The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-01-25
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.

New York Jan. 24-There was nothing
particularly interesting in to-days stock
market previous to the reception of the
news that the United States ship Maine
had been ordered to proceed to Havana
Until that time the market was who ~
in the hands of professional traders and
transactions We're ON small scale. Stand
ard stocks were neglected and the securi-
ties of the local traction corporations,
which are more or less dependent upon
municipal favors. were briskly manipi-
lated Later some of the Nanderplt
stocks were taken up and advanced
sharply. The general market remained
persistently heavy during all this time,
but f1uctuated very narrowly, the offer
ings being light as well as the demand. In
the international stocks the declines were
hardly as pronounced as those reported
from London. This state of affairs con-
tnued until after midday. when it was
followed by general Improvement, the
prices of the majority Of stocks having
risen a shade above Saturdays close Just
before the selling movement induced by
the news of the Names movement began.
This news was regarded with skepticism
at first and the market held steady for a
time, but upon the publication of the as
ISOLATED press accredited report liquida-
ton promptly set in. The offerings wsre
not a tremendously heavy scale, but
the demand was light and prices fell fast.
Speciaities which had been marked up i'll
the morning and some of the railroad
stocks which have shown the greatest
strength recently suffered the heaviest
losses on q rush to take profits The
Northern Pacific and Union Pacific We're
conspicuous sufferers in this respect
Northern Pacific preferred was at one
| time off two points. In few cases frae-
| tional gains remained after the late de-
| cline. but net losses of between one and
/ two points are very frequent through the
| list of active stocks including the leading
/ specialties, the grangers and Missouri Pa
/ cifie.
The attitude of the authorities at Wash
/ ington attaching as little significance as
\ possible to the movements of the Maine
4 had little effect on the bearsh tendency
| in the market. With the exception of
/ sharp rallies in the local New York & CUP,
the day closed weak and near the lowest.
In the last IS minutes of trading Third
/ Avenue slumped to 17512 and then jumped
~ points TO 49, fair example of the
instability of this group of stocks
The notice from Washington that the
deposits in New York banks on account
of the Union Pacific sale would be col
j leeted in 10 weekly payments, the first on
| Wednesday next, was doubtless with the
concurrence and approval of the banks
in which the deposits are. The gov m
ment arranged i'll the first place to leave
them there in order to guard against
4 stringency in the money market. This
withdrawal now. it is hoped, may give
/ some tone to the money market, which
has grown quite plethoric, with a proba-
bility of still greater congestion of idle
/ funds. To-day's call loan market, how
ever showed no auotabe change.
The bond market showed increasing
weakness as the day advanced in SYM
pathy with stocks, the declines being
marked in those bonds which have shown
/ recent strength.
The U. S. new As fell 4 in the bid pric
to-day The calling of the governme nj
deposits in New York tends 10 inerea e
the supply of government bonds by fe-
| leasing these which have been placed as
security for these deposits.