The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-11-06
THE WORLDS Markets
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest OF Exchange News-Mining Stocks.
Metal Quotations-wool Prices and
Aovemsnts-Grain snd Pro-
duce-Review OF Trade.

New York. Nov. 5.-The market was
duh and sluggish throughout the short
session but with an undeniably firm I'M
dertone. closing at best prices. but with
no disposition to take profits after the
two-days' rise. such as might be com.
monty anticipated at the end of a week
given over largely TO professional trad
ing.
The market. in fact. resisted an attempt
to reduce prices after the appearance OF
the bank statement. the attacks center
ing on local securities. Third Avenue.
Metropolitan Street Railway. Consolidated
Gas and Peoples Gas all showed the ef-
fect of the bear attempt. but the market
generally continued upward 20 the close.
NO effect was produced by the action OF
the Spanish peace commissioners in refus-
ing the American proposition for the dis
position Of the Philippines. The specula-
tive mind was almost prepared for a rup-
ture of negotiations. The reassuring words
uttered last night by the British prime
minister and the semi-oficial statement
from Paris served to clear up apprehen-
sion of foreign complications.
The various weekly trade reports were.
on the whole. encouraging as to the bus
mess outlook and there were strong state
- a IIOm l0R tfe-
gon Short Line. Oregon Navigation. st.
Louis * San Francisco. Flint & Pere
Marquette. Louisville & Nashville and
other roads. The demand for bonds was
large and well distributed. There were
heavy individual blocks of the Baltimore
* ONO gas when issued, the Atchison
and Union Pacific As.
The bank statement showed a rather ex-
ceedingfy large decrease I'm cash. but the
TACT that credits have been extended sll.-
1890 I'm face of a decline Of more than
S.OOo,0N i'm cash reserves IL convincing ey-
idence Of the confidence felt in the money
market outlook. Since Sept. l loans have
expanded $f72. 476. 900, while ash has in
creased only sl4. s4s. coo. As a consequence
the surplus reserve is but S279. $50 higher
IMAM IL was a month ago. A large proper
ton OF the loan expansion of course rep
resents money loaned abroad. The recov-
cry OF stocks during the latter part of the
week indicates that the selling early I'm
the week did not extend far outside pro-
fessional limits and for short account. A
dull and waiting market Is almost sure 10
invite this class OF professional opera
tions.
There were various factors pending the
uncertainty I'm the speculative mind in
the earlier part of the week outside of
the group of Industrial specialties. which
were under violent manipulation. and
which made up a large proportion of the
total transactions on the exchange. One
OF these factors was the proverbial disin-
of stock operators to make fresh
on the eve of a general
election. Another was the threatening as
pect OF European political affairs. This
fact was emphasized by news from China
the hostile preparations OF the
and British fleets and indicating
the possibility that France and RUSSIA
were In cooperation to press upon Great
a solution of sundry vexed prob
of international relations which
would threaten an immediate embodiment
or all the powers. Apprehension on this
score was somewhat relieved by the news
that the Fashoda difficulty had been
solved by the withdrawal of Major Mar
chand. IL also appeared that the sharp
in consols on Wednesday was
due TO the process known as borrowing
from the market" by the Bank of Eng
land. which. in reality. consists of sales
Of consols from the banks reserves OF
government securities. The bank Is re-
TO this device to keep the pri-
Vate discount rate up 10 its own rate. with
a view to shift the possible demand for
gold upon continental centers.
The money stringency in Berlin and
London II. in fact, a continued factor in
he outlook of the worlds financial mar
xets. OF domestic affairs there are. how
ever. factors melting to caution and con-
Notwithstanding the u%nfavora-
Die outlook. The unsatisfactory condition
~ the boot and shoe. leather, cotton and
trade are among these. though the
weeks business in wool at Boston shows
IN encouraging recovery.
Something OF disappointment over Bur-
ington's poor September showing was
over from last week. but was
PARTLY Offset by St. Paul's strong return
or the same period and for the last week
n October. Numerous other favorable re-
urns from the South and West aided the
ate recovery in stocks.
The railroad bond market has shown
activity and strength, man is
ues selling at the high record prices.
The reorganization issues. especially the
per cents. have been favorites. u. s.
Id Is oupon and the SIS coupon ex-in-
crest. have advanced u per cent, and the
Id Is registered Is per cent. in the bid