The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-03-06
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Proceedings.
NEW YORK STOCK REPORT
Digest of Exchange News Mining Stocks,
Metal Quotations-Wool Prices and
Movements-Grain and Pro-
duca-Review of Trade.

renewed with energy on the stock ex-
change to-day and the Saturday short
session was long enough to effect some
striking declines. Large selling orders
were executed for Washington account,
as was the case yesterday. There was
no news to account for this selling beyond
a general feeling of apprehension over the
Spanish situation.
There were occasional rumors of new
developments set afloat but to large ex-
tent they reported the guesses of room
traders as to the motive for the WASH
ington selling. A rally in the late deal
ings was in part the result of covering
by the shorts who had sold early in the
day, but the coincidence of the rally with
the appearance of the bank statement
seemed at variance with the statement,
which was in some respects a disagree
able surprise.
The contraction in loans, the falling off
in deposits and the decrease in cash were
much larger than had been expected. The
fact that the financial world had been GO
ing through such a trying period with
so little harm resulting was accepted as
a bull card in view of the underlying
strength of conditions which is thus DEM
onstrated. Nevertheless the general list
shows marked net declines, extending
over a point in some cases. Union Pa
cific preferred, Northwestern and Man
haitian were the special points of weak
ness. The grangers were relatively firm
and the coalers also showed resistance to
the decline. Dealings in Sugar were large
and there seemed to be good support for
this stock.
AS measure of uneasiness felt by the
financial community over the status of
the countrys relations with Spain to-
days statement of the New York clear
ing house banks makes a striking ex-
hibit. There Is in it evidence of a great
drawing in of credits and fixing of re-
serves. The statement a surprise. 1t
has been known that the demand of the
country for more money for active use
has fallen off considerably this week. but
the statement, nevertheless, shows de-
crease in the cash reserve of nearly S., 000,-
000 That this reflects the withdrawal of
deposits in New York banks by interior
institutions as a precautionary measure
to strengthen their reserves, is beyond
doubt. The enormous contraction in loans
of $l3, 900 represents the precautionary
measure of the New York banks and ex-
plains why money for purely speculative
purposes has become scarce, why liqui-
datfor on the stock exchange has beeli
forced and why prices were acutely de-
pressed. 1t is possible that some part of
the loan contraction is due to liquidation
on sterling exchange collateral, which
has been withdrawn from use in import
the gold imports have been made on the
sale of new bills against London pur-
chasers of American securities. which
were heavy last week. and against grain
shipments from here the net result to
the clearing house banks is a decrease in
deposits OF 500, 1873, 300.
Gold in transit for New York or re-
ceived to-day amounts in the aggregate
to So 800, 600, which will serve an offset
in part to the banks losses of cash. The
situation in the stock market is closely
analogous to that which followed the cul-
mination of the rise in prices last Sep
TENDER The movement of money then 20
the interior to move the crops CAUSED a
stffenng of money rates and liquidation
of speculative stock holdings. Whether
the import movement of gold will result
in a renewed advance in stocks with the
easing of the money rates remains to be
seen. That the disposition for the moment
is against speculative outlay in securities
is evident. though lar"c capital appar-
emily stands ready to buy stocks at any
considerable decline in prices. The de-
cline of the latter part of the week has
not in all cases wiped out the early adj
vance and net changes mixed.
Bonds have not been as active as
stocks. but have moved in sympathy with
them within a narrow range u. S. old
As and the DDS are u lower and the new
As Il lower bid.