The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-05-29
THE WORLDS MARKETS
Daily Record Of Commercial and
Financial Proceedings.
NEW YORK STOCK REPORT
Digest Of Exchange News-Mining Stocks.
Metal ouotatons-wooi Prices and
Movements-0rain and Pro-
duce-Rsview of Trade.

New York. May 2L-The fact that to-day
was a holiday in London and Monday will
be a holiday both in New York and Lon
don had the effect Of curtailing specula-
tive operations In stocks. There were two
conflicting reports in circulation. both
coming by different routes from the same
point in the West Indies. One alleged
that the United States feet had been
sunk and that Admiral Sampson had been
killed. and another that Commodore
schley had penetrated the harbor of an
tiago and sunk the Spanish fleet.
The market sold on on the first and re-
covered on the second. but the dealings
were small. Rock Island and Peoples Gas
were pushed up again after a prelimi-
nary reaction. apparently to shake OF
some weak following. Their price was
sustained with some difficulty at the
close and was manipulated with the ev-
ident purpose of making the last prices
the best. The same thing was manifest In
other stocks. Great Northern continued
its upward course and added nearly five
points to its recent remarkable advance.
Illinois Steel rose four points additional.
but reacted two points. There was a re-
action after the recover coincident with
the publication of the bank statement.
which on its face was favorable. The
market for stocks closed generally a frac-
ton above last nights closing prices.
Prices of stocks show substantial gains
over those of a week ago, though the lat
ter part of the week has seen a falling of
In activity and somewhat settled tenden-
cy.
The advance early I'm the week was
largely based on the unfounded report
that the Spanish fleet in West Indian
waters had already been annihilated. The
later resistance to the decline has been
encouraging to the bull element and the
belief is general in Wall street that the
powerlessness of Cervera's fleet to do
mischief has been demonstrated and its
ultimate defeat by the United States
forces Is confidently expected.
The money market may now be fairly
described as plethoric. Although the vol
ume of bank clearings all over the coun-
try indicates a larger use of money than
even in 1892. funds continue to flow to
New York from other domestic centers.
The United States treasury continues to
feed out none in the market. New York
banks gained more than 5000, 900 from
that source this week.
The country's net gold imports for the
when 1t was more than s97, 900. 900. There
has never been approached except i'm 1881,
when 1t was more than s97, 900, 900. There
has been at the same time a largely in
creased output of gold by the home mines.
the product for the present year being
at $50, 900. 900.
The idea that the government require
ments for carrying on the war would re-
suit in a ~stringency I'm money rates has
been entirely discarded by financial au-
The bond market has broadened during
the week and has given evidence of in
buying at home points. Prices
are considerably higher all round. u. s.
old SIS have advanced " per cent. and the
5s u per cent. i'm the bid price. Others
are UNCHANGED.