The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-11-20
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
DIGEST ofExchange News-Minine Stocks
Metal Quotations-wool Prices and
Movements Grain and Pro-
duce- Review OF Trade.

New York. Nov. Ia-The market had
the burden of several unfavorable factors
to carry at the opening to-day. The ad-
vance in the rate of discount by the Ber-
lin bank from 81 to 6 per cent. had I'M
settled foreign markets and depressed in
ternationally listed stocks here. Union Pa
cifcs leading the decline with a drop of a
point. The Pacihcs also suffered from the
specific reports of a rupture between the
Northern Pacific and Oregon Navigation.
There was a further sudden collapse OF
! TO 4 points In the Federal Steel stocks
on the reported failure of street railway
Interests to pool.
Opening prices were. however. the low
est. for strength quickly developed at
points which served 10 sustain the weak
spots. and finally I'm the weak stocks
themselves. Manhattan, Sugar. Peoples
Gas n the coalers all moved upwards.
The quick rally In Federal Steel on the
large buying at the decline convinced the
Spectators that the suggestion OF the
failure TO agree. as reported. might be in
a purely Pickwickian sense. and prompted
by the discreet purpose to observe the
letter of the joint traffic decision of the
supreme court. The opinion OF a high off,
Ger Of the company that there was a dis
position TO maintain prices IS confirma-
tOIN. III E>OTlntIH 1aCllC III WAS not ONLY
evident that there was inside absorption
of the inside offerings, but the recovery in
prices of other roads affected by the dis
sension suggested a renewal OF efforts TO
patch IL uD.
Finally the Unexpectedly favorable bank
statement routed the bears effectually.
or the $i,0l5.S00 increase In cash not much
more than a million can be accounted
for by sub-treasury operations and the
infarfnr rnnyCna.nf I'll. g,.,r.o 80 a.. ~
ance Is as much a mystery as was the
sudden decrease of s.. oco.0 600 I'm the returns
for Nov. 8. The continued ease of the
money market during the week in the
face OF large clearing house operations
is, however. explained. Notable strength
was shown by Atchison preferred. North
western, Omaha. Baltimore & Ohio and a
number of other stocks.
The stock market has shown all the
variety and irregularity during the week
that are usually characteristic of a mar
ket In which the speculative and invest
ment public is taking "A large part. A
large aggregate of individual small trans
actions bears the market into irregularity
inevitably. and takes II partly out of the
hands of the professional cliques and
pools. which are able to manipulate Il
easily In times of dizziness. The interest
of the public was amply manifested by
the volume of business coming to the
floor of the exchanges by houses which
have been crowded with customers all
week. Apparently many of these were
waiting for a reaction in prices i'm order
to get in and when the sharp break
came on Wednesday the buying from
these houses was very heavy and rallied
the market easily and e~ffectually. Prices
have shown a prevailing disposition to
go up. but have been held back by one or
two causes. AT the opening OF the week
the sharp fall I'm surplus cash and sur
plus reserve shown by Saturdays bank
statement was a shadow on the specu-
lative mind. The known stringent condi-
tons Of the Berlin money market and
the measures taken for protection at 9TH
er financial centers make II doubtful
whether relief could be had promptly
by gold imports i'm case of n local
squeeze. or without sharp competition in
discount rates. in spite of the heavy
outstanding balance to the credit of this
country in the worlds money markets.
1t is highly significant that the easier
condition of money in London was
brought about partly by a resumption OF
the holding back OF sterling exchange
bills coming forward to New York for
grain and cotton, and with money I'm
New York distinctly working toward an
easier basis as the week advanced. even
in the face of enormous clearing house
operations.
One reason assigned for the weakness
of Northern Pacific also has been the low
ratio of its operating expenses. hich
have aroused fears I'm some quarters of a
stripping of the property. Northern Pa
cific has suffered chiefly. however. from
the belief that projected new lines in the
Northwest foreshadow the breaking up
of the entente cordiale which has existed
among the railroads in that country. The
liquidation in Northern Pacific has had
an influence i'm checking the general ad-
vance in the latter part of the week.
There has been a large business in
bonds during the week. though by no
means up TO last weeks high record. The
bond market has shown the same irregu-
larity as that for stocks. u. s. new as
coupon and the SIS coupon have declined
y per cent. and the other As coupon. the
new as registered and the SIS registered
u per cent. in the bid price.