The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-02-18

almost wholly in the weekly statement Of the clear
ing house banks. Traders held aloof from the
ket from the outside. and the buying and selling
was entirely in the hands Of the professional trad
ers. These were inclined to the short side OF the
market in anticipation Of the weak bank return
which had been clearly foreshadowed by the record
Of subtreasury operations for the week by the
Of New York exchange. at other domestic centers
and by yesterdays preliminary estimates. by the
banks themselves Of the currency movement for the
week. As is the invariable rule where condition
has been accurately foresesn and discounted the
event brings reaction due TO the taking Of specula
tive profits, either on the long the short side OF
the market, In todsys market the bears started to
cover their short contracts after the bank state
attacked anew in the final dealings making the close
irregular, but the general list firm at the rally
The bears found Pacific Mail vulnerable to further
attack, and had some success with Peoples Gas.
but Third avenue offered some resistance. large
selling order was detected in National Steel, and
that stock was offered down H. causing sympathetic
declines in number Of the other metal stocks
Federal Steel preferred fell extreme q; National
Steel rallied, but dropped again to the lowest and
American Hoop fell suddenly an extreme II in the
final dealings The Developments in the money
situation may account for the weakness in the iron
ndustTials. they are still looked upon with dis
favor by bankers and money lenders collateral.
The decrease in the cash account Of the banks
conformed very closely to preliminary estimates,
and the loan expansion of s3ss 200 created no great
surprise. in view Of the recent tendency and the
well known pressure for accommodations in all parts
OF the business world.
The weekly trade revews sufficiently indicate the
widespread activity in businessrn all lines at high
rate OF prices. Surprise is rather felt that call
money should have continued in apparently abundant
supply NJ per cent uuflhE yesterday. III Is uif-
hcut TO discern any prospect Of early relief from
the factors which making inroads the banks
cash resources, and with continued pressure the
banks at the present for credits the encroach-
ments upon surplus reserves must be rapid.
Generally speaking. the tone Of the stock market
has been firm this week but dull the average days
business falling considerably below half million
shares. Advances have been made in rather de-
suitory fashion, now here and there but once
made they were yielded very grndgingly in spite Of
the dullness.
II became promptly manifested Tuesday. when the
week opened. after MONDAYS holiday. that the
siors weeks burden Of realizing sales was no longer
pressing ON the market and operations bv hull pools
forced hy professional stock traders quickly showed
| themselves
| The strength u the market was due 10 the grow
ing conviction that last years prosperous business
| conditions have fair chance Of continuance. But
10 manifest the courage Of their convictions
| BY buying stocks any considerable scale The
general outside public maintained apathetic at
titude toward the market. Last weet reduction in
| prices, when news all favorable. caused doubt
and distrist in the minds of outsiders. and they
have refused to come hack into the market this week
The public apathy has been weight on the market
and the weakness Of individual stocks from special
causes has been further disturbing factor The
failure Of the plans fund the floating debt II the
Third Avenue Railroad Company, a poor season for
the rubber business, owing to the fine weather. init
nations o. coming suspension If cash dividends on
| Pacific Mail. reported bond issue by Continental
Tobacco TO take up stock Of new constituent COM
| psny-thcse were some Of the causes which caused
weakness in few stocks and rhec ked the Advancing
tendency in the general list Add 90 these dispo-
| Sition 10 caution about 0ycrstraining the money
| market, in view u the heavy demands making upon
Il for use 10 the regular channels Of business and
the renewed absorption by the treasury Of the rev.
! cuue surplus since internal revenue receuts are
flowing into the treasury instead Of into
depository banks. and the factors Of reaction are
most Of them enumerated On the other hand are
details Of prosperity from all sides Current rail.
road earnings az an unprecedented level and m,
! volume q merchandise traffic is undimir!shrd ia
spite Of higher rates In effect thus more than Of
| setting small movement In grain and some 0tl,er
agricultural products. The working ont II plans for
dominance in control q competing lines by great
railroad systems gives evidence q urugrcss especially
IN the southern group Of trunk lines ard the out
/ lines Of an agreement among the two uroat trunk
! hives Ter division 81 territory TO ernesre
The foreign trade statement for January issued by
/ the treasury bureau Of statistics shows that the
foreign demand for manufactures Is wen maintained
IN spite o. the hiSh level Of prices rurE and the
value u GOTTEN experts "a far enhanced in suite
u continued small volume 10 laraui oFset the AS.
rrcpancy htwten agricultural req ~ preceding
months and those Z the PREVIOUS scar The vo5ti'
large nscls fgr cotton sac u#0Csed insure qo3d
mafkct. net cal, foz The moving crop hut for ths
rofaiug oac. with a corresponding Increase ia fhe
bNtrg power et The cotton seftious q che country
The Hsisatiuas outbreak between operators IN one
q tho greatest siecl conpauici has brought Ia
rnlir Notice assertions regarding last vear's proHts
IN ihc trade and cs=+=s n the coming gear prudfs
placing them - astounding proportions Stock q
saeccd in thc market in consequence i spte Of Ia
continued sharp discrimination tgFiust Them a. eol.
lateral by banks ard naaurF lenders professfatai
Crataiors iu sicCH have rr0fesed satisfaction
seeatc, hut the sensual Interest tT ulict rg ifs
rrssent stage has artmc hstss4 ia aranrftl rirlrs
The 1fcct this market 4 f4rarAtia asrri1fseuf,
Ia the nt.tish causTsign ia south Africa has tesu
usiosate, as has hseH shat II The later British
rcvefsFs,
Thew has been GOOD business IN the bond uarks,
8 although rriecl were not fully maintained AZ ~
fsiuts. New . afvanecd 1 and tire cid "a and s