The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-05-22
THE WORLDS MARKETS
Daily Record Of Commercial and
Financial Proceedings.
NEW YORK STOCK REPORT
Digest Of Exchange News-Mining Stocks
Metal 0uotstious-wool Prices and
Movements-0rain and Pro-
duce-Review Of Trade.

New York. May 21.-Dealings were not
large nor important on the stock ex-
change to-day. Operators almost without
exception maintain their attitude of wait
ing for the situation in West Indian wa
tiers to clear itself. The report that the
Spanish fleet had come into Santiago and
had succeeded in getting away again was
not generally credited. coming as 1t did
from Spanish sources, but 1t exercised
some depressing effect nevertheless. II
was probably the cause of the decline in
prices after the rise.
The rise in Spanish As in London and
Paris showed that it was not without its
effect also in foreign markets. There was
selling for London. which kept up a de-
pressed tone in some of the nt~ernationals
New York Central and Louisville were
conspicuous sufferers. Rock Island also
showed the absence of inside support, but
was bid up quickly on the final rules to a
level above last nights close. The rally
in the market was due to the strong bank
statement. Prices rose a fraction above
last nights close, n in some cases a
point or more.
A feature of the trading again was the
isolated movement of obscure and DOR
mant stocks. Pullman and Great Northern
preferred, each with "A handsome surplus
to be some time divided among stock
holders, moved upward. Wheeling & Lake
Erie and Rio Grande Western stocks were
quite conspicuously active and all moved
strongly upward. Tobacco. Sugar and
Leather preferred among the industrials
were all in demand. The closing was
strong at top prices.
The stock market has not moved widely
during the week and it has become evil
dent that operators regard the present
level of prices as favoring a fair equi-
librium between the conflicting factors in
the outlook. On the one side is the chance
of a naval reverse. This is considered re-
mote, but it must be conceded tina in
Wall street more weight attaches to this
possibility than was the case a week ago.
As 1t is prices are substantially higher,
the range naturally leading. owing to
the extraordinary movement of grain.
There were numerous indications of a
strong industrial and financial outlook.
which is coming to have more and more
influence I'm spite of the incubus of the
war. Railroad earnings show striking in
creases. not only over last year. but over
previous years. and in some cases all rec
ords are broken for this season of the
year. There is an increase also in the
bank clearings of the country Tn wholly
unprecedented condition of our foreign
trade balance has also received renewed
attention, the more so as the heavy excess
of exports over imports still continues
now, which is the season when the bal
ance generally turns against us. with a
favorable trade balance of $4,000, 900 for
10 months of the fiscal year against the
best previous record of less than $500. 000,-
900 for a full year. there is no room left
for timid apprehension about the coun-
try's future money resources.
Increased activity early I'm the week in
the bond market resulted from a large
release of money seeking employment.
The demand was. however. largely con-
fined to the more speculative issues.
Prices are quite generally higher and held
steady. even through the reactions which
occurred in the stock market. u. s. new
As declined "a. per cent. the old As regis
tered " per cent. and the SIS 4 per cent.
I'm the bid price.