The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-11-04
The stock Exchange.

NEW YORK Nov. s-The attention OF stock er-
change brokers was largely diverted to the parade
today. and trading was almost entirely confined to
the closing up Of contracts over Sunday. or until
after election. The bears were disposed to cover.
evidently. prices moved upward for the most part
Inspired statements regarding the heavy earnings
shown from operations In some Of the great steel
corporations and report that large contract IN
Car Company helped the latter stock to the extent
Of points and other members Of the group from
70 III. There was an urgent demand from short
interest in Sugar. and Of the New York public
utilities shot upward buoyantiy In the railroad list
gains were smaller. but general. Louisville n Nash
vile sold in small quantities. at ~ over last nights
level and few other railroads gained a point.
Just before the close prices of sharply profit
taking. which was conspicuous in Sugar and Brook
Ign Transit The tone easy at the end Sem
timent was not much discomposed by yesterdays
furry in the call loan market. it attributed
in part TO manipulation. The conditions which made
the manipulation effective are felt TO be temporary.
and the quick weakening Of sterling exchange yester
day. in response TO the rise IN money, gave conf
dence that any requirement for money would draw
additional gold from Europe A feature Of the
outside was bidding up OF Standard Oil from 606 to
$40 The previous high record for the stock was go
ed this week and the volume OF dealings has fallen
on TO near the point Of midsummer dullness. There
Il disposition In Wall street to attribute this 70
controlling interests meaning the interests which
are deeply committed to speculative ventures This
which was the feature Of last weeks dealings has
been largely discontinued II il also true that the
commission houses in Wall street have advised their
customers against further commitments to stocks.
Some Of them have demanded additional margins to
hold stoclo the election thus forcing spec
ulative holdings upon the market. Some observers
the part Of the controlling interests At least
to commeadable self-restrsint about taking all the
good things In sight But additional motives may he
discsrned the foremost being the possibility Of pit
falls In the future for such headong speculative
gait - that pursued last week and previous to that
time Tho speculation has been based on the as
sumption that large demand for stocks will spring
up after the election on the part Of the public at
large. The industry expended In getting prices
to Z higher level has been intended to accommodate
this expected outside demand. But 1t became evil
dent last week that the outside public. with de-
gree Of sophstication for which professional Wall
street does not always give IL credit was itself dis
counting the expected demand by buying stock.
This development threatened the future in two
way. IL cirtaiied the requirements to be left
nllsd until after election and II added to the vol
ume Of long stock which would be thrown upon the
market TO realize at that time The controlling in
terests therefore. sold large amounts of stocks to
feed this auticipatory demand. and called halt 70
the rapid advance In prices. which had been the
means Of attracting IL.
The advance in the money rate during the latter
part Of the week shows the wisdom OF precautionary
measures adopted Had there been much larger
amounts borrowed for speculation, the disturbance
of money rates would have been more severe. and
the forcing Of liquidation on . much larger scale.
the .siscnciss q the month"; ,et,lemsnt .na q
hoped that with the redistribution Of the amounts
thus borrowed. in the form Of dividends and inter
est. there Will b. returning ease OF money next week
Needless to say. the controlling interests' also
hope there will be . renewal OF speculative demand
for stocks with the easier money market On the
side OF promised ease Of money the further
amounts Of imported gold which are still 10 be re-
ccved and counted in the bank reserves. These in
clude another CONSIGNMENT Of over 900 in tran
sit from Australia There larger sums Of Alas
kan gold also in sight.
Business in bonds has been on declining scale
and largely concentrated in few mortgages Of spec
ulativs values. Prices have receded
United States new and old Is advanced y and all