The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-01-28

financing the boating debt * this etInpsny. and
dsnisls followed qnisily @ rimoss The market vas
The rather cheerful tone q the weekly trade 70
in January. and The = expscssiicp q .trons hspi
Abatement promoted buying The December STATE
II decreases Of ss .ae ss sssnnss os shs
month. by reason Of Increased operating expenses
The decrease In net earnings for the systsm for the
stock was offered down 4 sharp fraction on the
showing Burlington closely following and the whole
There vas Su. an Indifferent rally on the bank
statement and priccs were slightly lower than yes
crease again proved a sharp rise. though tho loan
expansion was only fraction Of the increased credit
been borrowing in the stock exchange during tho
week and the time loan and mercantile paper mar
ben Offering additional indncements to place loans
No operations have been known Of sufficient size
TO account for the loan ezpsi.sion q r.5ls.7m
stocks and foreign srbitraee brokers have done
practically all Of the trading on tho stock ex-
cecded In volume those Of last week. and In bonds
hare shown progressive decrease.
srai days. but they but vibrations due to pro-
fessiolal manipulation and tho closing Of contracts
around which he market osciiisted. The reasons
for the extensive dullncss are not entirely clear a.
many condition. conform T. thoss n FORMER Periods
use In business and uniformly favorable reports OF
There is . large body in wall street Of the optn-
ION that the duiines is only e1pcabie on the score
o. suspense over the outcome OF the war in South
Africa. but there wcrc two events there during the
week which were thought Of sufficient Importance In
speculative activity there. without svstsnins any
interest N the New York market. outside tho for
Prices q Internationally listed stocks responded
sharply. - the narrow market made the arbitrage
operations effective In keeping prices near the Lon
i is against the assumption q the dominating in
huence q IN South african war upon speculative
espected to mark the mai submission Of the Beers,
any more than the retaking was to be interpreted
both ,werp deemed important Development and had
reflections a. such in the London stock market,
here in the one case o. selling IN The Other. Il i
safe to conclude from this that the worlds cash
sna have 80, e r The 70 the
floating into the worlds stocks. as not to be Sc
ysreiy shaken BY the events threatening proions.
ment. promising early termination Of the war and
question It is fact that some competent authori-
ties on the money market in wan street
money. outlook. notwithstanding the - present
ease ease o. money in nearly Al departments Tbs
n,ss Part # ahs month brought heavy
sion payments. which kept down the surplus. but
current returns from the treasury show day-to-
deposits Of internal collections In national
bank repositories are also approaching the limits
provided for by the bonds deposited with
the treasury by the banks a securities after which
the taking up Of the surplus by the treasury would
be resumed. In the case Of the London money
ket the Bank Of England having helped to tide
over the annual settlement period with liberal loans
is now recuperatng its and receiving large
payments Of loans Although the bank rate has
been reduced from to per cent since tho first
Of the year IL is still nearly per cent above the
private discount rate and thus encourages continued
paying OF loans
The futures Of the London market depends much
on whether the Bank Of Englands reserve recupera-
ton IS in preparation for loan issues, to
provide for war cxpenses--an event which would
probably draw gold from New York. Added to these
conditions ia feeling Of doubt and questioning
aroused by the very free discussion and criticism OF
q New York trust company These accounts, while
OF importance in themselves. are Of even greater
importance in the principles involved in the placing
OF loans, looking to the promotion Of industrial
corporations. The argument that prices are at an
inviting level must be considered in connection with
the fact that vast amounts Of money were spent at
the extreme high prices last year, compared with
which present prices represent heavy losses and dis
enlargement or inability to buy. These positive
factors toward duness in addition to the mega
tive passive Of waiting for the industrial fi-
ture to define itself more accurately. The falling
on In the rate Of interest of money seeking employ
mont has served TO decrease the demand for bonds
and has resulted in price reactions In some places
The market has continued firm for the most part
United States new Is declined l. the 3s and old
As registered ! and coupon In the bid price.