The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-08-28
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest OF Exchange News-Mining Stocks.
Metal Quotations-wool Price and
Movements - Grain and Pro-
duce-Review of Trade.

New York. Aug. 27.-The bears manifest
in the prices of stocks was due to-day and
they sold at the opening advance and
carried prices at one time materially be-
low last nights close. They had on their
side a slight disposition by many OF the
holders to take profits. but the demand
was so considerable as to absorb all the
offerings at the decline and the bears
were forced to cover quite heavily, lifting
prices sharply above the lowest, and in
many cases above last nights level. The
drop in Sugar at the opening was an I'M
settling factor and a determined drive
against Peoples Gas finally knocked of
liz points from the price of that stock.
IL was evident also that there was an
abundant supply of stocks of the grangers
and of Northern Pacific to be had on any
considerable advance in prices.
The opening high prices were partly
manipulated for the purpose of realizing
prices, Americans having been advanced
I'm London by cabled orders from NV
York. A number of prominent stocks
showed vigorous resistance to the declln-
ing market and were potent factors IN
effecting the rally.
Most conspicuous of these was the
Union Pacific. The common rose Is on de-
mand and sold down nearly a point on
the reaction. The recovery carried Il up
an extreme rs. The preferred stock was
firm above last nights prices. Denver *
Rio Grande showed continued strength.
as did Southern Railway preferred. Erie
LIST preferred, Norfolk x Western and Wa
bash securities. The heavy decrease in
surplus reserve of the banks was an I'M
~steadying influence i'm the light trading.
The closing was somewhat Irregular.
some stocks showing the effects of renew
ed buying while others suffered from con-
tinued profit-takinE.
Railway bonds We're active to-day and
closed rather feverish at fractions in the
speculative issues.
The stock market has gone through an
extensive process of liquidation of profits
during the week and has demonstrated
such a firm basis of underlying strength
as TO have encouraged the re-cntry into
stocks of many of the influential hnan-
cial interests who had sold out To the
public after having manipulated the rise
to the extreme point they considered pos
sible. But the weeks events have showed
that outside spectators were waiting to
take stocks at any marked concessions in
prices. 1t also showed that the pront-tak-
ing had resulted in the actual dig astion Of
large amounts Of dividend-paying stocks
and bonds and the consequent reduction
of the floating supply in the market.
Money contiues cheap. To-day's bank
statement shows that the amount of in
crease in loans has been more than with
drawn from the deposi, account. 1t has.
in fact, been diverted to the United
States treasury and there have not been
sufficient government bonds available for
the banks to offer security to main-a
the government money on deposit. The
result is a loss of cash amounting 10
50, $50, 500, although New York banks have
had net receipts i'm the interior currency
movement during the week. The Couse-
quence is a decline in the surplus of 81, 49,
$50. If the demand from the interior for
moving crops should rise to normal pro-
portions surplus reserves would be
promptly replenished from some source.
L. S. rs have advanced ] per cent;
the old AS registered have declined - per
cent. the new As Il per cent. and the SIS
when issued Is per cent. i'm the bid price.