The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1897-12-19
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Proceedings.
NEW YORK STOCK REPORT
Digest of Exchange News-Mining Stocks.
Metal Quotations-Wool Prices and
Movements-Grain and Pro-
duce-Review of Trade.

New York, Dec. 1S-The rise of prices
was practically uninterrupted during tine
short session of the stock exchange to-
day. Some very sharp net gains are the
result, exceeding per cent. in some OF
the specialties, over a point in a large
number of leading active stocks and
sharp fractional gain throughout the list.
The rise was almost wholly the result OF
professional buying, outside interest in
the market being at standstill. Bull OPP
orators extended their lines aggre ssively
and the bears covered heavily. Prices of
Americans were higher III London this
morning, that center having become quite
persistently bullish on the outlook for
values in this country on a long t.rn.
This melted an advance in the interna-
tional stocks from the opening. The spe-
cialties were the next to show strength.
Manhattan becoming buoyant on the be-
lief that the conditions imposed on the
underground rapid transit project by the
appellate court would be in effect pro-
hibitory.
Local gas stocks enjoyed the benefit
of rumor that differences had been
adjusted between the interests seeking
an amalgamation of the gas companies.
Sugar was also quite buoyant on COW
ering of shorts. But the incident that
determined and awakened a general buy
ing movement all through the list was
shown to be erroneous. that more than
half a million dollars in gold had been
taken from the Bank of England for
shipment to the United States. had the
effect of dissipating some of the fears
of traders in securities.
The weekly bank statement, with the
large decrease shown in the surplus re-
serve, gave only momentary pause to
the upward movement, which was then
renewed and continued with buoyant
tone to the close of the market.
Much stress has been laid upon the
government announcement that it
would begin the redemption of the cur
rency 6's. which mature on Jan. l. on Dec.
a. as promising to offset the withdraw
ais from the money market on account
of Union Pacific payments. 1t is however,
pointed out that considerable portion
OF these currency 6's are now in the
treasury as a basis for circulation and as
security for government deposits in the
banks. 1t is not likely that they would
be offered for redemption before ma
turity, and If they were they would not
relieve the situation. There has been.
in addition, an outflow of currency from
New York to the South the last three
weeks, which is unusual at this time of
the year and promises to accentuate the
temporary scarcity of money here.
Foreign bankers express some skepti-
cism regarding the gold engage ment in
ing. The government trade statement
for November issued this week. shows
this balance has increased still further
in our favor by more than $64 900 900,
which makes the balance I'm our favor
from the beginning of the fiscal year
until Dec. / 1929 456, 900. The ruling pr ce
of exchange is known to be highly arti-
fetal. due to the leaving in England and
Germany at interest of millions of dol
lars due on balances to this country. Tn
der the influence of the higher rate for
money exchange rates have declined dur
ing the week and there has been n cessa-
ton of the investment demand for long
sterling.
That there are great sums of money
in Europe available in case of need in
this country constitutes one of the strong
est factors in the money situation.
Bonds went up and then went down.
like stocks. but still show net gains re-
naming in most issues. Total sales. Sl5
500 900. L. s. SIS have declined Il bid. tie
new As coupon u and the new AS register
ed IS bid during the week.