The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-04-10
THE WORLDS MARKETS
Cslly 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.

maintained n strictly strong attitude to-
day. The extreme variation In prices
reached a point or over in a good many
stocks and the market took on a show Of
animation In the first hour in an upward
movement. but the purely fictitious char
acter of the advance was demonstrated by
the relapse in the second hour. The days
net changes are hardly perceptible in
many cases, and show an indiscriminate
mixture of gains and losses. The market
was without any more significance than
yesterday. Total sales of stocks were less
than 100. 600 shares.
The fact that the London exchange was
closed left New York without an initia-
tive. London operators were apparently
not eager to avail themselves of the OPP
portunity of trading on the New York ex-
change and orders by cable were Of small
amount. though they were sufficient TO aid
the first hours advance.
The bank statement was regarded as
unfavorable, the movement of currency
to the interior having apparently been
heavier this expected. II was expected
that the shorts OF gold about offset the
movement to the interior. Apparently
some of the gold has also been absorbed
to meet indirectly the demand of interior
banks, that Is to say, II has been depos-
tied at the sub-treasury in exchange for
currency transferred from Washington.
Prices of securities are generally higher
than they were a week ago. The high
prices OF the week were made on Wednes-
day afternoon, when the announcement
came that President McKinley's message
To congress would he delayed until Mon
day. The first Interpretation of this ac-
ton was that 1t boded further ~negotia-
lions looking to a peaceful solution. Al
though the further negotiations have not
developed a part of Wednesdays gains
has been held. There has been much puz-
zled effort to account for the frmness of
the market in the face OF the weeks
threatening developments. and the dispo-
sition TO ascribe some secret motive to
the buying showed to be on inside infor-
nation from high financial sources In
Europe that Spain would be forced to re-
cede at the eleventh hour.
But II must be said that the prevailing
impression in Wall stree I has become
that wal with Spain is now inevitable.
Commission houses are authority for the
statement that they rave orders to buy
on a descending scale. This condition
stops the professional bears from opera
tions on the short side. on the other hand.
Wednesdays bulge demonstrated that
there is a supply of stock to offer on any
notable advance. The market is thus held
in n sort of stable equilibrium by orders
to buy below the present level and orders
to sell above IL. Meantime. the trading
is very small.
The conviction is unavoidable that
pih'fS u near the ltNtl OF the value Tor
existing conditions. since those who hold
stocks are not anxious to sell and those
who seek them are not willing to offer
more for them than prevailing prices.
Prices fell continuously previous to the
Maine report i'm the effort to find the true
level and to discount that event and its
probable result. Ii is the inevitable rule
that a prolonged price movement over
shoots the market, resulting I'm reaction.
There can be no more convincing dem
onstration of a true level of values than
stagnation In the market. There are vary
ing opinions regarding the effect of the
actual presentation of the presidents mes
sage in congress Monday. both as to the
amount of the liquidation which will be
brought out and the volume OF short con-
tracts which will be covered. The pre-
vailing belief is that war has been accu-
rately reflected in the money markets.
The continued stiffness Of time money
rates and the disinclination to make time
loans is called sentimental, as there is
no lack of money In supply. notwithstand-
ing the large demands of interior inst tu-
tions for the purpose of strengthening
their reserves.
The bond market has been dull all week
and has moved in sympathy with stocks.
u. s. old As registered have advanced
rs. the new As registered 1, the new As
coupon q and the old As coupon and the
SIS u per cent. and the Ids rave declined
l per cent. In the bid price.