The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-02-12
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


taking on quite a heavy scale to-day in
stocks said to be for the account of one
of the principal bull operators. The inter-
val of two days before trading will be
sumed on the exchange was the motive
for closing up accounts. as is always the
case on the eve of double holiday.
The sharp advances in some stocks at
the opening afforded more favorable OPP
portunity for realizing profits. The spring
rise was largely influenced by the higher
quota tons for Americans sent from Lon
don, and was also helped by the marked
strength of one or two specialties. notably
Metropolitan Street Railway and Peo-
pies Gas. the latter on the published re-
port of the company's finances.
London bought here on a considerable
scale and helped to strain prices to some
extent. The offerings were not well alb
sorbed and support was largely with
drawn. The weakness of stocks encouraged
the putting out of short lines. The COW
ering of some of these before the close
brought them to level materially above
the low point, but the bulk still left net
| losses as a general rule. There were some
very striking movements of stocks in
special cases
Metropolitan Street Railway continued
| it's remarkable advance. rising at one
| time six points, and closing two points be-
| low the highest. Third Avenue was up
| at one time 6ia points on the acquisition
| of large connecting system. The stock,
| however, reacted three points before the
| close.
| Some of the notable recent advances
were due to the rumored tendency of
! plans for the distribution of the surplus
| reserves to the credit of some of the gilt
| edged properties. The prevailing album
| dance of money is said to make the case
| of these surplus funds increasingly bur
| densome. Such a property as Pullman
| which advanced an additional point to-
| day. but reacted two points in the clos
! ing dealings. Adams Express was ex-
| dividend of per cent. to-day and ex-100
! per cent in bonds, to be exchanged for
| stocks of the company. The closing bid
| yesterday on the stock was 1871 and to-
| days closing bid was 100 and 140 asked.
| The days dealings in bonds continued
on a remarkably large scale, single lots
| of par value of from $50, 900 up TO $3.50 900
! changing hands frequently. The par value
/ of sales for the day of Atchison adjust
| ment As alone was $4,000. Some of the
| speculative bonds reacted sharply in SYM
/ pathy with stocks. but the general ten
] dency was upward. There mas been a
/ strong tendency to reaction in the stock
market at times during the week, prin-
| cipally due to apprehensions regarding
4 the Cuban question. Early in the week
| the market was sold aggressively by
| houses with Washington connections. and
| this was interpreted as being induced by
! a belief that affairs with Spain were
reaching critical stage. The critical out
come of the incident was accepted in Wall
| street, and induced large covering of
/ short contracts by these same Washing
/ ton sellers and the market rallied strong
/ ~ on Thursday. But this rise was attrib-
! uted by some persons to manipulation.
/ The resumption of realizing which fol-
| lowed to-day advance color n
supposition. The market seemed to be in
/ the hands of giants i'll speculation, and
! they refused to offer their holdings on a
| declining market so long as il is capable
! of being checked by support. That the
market is heavily oyerbought for great
| speculative accounts looking to be uti-
| mately sold for profits is generally be-
/ lieved. That the general public has not
/ thus far been induced to come into the
! market and absorb these lines in any
| volume is indicated by the disregard Of
| current news manifested by the market
! The enormous demand for all grades of
| interpreting securities not already adj
| vanced to prohibtive figures shows the
| large amount of money seeking invest
| ment and affords great material sup
| port to the more purely speculative de-
| velopment of the market. The plethoric
| condition of the money market and the
| cheapness of rates tends to lessen the re-
raising the prices. Increase in railroad
| earnings and promises of added profits
by consultations and refundings are
discounted in proportionate rises in the
prices soon after being announced. The
buying of stocks on the New York ex-
change for London account has been
heavy during the week, the demand for
Americans having been quite active at
London and other foreign centers.
Besides the record transactions there
are reports of very heavy blocks of Sc
curities having passed to the hands of
European holders at private sales from
the hands of reorganization interests. In
view of this absorption of American Sc
curities abroad the upward tendency of
the foreign exchange market during the
week is somewhat contradictory But the
easier rates for money here have been
attended by stiffening of discount rates
abroad, and this has naturally induced
the Withholding of exchange I'm order to
draw the higher interest rates abroad
Dealings in the bond department of the
market have continued on an unprece-
dented scale during the week. The specu-
lative issues have moved at times in
sympathy with the reaction in stocks, but
prices are materially higher all around
L. s. new As registered and the old As
registered are 4 lower bid and the SIS
l. HIGHER hid 10