The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-12-31
THE MARKETS.

New York. Pee. 30.-Stocks rose contin-
uously to-day with none of the customary
reactions. and left off with fractional
gains in the standard railway shares and
at very material gains in various special
ties that were prominent in the days
transactions.
The London market. where the fort
| nightly settlement passed off favorably,
1 opened away up on purchases partly for
American account. There was also genu-
inc buying for foreign account. owing TO
the Discrimination of London operators to
await a possible January boom. and
American rails closed at about the best.
The initial rise locally was not quite up
TO the London figures. but trading was
active and broad. Commission house
buying overcame realizing sales. Indus
trials were partcularly strong and Rock
Island led the grangers upward. Public
interest increased an the day wore on and
prices were generally lifted. There were
sensational advances successfully in Air
Brake. Long Island Railway. Delaware.
Lackawanna q Western. ureat Northern
preferred, Pullman and American Steel
| and Wire. All maintained the greater
\part. IL not alt Of their advance except
New York Air Brake. which. after a rise
Of z points reacted 10h and closed un-
changed for the day.
The belief that next year will witness
n more harmonious arrangement in the
anthracite trade was largely responsible
for the rise in Reading and other coal
! carrying roads. Continued favorable
railroad and trade reports and prospect
i've easy money stimulated the buying,
closing the year OF the stock exchange
trading in a whirl of activity and strength
with many securities at the highest price
(pf the year.
The bond market shook OF Its late hest
Nancy and coursed upwards with particu-
\larly large purchases of Reading As,
(which touched SO. Total sales. s.. As. 900.
u. s. old As registered advanced u per
cent, and the u. s. old As oupon the
new as and the IS Il per cent In the bid
price.
Americas unprecedented trade. with
monthly increases in exports. continued a
great supporting factor in the days bust
ness. The gold holdings of the United
States are larger than those OF other
~Acountries. and increased sums of money
now profitably loaned abroad are subject
to call. as they may be wanted. Deposits
passed the $soo.oeo.oo0 mark In the last
weeks bank statement. The absorption
of American securities by home capital
followed this plethora of money. A rise
Ia cereals brought out farmers' supplies,
increasing eastbound traffic. while the
farmers demands for manufactured arti-
ples. increasing with their available funds.
gave the railroads a profitable return
trafic.
There was no evidence of the tradi-
tional disposition to restrict at the end
OF the year, but rather a tendency to dis
count the reinvestment OF January divi-
dends. Business was in larger volume at
generally rising prices. Indeed. commits
sion house orders accumulated over the
Christmas holidays resulted In Tuesdays
buoyant trade. with transactions the
largest of the year. being little short of a
million shares of stock. Subsequent trad
ing was enormous but not up to the hrst
day.
. London was a free purchaser on bal
arce regardless of the stin contango rates
for the fortnightly settlements there. TIT
idea that Tuesdays enormous bulge was
the elimination of the rise seized the
traders wednesday and prices fell of and
for the first time this month the market
closed weak at a considerable recession
in prices.
A furry in call money. which was mo-
mentarily bid NJ to 8 per cent, aided