The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-09-30
NEW YORK.
The stock Market,


NEW YORK. Sept 9-The stock MARKET wss
narrow and professional affair today which ended
With show q animation and strength on account
OF the active demand from the shoyt interest," which
covered on the bank statement THIS element saw
encouragement In the fact that the nroad upon the
banking surplus restricted 10 less than s. 900 CO.,
while a much heavier depletion VIA expected This
sentiment seemed not to be affected by the fact that
decline in the reserve requirements Of - 900 90
about BY contraction Of H.e6s, 800 in the oustand
ing loans Of the banks The actual decrease in cash
been expected Besides the liquidation in the stock
market. large volume Of time loans Is said 10 be
maturing At this time. and the proceeds on these
the banks are inclined TO hold for higher rates. as
explained below
The prospect Of favorable Developments in the coal
strike situation over Sunday increased the disposition
Of tho bears TO cover. aud the recovery in prices
from the early low level ran between and points
for the principal active stocks, not few on which
selling Of stocks wss encouraged BY selling for for
cign account and by OF financial difficulties
In Berlin. where the exisences Of settlement eaus
ed 4 Jump Of per cent In the rate Of short dis
count bills The steel stocks firm throughout
Intimations from officials ~ several Of the great
trunk lines Of intention 10 provide for the years
need. forthwith at the pr-.en, price Of SIS for steel
sugars. doing away with some Of the danger Of =
shortage. held down Sugar. feature was. the fur
ther marking down Of sterling exchange rates by the
exchange bankers in spite Of the nominal character
Of the Saturday market
Prices Of stocks have shown some violent 1uctus-
tions during the week, and mounted to level con-
siderably higher than on last saturday The fever
ish condition 81 the market has been almost wholly
due to the difficulties in which the bear operators
became involved through their too great eagerness
TO discount prospective declines In prices The I'M
wieldy proportions TO which the bear account had
attained made Il vulnerable 90 attack and when the
probability became known Of settlement OF the
anthracite coal miners strike. there was powerful
and influential combination OF spectators ready TO
take quick advantage OF II and help the upturn
known to the professional operator
The ready rout Of the bears served to de,ract
much from the prestige Of that party as Indicated
q lack Of confidence In their position not calculated
the stockS loan department 81
the exchange played prominent part IN the weeks
campaign BY the bulls. and the stocks which have
been abundant in the loan department on adyanta-
seom terms called In a large scale thus
compelling the shorts 10 buy stocks 10 cover their
contracts Tens Of thousands Of shares Of stocks
bought for this purpose. the bulls bidding up
prices vigorously In competition With the distressed
shorts and adding materially TO their difficulties.
The elimination Of large short interest has
weakened the technical position Of the market TO .
material extent The money outlook has been lost
the dominant factor in the stock market outlook.
The downward plunge In sterling exchange rates:
under the large offering Of bills against cotton and
grain exports has given rise TO renewed coniectures
regarding tho possibility q gold imports, but the
london and oontinsnsai discount sales ns,s risen ~
gold to New York would be restricted News on
Friday. Of . shipmsnt o. Spo 900 in gold from Ans
traiA to San Fnnetsce suggested source OK add
,iouai relief sos the money market.
The excessive speculative initiation Of last fall has
No parallel In this autumn's stock market But the
consensus Of opinion among bankers points 70 an
active money market later IN the season. and this
prospect sn'ons caution In speculative commitments
BANKERS avow their intsnton 10 give nrxt attention
10 the needs Of their business customers. and theJ
expect tine monsy - loan at per cent Time
loans nov maturing are put into call loans 10 tc
readily aeaiAhle which gives an iilusory ease to the
csn money msrhsA Jhs bankers argue that much
business held In advance until after election viii
uske an active demand fur money at that rate u
a. ~fas ais hat In he
uoney /. rather below the normal than above u,
"a mas been expected, This "a due 20 tho higher
prices n cotton anil grains, making necessary large
spns 81 money 20 eject The MARKETING OF crops
The bond market was weak In the earlier part on
the week bat fVcoserie@ IN some Issues made the
market irregular later Dealings we're not large al
any time
GATED Stats u registered advanced y and
The cid Is and i declined y In tho bid price