The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-02-20
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 Feb. 19.-There was a feel
ing of uneasiness over the European po-
litical situation reflected from all foreign
exchanges to-day before the opening of
trading on the New York exchange. The
collision of British and French authori-
ties in the Niger district and the excited
condition of public opinion in France
were the motives of the heayness which
in London resulted in a fall of II in Brit
ish consols. American securities were at
fected by the general heaviness as wen
as by the special considerations growing
out of the Cuban question. Declines III
Americans reached a point in London in
a number of cases before the opening
here. and as a consequence selling orders
were placed for London account at the
opening.
There was no local support for prices;
on the contrary there was a resumption
of liquidation and bears We're encour-
aged to raid the market. Prices quickly
fell. not only TO the London parity. but
below it. The declines. ranging up 10
three points and over. invited covering
by the shorts and prices hardened. but
at no time did they fully recover to the
close. Weakness apparent in sugar made
it the center OF fierce raid in the final
dealings, and il sank to 1855, the whole
list selling off to the lowest There was
very determined support lot SlSdF III
below 129 and the closing of the market
saw battle royal in progress between
bulls and bears and the market conse-
quently in Il very unsettled condition.
Rallies of over n point were made by Il
number of stocks besides Sugar but net
losses were left on an average of over
a point. London selling was u feature
of the day and the supply of st. Paul
from that source was sufficient TO meet
a large demand here and keep the price
down. The rate war in prospect between
the Canadian Pacific and the trans-con-
tnental lines in the United States for
Klondike traffic was a large factor,
causing decline of three points in Can
adam Pacific and of less amounts on the
other roads affected.
Union Pacific As We're very heavily
dealt in, two individual transactions of a
par value of $250,000 and $4,000 respect
lively being recorded. One block of 10000
of Rock Island extension IS also changed
hands
The weeks developments in the Cuban
questions effectually unsettled the market
and precipitated heavy liquidation of
speculative accounts Prices of securi-
ties were recognized as discounting TO
certain extent future prospects, but con-
fidence in the future had been sufficiently
firm to prompt the holding of long lines
until the De LONE incident and the
Maine disaster awakened renewed uneasi-
ness. This uneasiness caused the bulls
to abandon plans for any present agrees
sive advance in prices and caused liqui-
dations of numerous holdings of long
stock as well as the throwing on the
market of large, amounts of stock dis
lodged by uncoverng of margins. The
bears showed some hesitancy during the
week and their haste to cover al the low
level effected a rally on two days name
ly. Tuesday and Thursday. after the se
to how far the powerful interests which
of late largely controlled the course of
the market are reducing their long hold
ings But the situation generally. aside
from the Cuban question, is recognized
as a strong one To-day's bank state
ment reflects conditions that may count
for some of the weeks liquidation in
Wall street. 1t was expected that the
movement of money from New York and
the withdrawal of an installment of the
governments of the Union Pacific might
be Offset by contraction of loans re-
sulting from liquidation on the stock ex-
change. Instead. there has been an ex-
pansion in loans of over $D00.000 and n
decline in the surplus reserve of S6.74s. 500.
The loan account is probably affected by
the operations IN connection with the
Kansas Pacific sale. But allowing for
the undoubted reduction of loans for
stock speculation that must have oe
CURED, there is still indicated a largely
increased demand for money. a good
proportion of which has gone into COM
mercial paper. This indicates a good
basis for the expectation among bankers
that the money market has higher rates
in prospect and may also account for
the cheap rates mt which sterling ex-
change for future delivery is sold as COM
pared with present rates. This. while IL
might curtail resources for immediate
speculative purposes Is a sign of the con-
tinued growth eff business activity. The
astonishing growth of our foreign trade
as indicated in the governments report
for January, the large consumption of
iron al advancing prices, the continued
foreign demand for grain at high prices
and the favorable traffic returns of rail-
roads all point 10 an increase in values,
but prices the stock exchange were
unable to withstand bear pressure for the
time being.
Bonds held relatively much firmer than
stocks during the week and showed the
evidences of continued absorption for in
vestment. Business was not as large as
in the previous week, which was Of con-
siderable volume and net declines in
prices were unmportant Total sales.
s24. go 900 shares. L. s. new As coupon
declined r. L. s. new As registered Il.
old A. registered g. old Is coupon L and
the IS i bid.
New York Closing Stocks.
do preferred OBSERVATION-DISCLOSURES. 29as