The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-10-09
THE WORLDS MARKETS
Daily Record Of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest ofExchangs Nsws-Aining Stocks
Metal Quotations-wool Prices n
Aovements-0rain and Pro-
duce-Review OF Trade.

New York. Oct. s-The stock market
to-day continued in the hands of the pro-
f%essional trading element. Transaction
were Of small volume and not widely dis
tributed. Such as they were they reflected
a decidedly unsettled and hesitating frame
OF mind on the part Of traders. The OPEN
ing tendency was downward. affected by
a break OF a point in Brooklyn Transit
and continued pressure on Northern Pa
ciic. The foreign markets were unsettled
by the political outlook in France. tight
money In Berlin and the public agitation
In spain for payment Of interest on gov
bonds In pesetas instead OF
francs. This had some influence on the
opening here. although Americans had
been supported I'm London on orders from
New York.
Strength in Tobacco. which rose 21 per
cent. supplemented by support in Brook
lyn Transit. Peoples Gas and Manhattan
and covering of shorts I'm Sugar. checked
the decline. There was n rally in Pa
cihcs which drove the shorts to cover and
which was accompanied by a rumor that
conflicting views of the interests domi-
mating in the party had been adjusted.
The professional traders then took the
long side OF the market for "A turn and
there was a general covering OF shorts.
~ appearance OF the Ddnk statement
added to- the bullish feeling. as IL was
fully as favorable as could be expected.
Although the reserve requirements had
been raised by g. 169. $50 by reason of the
larger deposits. the increase Of &.5s6. 100
in cash left the surplus reserve ss.4l6. 40
higher. The expansion OF loans, though
less than a million dollars. indicates the
turn In the tide of the money market.
and is the first increase I'm that item since
Sept. 2. The loan contraction from that
date up to last Saturdays return was
1885, O1 100. Even for last week II will be
remembered the gain in cash reserve was
only accomplished by a loan contraction
of s6.5se. 500.
This week the Strengthening OF the re-
serve has not prevented an extension of
credit to the extent of 3s07. so1. II Is not
improbable that the nearly developed m
In long sterling exchange for
the purpose of lending credits abroad fg-
ures i'm this item.
Expectations that the downward turn in
prices would come to an end this week
In the stock market were disappointing.
there were many indications of
confidence of those conditions and the
value of securities. Most of the embarrass-
ments which have been cited TO explain
the failure of prices to rise have been
removed. Money Is working steadily to an
easier basis and the process of loan con-
traction, and consequent forced liauida- |
a'A VI IN tOll' W hl tlus
The government has collected practi-
cally all of the 500. O00. 600 pond subscribed
and has commenced its disbursement by
payment of obligations on account of the
war.
Imports of gold to the amount of s2o.-
600, 600 have brought adequate relief and
have ceased, while the continued accu-
of credits abroad is evidently
being left there at interest. as reflected in
the investment in long sterling in the
Apprehensions that the holding
back of winter wheat for higher prices
would result In decreased earnings for the
railroads as compared with last years
high level have been dissipated by the
earnings shown in the traffic state
ments of st. Paul. Northern Pacific and
other important grain-carrying roads.
showing the large growth In general bust
ness in spite of the decreased grain move
ment.
The large and persistent foreign de-
for breadstufs and the advancing
prices. with the markets free from large
speculative manipulation. give increasing
ground for confidence In an equitable dis
position OF the country's crop. Blu in
spite of numerous favorable factors in the
prices of staples have failed
TO advance materially. One reason has
been the unscttling influence of the vio-
Ient fluctuations and the feverish activity
the great Industrial specialties. Tobac-
20 suffered from the completion Of specu-
liquidation. dropping to 1l3. with a
rally of more than 10 points.
has been affected by the opening
of the war In the trade and there were
breaks in other industrials and as violent
at some points. notably Metro
,olitn Street Railway and Brooklyn Rap
d Transit.
The most potent influence I'm checking
he advance I'm the market was the weak
ness Of Northern Pacific common. which