The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-10-30
THE WORLDS MARKETS
Daily Record Of Commercial and
Financial Transactions
NEW YORK STOCK REPORT



of last Monday the average of prices on
vance for each day since wednesday. Oct.
Is. There was a general expectation. there
fore. that there would be the selling to
take profits to-day. which is customary
among professional traders at the end Of
the week. The buoyant tone Of some of
the specialties held the market firm in the
first hour Of the short session. Consoli-
dated Gas and Third Avenue jumped six
points. the former on talk of the termina-
ton OF the local gas war. Tobacco contin-
ued Its aggressive advanc on the strength
of the developments showing the accretion
or plug tobacco companies. The stock was
very active and large blocks were alb
sorbed to make way for the upward
course of the stock.
The process OF bidding up the price of
the Federal Steel securities also continued.
I'm these and In Metropolitan
Street Railway. New Jersey Central. Min
nesota Iron and Internationa Paper pre-
ferred were between one and two points.
meantime the railroad list was very full
and showed only slight changes. although
nearly all changes were net gains.
Losses reached about a poin in the 9TH
er members OF the group and IL in Bur-
lington itself. There was a general reac-
ton in the railroad list In sympathy, but
the railroad stocks generally were not
active and losses were confined to frac-
lions. Burlington's decrease of sas4. $50 in
gross earnings compared with September
OF last year was a distinct disappoint-
ment. the more SO as ST. Paul's weekly
statement had show an increase of about
the same amount for the same period.
The delayed movement of wheat in
Burlington's territory and the large pro-
portion OF the business that is given to
corn were advanced to explain the poor
showing.
Prices continued heavy in the railroads
to the close. but the net declines were
restricted to fractions outside the grang-
ers and specialties.
The bank statement was without in
nuence on stocks, though the growing
strength OF the clearing house institution
was evident.
The foreign exchange market alone has
been affected by the foreign situation. and
In this growing dependence OF foreign
financial markets upon the resources OF
this country's market was s~trikingly IL
Illustrated. With the sudden drop of Brit
ish and French government securities on
Monday and early on Tuesday and the
upward surge of discount rates in London
and at all continental ~centers. the actual
charge for demand sterling jumped ND
1hc on the pound on account of the heavy
selling OF securities here for London ac-
count and the high none rates for money
abroad had their effect upon the exchange
market. and with the later developments
In Paris there was buying on London
exchange reported here for Paris account,
while Paris exchange In New York weak
ened. rejecting the pressure of timid Paris
capital for transfer to London. The price
OF sterling exchange has since dropped a
cent. with a calmer feeling abroad.
Another short-lived factor which was
made much of by the bears on Monday
was the supreme court decision against
the Joint Traffic association. The gloomy
forebodings OF the bears regarding the
effect on railroads of this decision were
forgotten by Tuesday. Doubtless the
fact that trans-Missouri railroads., who's
association has already been outiawed,
were making money while the legal ex-
istence of the Joint Trafic association
here proved of no avail to prevent rate
cutting and decreased earnings on the
lines. had its influence in reforming
the bears opinion. The rate cutting among
the trunk lines and the continued depres-
sion i'm the anthracite and bituminous
coal industries are the most threatening
o on the horizon of the stock mar
ket.
Bonds have shown increasing activity
strength during the week, the volume
OF dealings on Friday rising to s.. 315. 900.
Bonds of Western and Southwestern roads
and reorganization bonds generally have
been the favorites. There have been large
dealings In the new 3s and the record
price was made to-day. The old As cou-
pom and the SIS coupon have advanced u
per cent. while the old as registered and
the new as have declined u per cent. In
the bid price.