The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-04-01
NEW YORK.
The stock Exchange.


NEW YORK, March 3l-wan street was treat
ed to agreeable surprise today In an unexpected
~ favorable bank statement. The most sanguine
preliminary estimate u the gain in cash BY the
banks for the week on the interior currency move
msnt. and the subtreasry operations did not ex-
coed 50, 900. 900, The actual return shows a gain
Of nearly Sc 900 90 The explanation of this large
increase In cash Is not easily perceptthle. IL may
-, ~ ,utsrinr Nv the h.nts have included 4 large
proportion Of their note issues, while the Ie-
ceipis have been made up Of legal tenders The
process Of sorting thus involved would WELD a
larger return to the banks Of cash available for
reserve than would be indicated in the bare figures
Of of receipts shipments in the interior
movement II would be by some SUCH process mat
the bank notes will displace the legal tenders
m actual circulation ana t,u. maze mem msis
possible explanation of the increase in cash in
that loans have been paid on in cash The loan
item shows that the new demand on The banks
for stock market operations and for April settle.
ments has more than offset the liquidation of
loans for holding government bonds designed to
use as security for note issues. The result is a
loan expansion Of 81. 900 Had it not been for
the unexpectedly large gain in cash the increase
in reserve requirements this involved would have
made inrosd upor the surplus. IL was some
fear Of this showing that caused yesterdays hesta
The feeling was perceptihle to some extent
in the early trading today, but II gave way to the
and steel stocks and after the publication Of the
bank statement, the strength became general and
the market closed active and strong at substantial
net gains all through the list. The bears in Sugar
relieved from their panic OF yes. day by the
war still on. But professional traders handled
new short contracts in Sugar in a gingerly man
ncr The stock dipped points at the opening but
did not 90 within more than a point Of low as
that again and rose at time fraction above
yesterdays high level. The stock very fever
ish and erratie all day.
Peoples Gas was strong on reports of the alb,
sotpron of the Ogden company and failed 10 yield
on drnisls of that report There has been active
demand for securities during the whole week. whicf
has embraced pretty much the whole Of the rail-
road storks MANY stcchs In which no transaction
HAD he.a al for fta hasn hrf cltt
forward TO a conspicuous place in the trading and
the number of different stocks traded IN has
amounted up to $50 or 10 on single day, showing
the grcaS breadth Of the market The average
day business has been close loo 900 shares and
although there has congestion Of business
IN stocks Of the great railroad systems the activity
in the main has been unusually we'll distributed.
The stocks N industrial cogporntions have not
shared in the strength Of railroads. but have on
the contrary. reflected pressure sell until the
shorts were driven 10 cover, later in the week.
have been affected By special causes but the tone
q the industrials generally showed that they arc
believed to be vulnerable to thu Of
weakness as those directly affected
The large and general buying Of railroad seeuri.
ties can only he Explained as due 10 confdence in
tn. sonnduess Of values at the present level ot
prices The level Of intrinsic values in securities
naturally varies with The prevailing interest rate
active business and opport,inie, for profitable nae
OF money there tending 10 bring tax securities on
iii. marte. 10 resl,y. S,pds fap use in he none,
market Tho effects now in evidence u the opera
ton Of the new bank currency and government,
bond rcfunding law gives assurance that the needs
OF 4
circulating medium will be met by this law
Money reserves of banks are thus guarded AGAINST
enrruachmcnt and security holders feel INSURED
against a rise in interest rates which vonia AZ.
preeiatr the value Of returns on their holdings
Added TO this is the assurance that the present
rate Of earnings a railroads must maintain an i'm.
creased distribution Of profits TO stockhollerx and
additions to the value Of equities of railroad stork
While the present large volume a earnings a
gaIruads Il due 10 the very general tyaNic ~ III
is Transported the conservative course M railroad
mana semonts In Accommodating surplses and in n,at
ing liberal outlaws Tor perrnanent mprovrments on,
Of the present large profits gives feeling az coma
turn on the holdings The Tendency ~ tho railroad
manaxements in the Last To-, wear. 10 maize hsay,
outlajs ion permanent work ON he rn,d,,avs I.
bearing fruit IN the reduced reo,,ir.n,.rts ~ "a
new ais ef structures and VOL N ire Same na4ur,
stiIl in ptngrexs gives promise N stiu s,br rsIis
in the future Constant impro,emsnts In motis,
poucr and in snunm.nt are aiao having ,bs;r 10
feet In no incyrsss II, t,ain ia "a sa. ~
the ton milo oesf III tra,snort,tics T,e s,hst,n,ia
vafns thus added Ia ,ail,,ads ~. b;t5, .r.,;a =
tanned making r.ossthio ~. ,,t,,nitr- - -
of mortgaaes AZ Increased io,srast cba,rss ~ 20
tension M control ~ tr s,,sres S,sr ~., ~ ~
ana TX. ,,ees,,s,,,,s h,,';, ..l - ~ ~, US -
la priecs a. The railroad sforLs a,d t.,H III ~
ma1d mad coue aiikr from s,,s's.i,f,rN 90, " ~
from tnv,sttnrs s,,d So, es,.,,.n -. IA, ~
e,gn derana hss -, - ,a,.;.., - -, ~, ~
wsek Ana has amused mnch di $500 y, ~ !,
whrthcr Il repressrts renewed 6TtpTr ~ frrign ,,i
tai in American securities The couybtion Ia.
s, ,h e. tnat l9,s pu5ins Is laIseF speculative
a'sh . view !. sS.lins ogt on ii.r The upward
tn ssu 6 asss ~ sh ss. S' s s9; 4, = {
tauees were But being made for Tho forriTn hffq