The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-10-07
NEW YORK.
The stock Market.

NEW YORK. Oct e--Attention conferred on the
hank statement on the stock exchange today but
the very heavy decline IN the rash reserves 81 the
banks seemed to have little effect speculative SEN
timenf beyond a fiutter among the smaller class
ment appeared. The larger spectators. VINO nave
been billing the market during the week, seemed
content to stand by and watch the effect Of the
! statement on the general speculative sentiment.
The steadlness Of the market under the showing
by the banks surprising when u Is duly CON
siiered that great stress has been laid by the sec
ulators for the rise ON the offsets to the interior
drain of currency which were expected TO mings'e
the cash loss. Even yesterday, when the moremsn.
to the interior was known 10 be large the maxi
mum estimate Of the decline In cash did not reach
5000, 600, The large payment Of Pacific gold drsits
under the system q computations BY daily
ages but instead Of that the loss OF cash LOT me
week was run up 70 % ana ana, me r., seT I.srar
demand for cash has been larger than any previous
week Of the season, and far in excess Of any single
week IN the fall season Of last year The extra
ordinary cotton movement Is undoubtedly respon-
sihle for the showing. The equauimity of specuat-
ors, in face Of the bank statement must be due TO
the CONVECTION that the heavy movement OF cotton
70 the seaboard insures continuance OF the export
movement
stocks cannot be attributed to a demand from tho
short interest. the same as last week There has
been some covering Of short contracts on the rise,
and the professional operators who have the adj
vance in hand evidently hope 10 dslodge the long
standing short interest which has persisted IN the
stock market the theory that the business reae-
ton will he continued and warrant further shriuk-
age Of prices The bull party Is evidently playing,
also to attract outside buying movement OF the
class which nothing but rapid advance in prices
brings into the stock market. The enort has not
proved entirely unsuccessful. but the buying
was hardly sufficient to absorb the profit taking By
professionals who sought to reduce their commit
ments ., moderate advance; The favorable in
crease incidents of the week have beeN made the
most Of hy the bulls but the ioudest proestatons
al confidence In the ultimate outcome OF con-
dtons which the public az large is still evi.
IDENTITY in doubt, especially revival OF business to
last years high level Of prosperity. The manipula-
tion character Of the market evident from the
number Of assertions put In circulation on the
stock exchange which failed Of verihcation
positive announcement that the coal strike had
been called of served Its purpose in rushing prices
up late in the day. and there various rimors
Of sbsorptions and consultations q the railroad
ssstems while brokers vigorously hid up the stocks
concerned with palpable Discrimination to avail
Themselves OF lower prices to absorb the stocks.
But II was notable that the advances thus secured
did not bring out any heavy offerings from other
than speculative holders and price reactions were
not severe when the unveracious character OF
the reports recognized This undeuone al
srmness gave confidence 10 the bull following. Tie
hope Of the views expressed hy authorities In the
iron and steel trade had a marked influence the
the general list favorahy in sympathy The declara-
ton Of the regular quarterly dividend Of per
in Tennessee Coal ended very bold bear campaign
against the stock based positive assertions wide
ly published that the dividend would BE- reduced or
passed The subsequent rebound in the stock had
a REWRITING influence on all the stocks IN the steel
group The placing Of large orders for freight
cars another element in the strength Of the
group From the technical side. the completion Of
recent orders for liquidation Of various stocks
was 4 relief 20 the market and facilitated the ad
vance But the point probably most relied upon
by the bulls the promise Of early imports Of
gold and the apparent aeaaisseenee Of European
money markets by RETAINING from advancing their
discount rates,
There has becn only slight increase in bond
business and prices have moved irresularly United
states new Is declined u per cent. since last Sat
urday.