The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-05-06
NEW YORK.


NEW YORK May 5.-Whatever deductions are
drawn from the stock market must be almost wholly
negatived for the market continues near the level
Of stagnation. A slight FLIP given to the open
ing by the higher level Of prices in London But the
traders closed their contracts before the days
end and brought the level Of prices back TO near
last nights close Sugar moved quite easily, at
higher range than yesterday and exactly recovered
yesterdays loss a net result Long Island was
quite active and moved up to SO, but closed UNI
changed The bonds Of the company continued in
active demand The statement that the Pennsyl-
yania had acquired control found considerable
dence, but the working agreement with the New
York Central is believed to be involved in the deal.
The story Of n steamship service to run from the
Long Island revived. In connection with
the movement in the stock The reports of the mer-
Of the reactionary course Of prices of commodities
and Of trade activity. The current stagnation in
Wall street is the logical outcome Of these condi-
tons Buyers are out of the market But holders
Of securities not yet sure that the current re-
action is not making for the ultimate health of
business. II Is perceived that the recent high level
of prices was such not only TO uuduy stimulate
production. but also to decrease the consumptive
demand Securities are obviously being firmly held
until the problem Of the level of prices and the
volume Of consumption shall adjust itself TO afford
basis for estimating future returns.
The stock market has given evidence, during the
week. OF having reached adjustment to the new
conditions presented by the unexpected develop
ments in the iron and steel trade Of three weeks
ago The liquidation induced by that development
oyerran itself, is the inyariabe rule with specu
lative movements, and the bears last week had to
bid up prices to get back stocks which had been
the sustaining force of the demand for the
sold bears and the vibration Of prices has been
diminished The professional traders in stocks, in
whose hands operations have been largely left have
met with little success in moving prices. The de-
clines from their short selling have brought out
very little stock, and the prices attracted fol-
lowing TO take stocks off their hands.
Buyers want more light on the future course Of
business before taking on stocks large cause OF
perplexity the outlook is the present refux Of
currency to New York bank reserves, from the
interior. The gold export movement, now fairly in
augirated, is result OF this. Ordinarily the
portation Of gold has unfavorable effect on the
stock market account Of the apprehension aroused
that tightness Of money may result In the present
market that effect is due to the feeling that the
plethoric condition of the money market ia regis
ter Of declining interior trade and reduced needs
for money owing 10 the decreased business. The
recent developments in the steel trade give special
point TO this apprehension. That the eountrys
business is not finding full employment for all the
money in the country is evident from the action
Of the money markets, but the increase in the
money supply TO be taken insufficienty into
account According to the monthly statement OF
the United States treasury Of the total amount OF
money in circulation in the country, inclusive OF
cash in the treasury. the amount, May l, 1900,
showed an increase for the month Of April Of $685.
30 957 and for the twelve months previous OF S26-
057, ST..
The bond market has been dull and has moved
In sympathy with stocks
United States old Is advanced l per cent, refund
ing 2s when issued I, Is and IS !, and Is In
the bid price,