The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-09-20
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest of Exchange News-Mining Stocks.
Metal Quotations-wool Prices n
Movements-Grain and Pro-
duce-Review of Trade.

New York, Sept 1s.-The stock market
eased off in the morning as though it had
shaken of the incubus of the recent tight
money scare. but the marked of
sugar, which made up two-hfths of the
total transactions. unsettled the tone early
and carried prices below Saturdays level
The decline was quite steady and general
for the remainder of the day. Evidently
last weeks sharp ecovery was the result
of extensive covering of short lines by
spectators and the general speculative
public is now prepared TO pause and take
breath to study how far the last oscilla-
ton of the market has brought prices to
the true level of values. 1t Is more and
more evident that the late apprehension
over a squeeze in money was largely hc-
titious. How far the efforts to manipulate
the money rate was influenced by the nat
ural desire of money lenders TO obtain
better rates and how far by a purpose to
effect a reaction In the scock market can
not be definitely ascertained, but IL might
be ascertained that very powerful inan-
ctal interests who have a dominating
voice in the control of vast surplus capt.
tai have taken their profits in stocks and
were willing 10 see a reaction. 1t Is OBJ
vious, however, that their motive in taxi
ing profits must have been a conviction
that prices were equal to or in excess OF
their true value. The problem OF to-day's
40 ''NhAA' ~ -
carried prices below their values or
whether conditions have so far changed as
TO have increased their value. The month
ly report of the treasury bureau of statis-
tics Just issued threw some light on the
money question. The circulation, after de-
Quoting sums in the treasury on Aug. /,
was Sl62. 72l, 205 greater than one year be-
fore. Saturdays treasury statement
showed that the cash balance in the treas
ury had increased since that time a little
over 500, 600, 900. This would leave an in
creased circulation for the year of about
s100, 900, 600, not counting the imports of
gold and the increase in bank circulation
since Aug. l. Neither does this take ac-
count of the large increase in the last few
weeks in deposits with the banks. There
is room, therefore, for a very large in
creased use of money in the country i'm
spite of the ~treasury's absorption by the
loan. The actual surplus reserve in New
York banks, although reduced TO less than
s.. 900 600, also requires some qualifying
considerations. For one thing the gov
eminent deposits are secured by govern
ment bonds, thus obviating the necessity
of actual cash reserves to secure them.
Some of these banks do not report their
government deposits at all in makin GU
a clearing statement. Further. the surplus
reserve is above the % per cent. require
ment, although the state banks are re-
quired by law to maintain only Is pei
cent. of reserve. These facts explain why
the measures of RELIEF offered by the
treasury department have not been avail,
ed of.
Bonds were duh. but yielded slightly in
the late trading. Total sales, 81, 1865, 900
Government bonds unchanged.