The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-09-25
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest OF Exchange News-Mining Stocks
Metal Quotations-wool Prizes and
Movements-Grain and Pro-
duce-Review of Trade.

New York. Sept. 24.-Speculation was
inclined to wait on the bank statement
to-day and there was much doubt con-
corning what the showing would be. The
realizing movement in the stock market
upon its appearance indicated that the
return is not regarded as altogether IA
vorable. in spite of the rise in the net
surplus reserve of s4,012, 475.
The increase in cash was less than
81. 200. 900, and the remainder of the in
crease in the surplus was due to a reduc-
ton of reserve requirements by a fall Of
81. 314.3 800 in the deposits. a reflection from
the contraction in loans of 81. 1O2. 400. 1t
was believed by some that last weeks
heavy decrease of more than s12, OOO.O 600 in
loans was due in some way to the mys-
FERROUS system of averages used by the
banks. But, in that event. there should
have been some bookkeeping oompensa-
ton in to-day's statement. 1t is certain
that there has been no such contraction
of open market loans. either last week
or this, as indicated by the fact of the
statement. The more probable exp.ana-
ton is that advanced in this review last
"tth ailtiN AhaA nv GiihAt1ANH 'AAA
are largely those made to outside banks
and to finance subscriptions to the gov
eminent loan. The delivery of the bonds
by the government has been delayed, but
is now progressing rapidly and the loans
are l~iquidated with the delivery of the
bonds. The bank returns indicate other
wise the turn i'm the money markets to.
wards greater ease.
The stock market showed a quiet but
large absorption of stock, notably of the
Pacific and grangers on the traffic re-
turns of those roads. The miscellaneous
list showed a tendency to reaction, which
was checked by the frmness of the rail-
road list under the realizing movement
and the bank statement.
The expectation was quite general that
the upward movement of prices on the
stock exchange would be resumed this
week and the %tightness of the money
market would be relieved owing the ccs-
sation of the movement into the treasury
on account of the subscriptions to the
government loan. The expectation is still
general that these two events are Simply
delayed by the various reactionary Incl
dents of the week. on Monday it was the
violent break in Sugar and the continued
tightness of money which checked spec
ulative ventures during the whole week.
The continued hardness of money has
been a particular disappointment to spec
ulators, as various factors were looked
10 COnluently 10 DflnS feleI, lnCluGlnS
the anticipatory payments Of the October
interest on the government bonds, in
creases in the government expenditures.
gold imports and the postponement of the
small remaining portion of the govern
ment subscriptions. These factors have
proved efficacious as the week advanced
to cause lower money rates. but in the
meantime a number of banks which had
fallen below the p per cent. reserve limit
called loans to replenish the reserve. The
call money rate went TO 6 per cent. on
Tuesday, the highest point of the season.
in spite of the heavy engagements of gold
for import. The fact that the gold move
ment has been inaugurated in force just
at the time when the money market has
passed successfully through the strain of
the government loan, is significant of the
country's enlarged needs for money.
The bone market has been dull and
heavy on the tight money market. T.. s.
new As registered declined y per cent,
old AS registered Il per cent. new As
coupon and 3s when issued Il per cent.
and the As have advanced Il per cent. in
the bid price.