The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-12-16
NEW YORK.
The stock Exchanxe.

NEW YORK Dec l5-A conviction gained ground
over night that speculative oubnrst: involving. as
H. did. high.grade railroad stocks, had more sisnh
than the apparent imminent relief to the mon
es market on the Forthcoming enormous disburse-
mcnts BY the government and corporate interests.
The street. having in mind the successful deal IN
the anthracite ccs industry, was inclined to regard
with eredencs the various minors sfloat rs 70
the absorption Of representation in governing boards
Of railroads having favorable geographical locations
This pocy fof community of interests IL expected
TO bring about more stable economic conditions and
reduce TO d minimum the possibility nf rate wars.
As far the rank and file of speeulators was con
cerned. the expectation that the much heral1ed pinch
in money rates would not be realized sufficient
10 revive the bnilish spirit which has been dcm
nant for time this account LoudoB's re
Spouse 70 bnoyant close YESTERDAY was encourag
ing. and during the course Of the des the foreign
market bonght about 100 shares. At the opening
pronounced advances were made IN various stocks
but depression was noted ia Others and ii was
not until after the publication Of the bank state
msnt that the advance assumed importance and
the market became very animated and broad Most
substantial gains we've made In the Pacihc~ ~.
Paul sugar, Atehisons and Bloosiyn Transit Union
Pacific aud Northern Pacific ruled at about parity
until lust before the close. when excited buying Ut
The latter rushed II up TO 7sh compared with s2Ts
at yesterdays close. The earlier hsayiness of the
steel stocks dtspslled. and they closed With
small gains Speculation left on with buying very
confident and the tendency upward All the world
looks 10 January as the annual settlement period
for collection and for payment and other time
o. the year h 50 much money needed Tor exchange
and snch large demands made tor certihates Those
who have their own resources available. while not
active bsder~ Tor loans. fednce the available credits
hs putting then money to their own use which
might otherwise be- available for lending The sum
u tho Obligations to be met ON Jan,tars next ia
the United NtAfcs " gfeater than ever before A
large proportion u those obligations are for inter.
est aud dividends on all sorts Of secnFita~ repre-.
seniinS distribution a. ssruings from profitable
business The fact that the som 4 the largest
this year in the eo'atfyx history H. therefore con
sideted pFodf ~ prosperity. but the fad j. not Al
tsrrd that this process ~ disbursement; a earnings
and nfcfts makes corresponding requirements on
all the vast and complicated machinery 4 exchange
and moaes. The special bearing q this condition
The ssetk market lies ia the TACT that IN, eapi
tast~ choose 20 place luans Tor use Ia specaIatlpa
IN stocks ani afic efefy form - demand for rffirs
has hcru fnlf supplied II l. not sfranfs therefore
that The stock MARKET Is krsnlJ sensitive 10 me show.
ING - the surplus reserve item u the haHks a. ,he
shrinkaxe q that item repees4nts the certain mos.
pct ~ calling loans and forcing 70 vale securities
held With the borrowed money Naturally onIx
sinks hsld f0t speculation siih borrowed m0,ex arc
toSccd io .ale ~ time whHa q mones pinch 4 i,
itself 40 tnfhcatien u active trade aud psn..sefttt
Holders = securities who oNn them outright sfs
rather iuriincd 20 add - their holdings Al s5irb
tins than % par, vita them, 70 far their means
viii allow.
Feressn holdiaSs e Amcrican securities are 40
much rssaiiced that only smsn 0hertrrs Would Il.
esthrtsd 20 b. ioSecd han,e b a money .,rinesnev
and thew 20 fear q sold heing drawn ahrasa nm
hess w The event e ecnsnlsicn n forsisu rlonev
markets
me marAsi fgr railroad boaas -. hen srti,. ana
Average. United states = advanced 4 ana 4.
= EeT oput oFes the cali pEcs q a week ago
Weekly hank Statement.
10 stkly statement q averages q ihs associated
teans ESs- "a 0s: secrease. SIS ssa 90
ntpS-tts- So ~ Nc decrease SIS r6fU
ttll1lailoH Sn,'ei0n incrtass Sis TO-