The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1897-12-16
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. 15-To-day's market
was largely professional and in the con-
| test between the bulls and bears the for
mer enlisted themselves under the BAN
ner of the coalers and the latter made
the local traction stocks their main re-
source. The fortunes of battle shifted
several times during the day and in the
middle of the afternoon the bulls seemed
to have received 4 great decisive advan-
tage, the earlier marked losses in some
special stocks having been almost entire
ly wiped out and the bears apparently
driven to cover. In the last hour of trad
ing, however. Il large number of loans
were suddenly called and in replacing
them the call loan rates stiffened sharply
To per cent, at which rate a large
amount of money was placed. This in
duced the liquidation especially in stocks
which yielded profit on the days adj
vance The bears, thus encouraged. re-
newed their attention all day and uneov-
cred stop loss orders on the way down.
As n consequence tho tide of battle was
turned completely and victory lay with
the bears. A small part of the days
large gains We're left in some stocks
which had shown most early strength.
but in other leading shares early gains
were replaced by late losses. The scarcity
of money is due TO the operations looking
to the payment tomorrow of an INSTALL
ment of about S.. 500, COO on the Union Pa
cific sale. The previous payments of this
account, amounting TO over S29,039.0D0.
have been LETT deposit in New York
banks. but to-morrow's payment will go
direct into the treasury and he removed
from the money market. Two additional
payments of an equal amount remain to
be made, one on Dec. u and one on Jan.
). and this will also go directly into the
treasury. The payment by the govern
ment on Dec. q on maturing Pacific
bonds which amount to over S29.0G0,l01.
will be made by checks, presumably on
the New York deposits to the govern
ment's credit.
The movement of currency continues
from New York this week. indicating Il
still further decline in the New York cash
reserve. The tone of sterling exchange
was somewhat easier to-day. but did not
respond in marked degree to the hard
ening of the money market. Time loans
for the shorter period also stiffened APP
preciabiy. The early strength in the
days stock market was aided by the rise
in the price of coaielS, due to an agree
ment to restrict the output next year.
The Northern Pacific stocks We're also
center of strength, the preferred adj
vaneing at one time 15s and the common
nearly a point.
bourses showed a good demand for those
stocks.
Sugar was traded in ex-dividend and at
one time during the day showed recov-
cry of one-third of the dividend but in
the latter dealings it succumbed quite
easily and lost over two points on the
day.
The bond market was firm at less ac-
tive prices and the active list was only
about steady. Some of the high priced
issues showed sharp advances. Total
sales $500 600. L. S. new As declined sc
bid