The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-02-11


Of contracts by the professional element There
was continuing Of realizing sales at the opening
in spite of the tranquility with which the latest
news from South Africa seemed to be accepted by
the London market The rally In the market after
part Of the selling had been for short account in
anticipation OF unfavorable statement The
was considered favorable. but simply that the bears
desired 70 cover their short contracts before the
two holidays pending. There was rather acute
weakness at times in St Paul. Missouri Pacific,
Western Union, burlington and Sugar. The move
ment OF prices was rather cratic, but the net
majority the side of losses. The closing Of the
market was strong at rally on the short covering.
ment confused and perpexed. The enormous
loan expansion caused amazement In no single
reach 1900. ooo In the week ending February
last year loans were increased SIS 5i1 due to the
active hotation Of industrial combinations then
in full force. This compares with s2ll52,iO in
crease this week. Since January - loans have
been increased sn.iss,soO, compared with an in.
last year. when speculation and company hotation
was in full tide. 1t is suggested that some of
the deposit accounts which passed from the banks
to the newly organized trust companies during the
course OF last year are now coming back to the
business or speculation to account for the recent
great extension in the great loan item Of the clear
telegraph for five days to the Financial Chronicle
show sharp falling of at the principal East
ern eities and increases at Chicago and ST Louis
the increase over last year is nearly 20 per cent
The increase in the South is doubtless due largely
gestive OF the future demand upon New York for
funds from that section, But the clearing house
returns serve only to thicken the problem Of the
phenomenal expansion Of loans The upward move
ment OF prices, which found its inception last week
In the metal stocks. broadened out this week so
to embrace pretty much the whole list OF
curities dealt in -eH-rhe New York exchange BY
the middle OF the week the advance had apparently
reached its culmination. and on Wednesday after
the bears succeeded in topping the
extended long account OF Spectators with INSULT
vened. Such reactions inevitably discouraged out
side interest in the market and business fell back
into the hands OF professional operators or large
moneyed interests, who have do with the control
and detailed knowledge Of the affairs Of the great
corporations The movement OF the market has
been almost wholly due to technical causes. the
general Of business being. with hut few
eeptions favorable and avaiiins not little to main
while II showed weakness due TO the technical
The advance in prices was viewed with more or less
distrust. owing TO the palpahe manipulation which
accompanied IT, Professional bull pools, known TO
be long on stocks. were observed TO be bidding mp
recognized principle Of action among professional
operators II is one Of the strongest propensities
OF human TO desire possess something that
Is to be advancing in price, So that pool
Of stock operators altar buying thousands Of shares
for male. son.. 81 s,oss " e sscisye 0s
may End sufficient demand for the stock aroused
arnons ~. outside public 10 absorb all of the pool
holdings at the higher level Needless 70 say. such
an operation IL assisted by any authentic good
news r.ssrdins the particular stocks Affected. or
regarding the general speculative prospect, well
by uInnors and tips of good things TO come.
the latter being effective with reckless Glass
of spectators than the sober and reliable business
facts But however true the news may be which
accompanies a rise. the completion OF the above
ened condition technically Stocks held BY com
pact, well organized pools with skill and money
to buy up the supplies Offering and thus
maintain the price, have passed 10 weak and scatter
ing holders who have bought them with borrowed
money on a narrow margin and who have no re-
Then comes the bear operator in stocks. who sells
large blocks In buoyapt market and horrows them
for delivery until he has offered prices down aud
wiped out the margins Of the unfortunate specu-
iator. forcing him to sell out at lower fgnre TO
the profit Of the bear The outside interest aroused
In the stock market early in the week by the
manipulated advance and the favorable news devel'
cpments we're 40 considerable TO absorb the bold
ings Of speculative bull pools. snd also according
10 current report and indications. some large hold
ings by banking and large financial interests which
bought stocks In the December panic at level of
absolute safety Conservative interests Of this class
take certain uroft on such holdings rather than
hold for further rise prospects Of future value.
The rather violent collapse In prices Of the mid
week and tho steady realization showed conclusive
" that a considerable proportion Of the previous
buying for purely speculative account by weak
interests, But In many stocks there has been evil
dcnrc II large and persistent demand at all price
levels touched. which Ia good indication Of
absorption going for Investment issues The
ms the declaration o, or increased dividends
both on railroad aud industrial stock. the high
large volume q their traffic 10 spite q advances
~ freight rates now in force and the prospect ~
advances 70 come IN othaT classes OF freight. notably
10 hituninous coal
Plans for the consolidation n competing railroad
systems also ia process q eompehon The
numerous rsmhcatons Of the great iron industries
show healthy tone for the future contracts which
all that can be coutiiercd IN that business
ina so the full engagement ~ present capacity.
large hank Clcariags outside the money ccutcrs q
the East show the continuance u a general bust
activity ahove last years high level noteiih-
standing the falling or in purely speculative setiv.
ity Tho high price and The active market foF cot.
ten believed q assure future prosperUus cundi-
~ nj art
products from lsrEe portion * the country. Money
soipton BY the United States treasury IN taxing
~ nie revenue surplus and the reduced inaou 20
New YORK. owing 90 renewed use n rnoBcY IN bust
ness At iRtsriur points admanishes - caution IN in
aatiNu 4 credits uHsgund speculative values
The husiness IN bonds has hscn on a fairly large
scale. and the tendency ~ prices has hasn Sorse-
what MIXED United states j. advanced 4 the Old
q and - and the Is IN the bad price.
Money and Exchange.
MONEY ou call, steady, PER csat prime ner-
caniNe pSrsr, Asa Per cent. sterling erchanse.
steady win sctuA business IN barker bills At
~ "a Or demand. And AZ 81 81 Tor O. DAYS, posted
rates. 81 6 and 81 So Commercial bills. 81 Na44 u
silver ceJtiocH'rs. sfssc bar silver. ss.s Mexican
dollars. G4c government houis, wcsf. state honds.
inActiyo' rs4road banis irregular
Weekly Bank Statement.
Tue weekly haHk statement.
surplus reserve. dstrase s. ~ 20 loans increase
SZLBLtA. frscie. increase q - 20: legal teudeTS