The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-09-21
THE WORLDS MARKETS.
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest OF Exchange News Mining Stocks
Metal Quotations-wool Prices and
Movements-Grain and Pro-
duce-Review o. Trade.

New York. Sept. 20.-The stock market
to-day presented all the characteristics
Of a genuine reaction. Last weeks sharp
recovery eliminated the short interests
very largely and the forced liquidation for
profits had been mostly completed dur
ing the last decline The market was thus
freed from influential conditions and IN
condition to respond for the prospects of
general business in the country. ats fai.-
ure to do so yesterday was attributed to
the unsettling influence of the slump in
Sugar.
The bears were timid about continuing
their campaign further against Sugar ana
were inclined to cover, so this influence
toward reaction was removed. Neyerthe-
less the market dropped heavily towad a
lower basis with one or two exceptions in
the list and closed only barely steady at a
leve. generally l per cent. or more below
last nights level.
The action of the market was not diff
ferent in character from that which pre-
walls at a time when III. bus ness out
look presents general discouTagements,
contraction of activity or declining prof
its. Ine ueInanu TO- stocks was very
small all day ana prices went down easily
under comparatively light offerings.
was particular manifest in
Tobacco, the grangers and the Pacihcs.
The action of these stocks indicated the
liquidation of a heavy individual specula-
ton on the long side. The sharptst break
in the market was coincident with the
marking up of call loans to 4 per cent.
This furry in the money market was a
disappointment TO the bul operators, esp
cially in view of the engag ment of more
than 81. 0OO.0 600 in gold for import and the
mailing from the treasury department
yesterday Of checks for interest on regis
fared 4 per cent hpnda dua nrt amount
ing to 81, $40, 900 which are payable immedi-
ately.
The sub-treasury's debit balance at the
clearing house also ran up to-day to
81 ,261, ass, rejecting a large increase in
government expenditures. The sluggish
ness of the gold movement is somewhat
remarkable in the face of conditions Call
money in London is II per cent. against 8
per cent. here to-day. London discount is
lAG12s per cent. against 4 pr cent. here.
Last months trade balance in favor of
this country was $35. 900, 600. on top of the
favorable balance for every month in the
preceding year. In addition, London has
recently bought securities in this market.
1t is a fact that part of to-day's gold
engagements were made by bullion deal
ers here who shipping siver in response
to the active demand attributed to Span
fish account.
There is not a sufficient demand for the
exchange against the silver shipment to
make a market and there is a better profit
in importing gold. Exchange is thus clear
ly demonstrated to be at the gold inn
port point and the question arises what
has been done with the country's credits
abroad that they do not bring a larger
gold movement. The immediate future of
the local money market is, however,
clearly toward greater ease.
Dealings in bonds were not on so large
a scale to-day and prices were towards
a .ower level. Total sales. 81. $40. 40. U. S.
AS, old and new. were a per cent. lower
in the bid price to-day