The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-05-01
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Proceedings.
NEW YORK STOCK REPORT
Digest of Exchange News-Minine Stocks
Metal Quotations-Wool Prices and
Movements-Grain and Pro-
duce-Review o. Trade.

new IOrk, ApT1l ~ lneTe was quite an
extensive taking of profits to-day after
the three days advance in prices. The
realizing sales clipped off something from
the days extreme advance. leaving net
gains in the list mostly fractional. In
some of the specialties. notably sugar.
there remained over a point of net gain.
The bull leaders this morning had to iace
the sentimental effect of early declines for
Americans in London. extending to near
ly a point In some cases. This meant
that any advance in the prices here would
have to carry the burden of arbit. age
sales. Prices were, however. bid up at
every appearance of confidence, and the
offerings of the arbitrage brokers w~re
quickly absorbed. Sugar mounted nearly
five points, and other leading speculative
stocks a point or over. The safe arrival
OF the steamship Paris was adduced as a
bull and there were vague iu-
mors circulated that private
had been received in the street hat the
United States squadron had already
fought a successful engagement of the
Philippines. The aggressive leadership of
the big bulls, coupied with the rumors
kindled the enthusiasm of buyers, and
the small traders followed the lead of the
big ones. Quite a fair amount Of COM
mission house buying was also lone.
But while business was still active and
on a large scale, stocks began to be sup
piled. The offerings were sufficien to
feed the demand. and prices ceased to ad-
vance, and before long commenced a ct
rograde movement. Before the react on
had passed far the supply ceased. Mean
time a handsome total of stocks had Ueen
marketed at the advance. and sellers felt
the comfortable assurance that their pa
per profits had been turned into cash in
the event of an unfavorable turn in events
over Sunday. There was some renewal
of the buying demand in the second hour.
but did not reach proportions and the
fluctuations in the prices after the close
were slight.
The market FOR stocks and bonds in the
early days of the week was the du.lest
and narrowest that has been in years. On
Wednesday the aggregate sales of all
stocks fell to less than $1,000 shares. In
so dull a market there is usually a natur-
al tendency of prices to sag. But there
was a marked disposition In the market
to resist any downward tendency due to
the conditional orders in brokers offices
to buy on any sharp decline. The hard
neLs of prices encouraged a powerful CO.
terie of professional operators to enter the
market for a bull turn.
This commenced operations on Thurs
day. The arguments they offered to
justify the advance were that naval victory
by the United States squadron off the
Philippines was reasonably certain. and
the shel.ing of the Span sh works at Ma
tanzas had conclusively demonstrated the
kill and superiority of United States gun
ners and guns. Both of these factors, II
was argued. gave potent promise I'm the
early success of the United States army.
The general public showed no signs of a
purpose to put their money into the $ ock
market under the aggressive leader hip
developed by the bull coterie. Undoubt d.
ly the underlying cause of the recovery I'm
prices is the more assured condition i'm
the money market and the improved bust
ness situation. The future of the money
market has hinged for some time on the
action of the government for a war Lean.
The consultation of the secretary of he
treasury with a number of leading fnan-
ciers served to clear the situation.
The success of the proposed loan at ,
per cent was felt to be assured, and the
plans for disbursement seemed to b. suf1-
cient to guard against sudden contrac-
tons and stringency. This was felt to
give promise of easier conditions In the
money market, where reserves have been
closely held and accommodations much
restricted for some time past In antici-
patton of the deamnd for the government
loan. The actual condi | ms In the money
market have. in fact, became appreciably
easier during the week, and the rate for
time loans was shaded from 6 to 5Ia per
cent. The continued demand from the
interior for money is attributed to the de-
sire of interior banks to be prepared 10
meet the requirements of their depositor-
les who subscribe to the bond issue,
Foreign exchange rose sharply early in
the week, but has lost a great part of the
gain, and engagements of god for import
were made yesterday and to-day. The
strength i'm exchange early in the week is
said to have been due to some expected
payments abroad by the government and
the delay In the receipts of call bills
against grain shipments. The settlements
are coming forward all the time, and the
demand for exchange from importers is.
at this time. small, another feature I'm the
exchange which is worthy of considera-
ton. The war has largely curtailed the
prospective travelling abroad this year,
whose annua expenditures are estimated
at as high as 500. 600. 900. A featur of
the week has been the strength of silver
on demand from India and France. The
takings by France are believed by some
TO be on account of Spain.
The downward tendency of railroad
bonds has been arrested. and some is ues
have improved during the latter par of
the week on an increased trading. United
States new is have advanced Ia and tn
IS coupon u. while the old Is registered
have declined u per cent in the bid pric
Others were UNCHANGED.