The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-01-21
NEW YORK.
rhe stock Exchange.

NEW YORK. Jan. 2o--lThe market In stocks con-
expectation arc unsSsiins 70 solve Yesterdays
buying Of stocks was prompted by the expectation
Of favorable bank statement The statement prov
ed more favorable than the most sanguine expecta-
lions. yet the market lost tho small animation
II had been showing when the statement appeared
signidcancs those * any amount being restricted
to insianihcant stocks. London reported firm and
confident O but Sat the did not ss,e1d
and irregular. The iscs Ok any upward impetus
TO the bank statement offered q poor market In
which to realize or selling by, Yesterdays buyers
mand they hey seemed saisaed 70 keep thir holdings
But there was no inclination to add to them. The
bank statement fully reflected the expected refux
In cash being no less than Sll556.oO0. II was not
suspected that employment for these funds had
the loan expansion Of ss5sIco IN. buying Of mer.
camille paper by the banks. which has been more
active during the week. Will scarcely account for
much OF this increase. and certainly no operations
on the stock exchange sufficient to account for
that Unless some special transaction is disclosed
combination and notation is beginning to avail itself
again OF the easier money rates The good demand
for bonds cSntinS s today aud prices generally
has been unrecved during the past two days except
BY efforts Of professional operators to induce
dealings exceed 10000 shares and on Tuesday they
a he week hsvs ben n sns al re
Brooklyn Transit and the New York traction stocks
and United States Leather. with no authentic In.
room traders who are interested in these stocks
every day ind their occupation gone when prices
como to . standstill The dealings in the class Of
stocks referred 70 represent nothing more than the
efforts Of this class to livelihood. The evil
dent approach Of cris: in the military situation
In South Africa Is one factor in the waiting att-
tude Of speculation. while enlightenment TO the
future Of business and industry whole Is await
Of the war upon the world the stoppage Of its
gold supply and this only because conditions had
IN London. to the continuance Of this supply or to
Its short temporary interruption. Tho rendjustmcnt
Of conditions to an indefinite interruption TO this
supply was clearly the cause Of disturbances In the
worlds money markets towards the close Of the
year. coming, as II did, sensitive condition of
extensive speculation commitments and price inha-
uon. But, the rcadjustment having been effected.
1t Is not to be expected that the lack Of the gold
output q the Transvaal win permanently cripple
worlds stock 1t Is not so clear that the topplng
over Of the siry speculative fabric caused BY the
Transvsal. is not to have Interior effects The
action Of the money market for some time past
capital to Immediately embark upon the perilous
sea OF speculation. The reaction in money rates Is
now reaching proportions and assuming a character
TO- raise the question whether business and indus
tries Of more substantial forms not to undergo
retrenchment. few weeks ago the Bank Of England.
whc making concessions to attract gold on the
hand. was according liberal credits to the money
market the other with the object Of tiding over
the money. crisis and keeping the money market in
easy enough condition to make government borrow
ing for war purposes advantageous. Both gold and
notes are flowing back to the banks in unexpected
volume, and the money market Is not only paying
on heavy loans to the bank but the interest rate Is
falling into continually greater ease. drawing the
bank rate down after it. The European government
banks show an even abundant ref1ux of funds
into reserves and large reduction Of loan accounts
with constantly declining rates OF interest In New
York the return flow Of funds from the interior has
set In in full and steady volume after having been
steadily away from New York all through the usual
autumn period Of return, while money rates in New
York were soaring to sensational figures. per
cent rate for call money indicates desire TO OPP
crate in stocks, and money lenders show increasing
below per cent.
New York banks ngain bidders for mercantile
paper, with no very abundant supply in tho mar
ket The heavy absorption Of railroad mortgages.
increasing pressure of funds The increasing ease of
money keeps prices Of stocks firm in spite of the
dullness and railroad earnings continue at high
level in spite of decline in volume Of traffic
Of iron and other metals and the weakness IN the
wheat market awaken interest In the stability Of
conditions in those important branches Of the coun.
trys business.
Of stocks. has been impressive In volume and at
general advances in prices United States new tours
advanced l. threes and fves 4, old fours coupons
l. and registered in the bid price.
Money md Exchange.
Money on call. nominal 2l@3i per cent prime
mercantile paper. iaa5t per cent; sterling exchange
sisss demand and slssla4.s 4 sixty days; posted
rates, Sel4d4e5 and 81 So: commercial bills 81 $500
ASH silver certificates. 59ad6oic; bar silver 59sc;
Mexican dollars. 47ic government bonds. frmer
state bonds. inactive; railroad bonds. firm.