The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-10-23
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest o~fExchange News-Mining Stocks
Metal Quotations-wooi Prices and
Movements-Grain and Pro-
duce-Review OF Trade.

New 1Ork. OCT. Z.-Ine stoch maih't
again showed itself independent Of the
depression in London and Europe. ex-
cept at the opening. when a few of the
international stocks were allowed to fall
below the London parity. TIL selling OF
stocks on foreign account made up a con-
! siderable portion OF the days business
and was well absorbed at advancing
prices. The b~uoyancy OF the wheat mar
ket made the grain carrying roads promi-
nent I'm the upward movement. the buying
OF Atchison securities particularly. The
preferred again occupied a conspicuous
place. But the stocks OF all the Western
roads were well bought and advanced In
price.
Sugar ended it's downward course very
early and closed near the top with a net
gain of u. points. the underlying strength
manifested i'm the market making the
bears timid about leaving short contracts
uncovered over Sunday. Tobacco also
was marked up to l22h. with every evil
dence of violent manipulation. and the
shorts were driven to cover heavily at eV-
cry stage of the advance. Even the coal
| ers showed the effects Of the uncertain
temper developed by the bears and made
recoveries on short offerings.
The bank statement was just about as
expected and had little effect one way
or the other. The gain In cash had been
I'm imported gold and by outgo from the
sub-treasury. The heavy increase I'm bonds
of over $40, 600, 600 represents for the most
part loans on sterling. The increase OF
deposits from this source expanded the
reserve requirements so far that the in
creased cash only served to raise the sur
plus by 50. 49, rs.
Business in both stocks and bonds was
well distributed and active and the mar
ket showed a decided tendency to broaden
out. The amount of business done was
larger than for any half day for som
time.
The market has shown growing strength
and activity as the week advanced and
has fairly shaken of the lethargy which
even the long array OF favorable factors
in the situation has seemed powerless TO
awaken IL from. The weeks events In
financial circles have given a striking
demonstration OF the strength Of this
country's financial position and its power
to treat with Indifference the old worlds
developments. There has been nothing I'm
the domestic situation which has caused
more doubts to financiers than the low
price In prospect for wheat when the crop,
temporarily held back. should come for
ward In unprecedented volume.
Yet so keen has been the foreign de-
mand for our product that the largely
augmented primary movement has made
hut little impression on the visible supply.
Even the domestic supply proves uneX-
pectedly keen. indicating that the sweep
ing out of the worlds reserves by last
years high prices had evidently left a
void which our Unprecedented crop was
needed to mi. The later news OF the mil
itary and naval preparations I'm France
and to-day In England resulted i'm a fe-
verish demand for wheat. which, II main
tanned. would mean incalculable advant-
90 20 this country alrannN AnFiehAd Inv
last years bountiful harvest at higher
prices. The prosperity of the Western
country from this cause is conclusively
demonstrated by the large Western move
ment Of merchandise, which carried earn
ings of Western railroads well above last
years level. even before the resumption
Of the grain movement.
The weeks recovery I'm stocks logically
began. therefore. among the Western
grain carrying roads, and owing to indi.
vidual causes the Atchison preferred tool
a leading place i'm the movement.
The money markets have shown them
selves equally impervious to the influence
OF the s%tringency existing I'm all Euro
pean centers. Meantime the large exces'
Of our imports has been making ex
change. and instead of drawing this I
has been left at interest. mostly I'm Ger
many. to be liquidated in the future.
The money stringency and the wa
scare abroad have thrown not far from
100. 600 shares of stocks on the New Yorl
exchange for liquidation during the week
But these have been absorbed at advanc
ing prices and with money rates declin
ing. Foreign markets are known to h
pretty well stripped of the usual floating
supply Of American securities. but tn
conceivable result In the event Of actua
war I'm Europe and the tapping for liqui
dation of the vast amounts OF America
securities held abroad for investmen
does not leave the situation free from un
easiness.
The BOND market has improved in sym
pathy with stocks as the week progress
ed and prices have recovered from earl
depression. u. s. old As have advanced !
per cent. the new As coupon and the s.
registered ~ per cent. and the Ss cou
pom and the SIS coupon II per cent. in tn
bid price.
Neu Yark Claalna Slacks.