unfavorahle
tight a reflection OF the diminished trade in the
interior. but 1t affords for meeting the pres
ent special demand for gold from Europe. On the
other hand should trade revive in the interior.
with the lower price Of commodities and the money
market become more active, any stringency on for
eign markets might become embarrassing. The
volume Of American credits placed In foreign
loans makes the home money market more than ever
sensitive to the course of foreign markets. The
statements for the past week for the great govern
ment banks abroad show that money conditions
there are easter for the time being, in spite Of the
stronger position Of these institutions
Bonds reacted in sympathy with stocks and sub
sequently showed some recovery. United States
funding 2s when issued the IS and old is declined
1 and new As / in the bid price.