The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-03-13
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Proceedings.
NEW YORK STOCK REPORT
Digest of Exchange News-M Mining Stocks
Metal Quotations-Wool Prices and
Movements-Grain and Pro-
duce-Review of Trade.


traders were somewhat astonished at the
effect they achieved in prices to-day. The
bears, who attacked the market at the
opening. had buying orders at the prices
TO which they desired to drive stocks. The
market showed itself so weak when these
prices were reached that the buying or
ders were quickly withdrawn. This COW
ering movement accounted for the sharp
rally in the first hour and there were
some recoveries at the close.
Otherwise there was nothing to relieve
the UNMARRIED depression which prevailed
through the whole list of stocks and
bonds. The closely held standard stocks
suffered with the permanently specula-
tive issues, and in some cases were Sc
verely hit. Lake Shore is an example. 1t
sold at 1856, decline of three points, and
closed with the bidding at only $50. Penn
sylvania dropped three full points. st.
Paul suffered very acutely, probably on
the uncovering of margins on recent spec
ulative buying, and was off at one time
4&s points. Northwestern dropped Az and
Burlington three points.
The local traction stocks were equally
weak. The number of prominent stocks
which show net losses of between two
and three points is very large. The total
sales in the two hours of trading, 1928, 300,
was well up to the average of a full
days business for the week. exclusive of
Monday. and blocks of several thousand
shares were frequently recorded. Part of
the offerings were speculative holdings
dislodged by exhausted margins, but no
doubt sales of investment holdings. such
as are not usually influenced at all by the
speculative movement of prices. are be-
ginning to absorb increasing proper
ton of the business on the stock eX-
change.
There was no specific item of the day S,
news that can be pointed to accounting
for the decentralization of the market. 1t
caused rather by the general con-
yiction that the reports of the Maine
board of inquiry and statement of the
further policy of the government towards
Cuba are imminent and the unwillingness
of operators to carry open contracts over
Sunday. The bank statement shows that
the gold imports received for the week
have not been sufficient to offset the con-
tinued Withdrawals to the interior, so
that the cash holdings show a net de-
crease of $I36, 700. But as the heavy draw
ing down of deposits has reduced the %
per cent. requirements by $2634,62 the
surplus reserve is enlarged by $1,S97, 925.
The stock market ended the week it
began. in a demoralized condition. The
partial recovery of Tuesday and Wednes-
day and the diminished activity between
Monday and Saturday probably repre-
scented nothing but a natural reaction.
which always follows a sudden decline,
the recovery being in proportion to the
violence of the fall.
The New York stock exchange on Mon
day shared the depression existing on ev-
cry exchange in the world. On the London
and European exchanges the new de-
mands of Russia upon China and the
tension between France and Great Britain
over the West African situation were al
most as much causes for alarm as the re-
lations between the United States and
Spain. So acute was the depression that
so important an incident as the supreme
court decision in the Nebraska maximum
freight case in favor of the railroads
was almost entirely disregarded. although
1t has been eagerly looked for each Mon
day since last year
Spain's disavowal of any intention to
demand the recall of Lee, the salts
factory adjustment of the difficulty over
sending provisions to Cuba in warships
and the voting by congress of the $50, 00O,
600 defense fund were all cited as evidence
of improved conditions of our relations
with Spain. But that none of these had
any deep-seated effect was shown by the
course of prices later in the week.
The course of the exchange market and
the continued influx of gold must be ac-
cepted also as additional evidence of prep
arations for emergencies. Last week the
heavy demand for money from the inte-
rlOT, que the desire OF interior lDSIltutlOHS
to strengthen their reserves, led to a rise
in the money rate which naturally started
an import movement of gold. This week
the market was decidedly easier and the
level of call money rates is distinctly be-
low that of London. so that there should
be a profit in leaving credits abroad at
interest.
But there has been no interruption to
the engagements of gold for import,
which have now reached a total of con-
siderably more than $16000,000. After the
available supply of gold in the open mar
ket had been absorbed the Bank of Eng
land and the Bank of France resorted to
the most extraordinary expedients to pre-
vent the withdrawal of gold. the prem
ium demanded being sufficient under or
binary circumstances to check the out
flow of gold.
Gold is however being taken from the
Bank of England for New York. Railroad
bonds have shown full sympathy with the
weakness in stocks. but the dealings were
not large. L. S. new As have declined 31s
per cent bid the SIS and the old AS 4 and
the old AS coupon and the rs u per cent.
bid.