The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-10-02
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest OF Exchange News-Mining Stocks.
Metal Quotations-wooi Prices and
Movements-Grain and Pro-
duce-Review of Trade.

during tU-day's short session gave strik-
ing evidence that the power of the bear
faction had not diminished in enecting
lower prices. The break in Tobacco was
the more sensational in view of the half
holiday. No developments concerning the
speculation in this stock were
and the bears pursued the same diligent
tactics that have been responsible for the
tremendous drop this week. New spots of
have appeared every Jay and
to-days development was Consolidated
Gas. Competition of the electric light
companies and a rival gas plant furnished
the basis for a break of s1sc.
The railway list had some strength. but
Inc influence OF the specialties was so
empowering that losses resulted. The
bank statement exceeded the favorable
expectations and Its publication checked
the break. In a discussion of the financial
developments of the week the industrial
group must have first consideration. The
pyrotechnical movements of these stocks
disturbed general confidence and this
condition found expression in an enor-
nous liquidation in all classes of securi-
ties. Rumors regarding the status of in
dustrial properties were circulated freely
and the operations by the bear faction
were conducted with marked brilliancy.
influential speculative interests were ap-
BdftItlN DdnueO tOEetntr 10 create de-
moralization among the holders and bad
faith between interested cliques was as
signed as cause for the spasmodic attacks
IN various quarters. Liquidation in the
group was uninterrupted throughout and
the volume of stop orders reached ex-
ceoded n previous outpouring of weekly
margin accounts, which were swept away.
and banking institutions i'm some cases
took exception to the industrials as col
laterals and caused sacrifices Of the
standard stocks and the advantage Sc
cured by the bears i'm this connection was
responsible for the curtailment Of the
outside demand.
Monetary conditions also exerted an i'm
portant bearing on the course of the mar
ket, and although apprehension as to
.stringency was considerably allayed, the
occasional furries that occurred unset
tied speculation.
Tobacco was the feature and the deluge
of stocks which accompanied the break
colored reports that inslue interests were
unloading. Gossip had il that the recent
above 80 was for the purpose OF
squeezing a powerful short interest. and
now that the incident was closed the
downward course received acquiesconce
from the manipulativc interests In control.
ne numerous Coups that have been eff
fected in this speciality since its introduce
ton TO the stock market have chilled
public dealings and reduced trading to
- '''A' NhAAAh BiolfrCAhIAdAS. he IMAGE !
of the trading i'm the speciaIties
served TO promote a sympathet-
ic tendency i'm the railroad list. but de-
there included many favora-
BILE factors which stemmed the reaction.
In fact standard issues on the whole ex-
remarkable resisting powers and
moved independently at intervals. but
the persistent raids robbed
the list of monetary advantages.
The bears followed a systematic course
and devoted their efforts from one stock
TO another until the entire Industrial
group was hammered.
Domestic conditions reflected a contin-
lance Of the business expansion. which is
particularly marked in some lines. Activ-
ty i'm the iron and steel trade, which Is
a fair barometer to the gem
raj situation confirmed confident predic-
ions as to the general outlook
md the steady increase in west
'ound traffic on the leading lines
'nset the light grain movement. The lat
er circumstance must eventually be rem
died by increased movement on higher
wheat prices or forced shipments. Be
ated borrowers of call money had 20
'ay as high as 8 per cent. for accommo-
lations, but this rate was only tempo
airy. The average rates were 3H4 per cent.
nd time funds and discount rates were
decidedly easier. Shipments Of currency
o the interior showed a notable decrease
nd the available funds i'm the market
we're increased by gold arrivals and an
interest payments by the gov
The bond market moved in sympathy
nth stock fluctuations and showed more
ctivity on the easier money conditions.
bonds were remarkably well
cid throughout the week. concessions be-
lg confined TO y per cent. i'm the 2s and
per cent. i'm the SIS and Is.