The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-04-01
THE WORLDS Markets
Daily Record of Commercial and
Financial Proceedings.
NEW YORK STOCK REPORT
Digest Of Exchange News-Aining Stocks
Metal Quotations-wool Prices and
Movemente-Grain INC Pro-
duce-Revtew Of Trade.

New York. March 3l.-There were rsth-
er mysterious Inducements all day in
the stock market which nothing in the
public news service served to explain.
The opening slump. In which losses
ranged from one to two points and up
wards. seemed to be I'm sympathy with
an earlier decline I'm London. more so
as the selling of Americans in Lonuon
was said to be for New York account
of operators who we're too eager to take
their profits I'm yesterdays rise to wait
for the opening I'm New York. but the
opening prices here proved to be the low
est for the time being and there was an
eager demand Immediately manifest for
stocks all through the list. This demand
continued. with only short periods OF ces-
sation, through the morning session, and
rallied prices almost or quite to last
nights closing level. The natural infer
ence from this would be, IL the earlier
selling in London was for New York sc-
count. that IL was for m~anipulative pur-
poses. The strength in the New York
market found a response in a rally Of
the foreign exchanges in the prices of Sc
c%urities, and also Of Spanish securities.
which were depressed early in the day on
p~essimistic reports from Madrid.
The latter portion of the day saw a per-
sistent decline In prices in New York.
with only occasional periods of steadi-
ness, most stocks falling below opening
prices and closing at or near the lowest.
The appropriation by the New York leg
~islature of a one million dollar emergen-
cy fund for defense was the nomina mo-
tive for the latter decline. Nearly all of
the whole days business was done at
prices below last nights level, and al
though the net changes are all on the side
- -.~-
two points for most stocks and over that
In special cases. II was very obvious that
a large and rather eager demand for
stocks was satisfactory during the day,
and ii was the prevailing impression in
the street nat the opening decline was
manipulated to give a nopportunity to
satisfy this demand
Aside from the bullish sentiment ere
ated among the room traders by this I'M
dertone of strength and the belief that
the demand for stocks was due to some
hidden motive or undiscloSed information
regarding SPANS intentions. the general
outlook was not considered promising.
The money market reflected the uncer-
tainty in the outlook more accurately
than did the stock market. Lenders are
holding out for stiff rates for time money
and borrowers are not disposed to pay
the rates asked. as ii is certain that any
prospect of peace would Immediately re-
suit in an abundance of money. General
neglect of the time money market and
the desire of borrowers to call loans re-
suited in a stiffening of rates to-day. The
exchange market was dull and neglected,
the further Importation of gold being
largely dependent on the outcome of the
controversy between the United States
and Spain.
The bond market was less active thar
stocks and prices showed a tendency to
sag throughout the day. The total sales
were s.775.0 0o. u. s. new As registered
and the old 4s registered were = higher
bid and the SIS u higher bid.