The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-07-15
NEW YORK.
The Stock Exchange.

NEW YORK Jply u-Th. sole interest attach
ing today's stock market an example ~ dull
ness In that respect il q true index n the
speculative condition which Is one Of entire uneer-
aiu,y and lack II conviction. Even the professional
traders who have constituted Themselves the cham
Iions ~ certain stocks during the week were not IN
evidence, and only small trades between the resn-
lar frequenters q the floor were made at any time
Offerings sell made unduly large nrosds on prices,
because stood ready to buy, and any demand
10 buy caused rapid advance, because no one was
on hand TO sell Most Of the board members were
out Of town for a holiday. confident th,t nothing
that could occur would induce any sudden activity
10 dr~einp some de4ultary efforts were made TO
advance Union Pacific by making bids for the next
dividend vpecifc in the number Of shares at
higher figure than the prevailing dividend rate But
these efforts secured little attention The market
was as whole lower than last night, when the
bank statement appeared There was some little
buying then to cover shorts sterling eIchanse mef-
ket was nominal, as usual on Saturday, but the
posted rates for demand sterling was advanced ic
in response to the rise in London discount IL IA
pretty certain that these Developments foreshadov
an advance in the Bank Of England minimum dis
count rate and exports d gold from New York next
week.
Prices ~ stocks are higher again this week. but
the movement very irregular and the higher
prices were not maintained In any case. The move
ment was practically duplication Of that Of last
week and gave every appearance OF being almost
entirely in professional hands and under manipula
ton. It is evident that there has been formed
professional bull party, which is considerably more
aggressive. and commands greater resources than
element that has benefited by the comparatively
favorable results Of the winter wheat crop the bulls
found In that group. especially in Union Pacific. the
most active field for manipulation. Here and there
In the specialtes found a stock which had sd-
vanced easily and brought out little selling. An
other matter which disappointed the expectation OF
the bears was the small effort produced on tho
money market by the unexpected weak bank state
mont for the last week. IL admitted by
Of the foreign exchange houses early in the week
that they might ship gold by this weeks steamcr.
thus making further nrOads upon the cash
Of New York banks But when steamer day
the expected shipments not announced. owing
10 the fall In foreign discounts having wiped
out all the profit on the transaction. This
factor In inducing the bears To short
tracts, II is possible that the United States may
have 10 supply large foreign requirements for geld
some time In the autumn. For the time being the
seasons receipts Of klundike gold are in prospect
for the repenishmeut Of New York bank reserves
aud the actions Of the sub tressury upon the money
market for taking up surplus revenues uncrpect-
cdly light. owing 20 payments az pensions and rre-
miuns refunded bonds. II is likely. therefore,
that small additional inducement would be re-
duired TO draw gold from New York for foreign
conntries
Boods have been very little traded In in spite OF
the Of money and prices have changed little in
either direction. United States retundiug D. when
issued. and thu Is advanced &c and the old n &c in
the bid price