The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1897-12-05
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. 4-The stock market
was left almost entirely to the room
traders, and they seemed disposed to de-
press prices during the early part of the
session by short sales. Their efforts met
with little response and they covered be-
fore the close, bringing prices in most
cases slightly above yesterdays close
The movement of prices, was, however,
trivial throughout the day, except in u
few special cases. Manhattan reflected
the anxiety of those who had bought
yesterday under the mistaken idea that
the underground rapid transit plan had
been declared unconstitutional.
Heavy offerings at the opening sold
the stock down a point, the lowest of the
day. The close was near the low point af-
ter full recovery in the meantime. All
sorts of rumors were afioat regarding the
stock and the dealings in it were at times
quite feverish.
Sugar was traded in for the most part
at level below yesterdays close the
supply of stocks being apparently larger.
chicago q Northwestern showed degree
OF strength on account of its large per-
centage of increase of earnings for the
fourth week in November. Susquehanna
& Western continued to rise in price and
Delaware e. Hudson of the coal group
sympathized, but New Jersey Central and
the Reading stocks, on the other hand,
were heavy
To-day's news, so far as it was regard
ed, was favorable statements of the
fourth weeks earnings that We're pub
lshed showing large earnings and hand
some increases. The increase in cash was
not sufficient to cover the increased
qulrements of the legal reserve caused
by the heavy increase in deposits, and
the consequence is still further declines
in the surplus reserve. There has been
nothing in the requirements of the money
market during the week to account for
the expansion of $3,476 500 in the loans,
and it is probably due to borrowing on
exchange. This is part of the somewhat
complicated operation, the simple result
of which is to leave at interest abroad
money which has accumulated there
credit instead of drawing on It by eX-
change bills. 1t is estimated that more
than M0,000,000 of foreign exchange has
been allowed to accumulate in this city
during the week, and the fact that prices
of exchange have not been materially
lowered shows that it is withheld and
the money loaned abroad.
There is a continuance also of invest
ment buying of long exchange in antc-
patton OF the usual return movement of
trade after the first of the year. Although
the imports of general merchandise at
this port for the week show a sharp fall
ing off, the receipts at the customs house
indicate a growth of the import move
ment during November, which buyers of
long exchange expect will increase still
further as the stocks are worked off. :.
which were imported in anticipation of
the tariff law. Unless the import move
ment of general merchandise shall be-
come very heavy in the next few months,
long exchange must prove poor invest
ment in view of the enormous outgo of
merchandise of the last few months. Lon A
don advices during the week have re-
corded a very heavy American demand in
that market for high grade American
railroad bonds.
The same demand had existed in the
New York stock market, with a very
limited supply, which was largely fur
nished for foreign account as well in
London This would indicate a further
heavy transfer to this side of the water
of the highest priced railroad securities
in sufficient volume to have quite an APP
preciable effect upon the exchange bal
ance. The activity of the bond market
has been a feature of the stock exchange
here all week and the total dealing in
bonds on Thursday We're of par value of
nearly 81, 200 900. The activity of the stock
market has been spasmodic. The week |
opened with evidences of an awkward /
outside interest in the market due to |
the sharp advances of Friday and Sat
urday previous. But the buyers of that |
period took occasion to realize ON Mon |
day and turned prices backwards again. |
Tuesday and Wednesday the bulls load
ed UP again and prices slowly hardened. |
Thursday opened with great animation
and rising prices, but while the ANNA ton
continued the rise soon came to stop
and soon prices were falling quickly and
sharply. This second realizing movement
by the powerful operators, whose re-
sources enabled them to manipulate the
prices threw the market into stagnation,
from which it showed no sign of recovery
either Friday to-day. The reactions
have now, however, wiped out all gains
and the week showed net gains Of be-
tween one and two points in many lead
ing shares and exceeding two points in
some. The rise of Tuesday and Wednes-
day due primarily to the aggressive
and confident buying of influential and
combined influence. But the factors
which induced large following were the
favorable railroad statements and the
statements in general of gross earnings
for the fourth week of November. The
free offerings of stocks on the advances
show the disposition to await the shaping
Of policies by changes before buying Sc
eurities to hold.
The bond market has shown less hest
ancy than stocks and prices have stead
~ advanced, though periods of lessened
activity have accompanied the declines in
prices of stocks. The supply of high grade
ponds has been unequal to the demand
md the demand has overlooked to the |
ow priced bonds, which show notable
rains in bonds. Total sales 81. 700 OO0 u, |
J. bonds We're strong. The new As We're
I higher bid. the 2's 21s higher bid and
he old As registered and SIS registered
ire u higher bid but for four months in
crest.
New York Closing Stocks.