The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-01-30
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-
duce-Review of Trade.

New York Jan. 29.-At the opening the
stock market to-day looked though
the orders accumulated by commission
houses were TO sell and take profits. First
sales were very generally at q fraction
below last nights prices and 1000 shares
of New York Central thrown on the mar
ket drove the price of that stock down -
of point. The market steadied almost
Immediately and went above last nights
level, gains being. however, very unequal.
Lake Shore was most conspicuous. rising
GA points to 9il2 ON the reported plan TO
exchange 600 of New York Central )
per cent. debenture bonds for 100000 of
Lake Shore stock. New York Central III
timately tended strongly upward after
wavering somewhat. There was also some
taking of profits on the advance, due 10
doubts as to how far the stock would
he allowed TO benefit from Lake Shores
surplus earnings which, it was rumored,
would be applied TO a sinking fund for
the bonds issued in payment
Northern Pacific preferred continued TO
advance on well-defined rumors that am
additional dividend is in prospect. j. ~
r. G. preferred and numbers of less
prominent stocks showed notable gains.
These elements of strength served to sus-
of the tendency to sluggishness and heav-
mess in the general list, so that net
gains were achieved in most stocks,
though they are outside the special cases
mentioned.
Quotations from London this morning
showed some depression in the market
for Americans there. which was attrib-
uted to the apprehension awakened in
the British mind by yesterdays vote on
the Teller resolution.
The week opened with continued ten
dency towards a reaction and the heSita-
ton in the dealings on Monday gave way
to positive weakness Oh the announce
ment that the Maine had been ordered
to Havana. This, in the sharp decline,
seemed to clear the speculative situation
by giving the shorts an opportunity TO
cover and by shaking out the weaker mar
row margined holdings, which were re-
garded as a menace to the success of
any movement for an advance. The
weeks statement of railroad earnings has
been, as a rule, very favorable, notably
Northern Pacific and Pennsylvania, pub
lished to-day, tie latter being regarded
as an especially reliable index of the
countrys railroad business. All of the
securities of the Kansas & Texas com
pany have been very strong during The
week on the improved financial condition
shown by reports for the year thus far.
The markets advance was helped very
materially by the large buying for Lon
don account on Tuesday and Wednesday
but the almost equally heavy selling on
the succeeding days from the same source
made it evident that the speculation was
only for Il short turn,
The tone OF the money market worked
| easier Notwithstanding the withdrawal
! from banks of the first 10 per cent. in
stallment of the government deposits OF
| Union Pacific payments. IT is evident also
| that the increasing abundance of money
/ and the ease of rates is all that prevents
! larger imports of gold, as the supply OF
/ exchange is constantly increasing and
/ rates for money in London and Berlin are
| again hardening.
With sales of bonds for the week of a
! par value of more than $4,000, 900, business
| in that department of the exchange eX-
| ceeds all previous records, both for d
| week and for u month ON the business
! thus far in the month.
The extreme gains have been somewhat
reduced by profit-taking, but prices are
materially higher on the week. L. $ ole
As coupon were Is higher bid L. S. ole
/ As registered and new coupons "a higher
and the SIS Is higher bid.