The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-09-13
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest OF Exchange News-Mining stocks
Metal Quotations-wool Prices N
Movements-Grain and Pro-
duce-Review of Trade.

New York. Sept. 12-There was a con-
tinuation of apparently urgent liquidation
on the stock exchange this morning.
caused BY covering OF short stocks. which
speedily wiped out the recoveries of Sat
urday and carried prices sharply below
the lowest level of last Friday for nearly
all standard stocks. But most of the liqui-
dalton seemed to be removed by noon ana
there was a disposition 10 pick up stocks
quietly and accord support to weak spots.
notably st. Paul. The dealing in odd lots
in some of the standard dividend payers
also became quite a feature. indicating q
supply of money for investment notwith-
standing the stiffness of the local money
market.
Weakness in some OF the Industrial spe-
c~ialties caused the market to ease of
again before the close, but the last prices
of the railroads were in many cases at
sharp recoveries from the lowest. Never
theless marked net losses resulted from
the days trading. owing TO the severity
of the pressure early in the day. There
was continued apprehension over the out
look for money, but the government crop
! report and the snowstorms in the West
were also material factors.
The crop report. thong bearish on the
corn crop, as a whole showed sharp de-
teriorstion for Kansas, Nebraska and
Iowa. This, coupled with the snowstorms
in the corn belt. wss very largely tndi-
Gated in the weakness of Rock Island,
Burlington and Union Pacific. There was
no actual development to account for a
decline of apprehension over the money
market outlook. and how far this feeling
was connected with a reported conference
of leading bankers is not certain. ThGre
was a growth of the conviction that there
Is a large available supply of money. at
least outside of New York city. Money
rates are easier at interior points and
there Is even buying of commercial pa
perrin in the New York market by West
eFn banks. IL is quite possible also THAT
a larger amount of the new government
3s might be made available both for pur-
poses OF circulation and as security Tor
government deposits in the banks than
has yet been the case in the event Of any
real stringenoy OF money.
Nevertheless the drain OF cash from
the banks to the sub-treasury on account
Of subscriptions to the loan continues
and the sub-tressury was even a creditor
at the clearing house to-day on account
of an accumulation of drafts from inte-
rior depository banks in which govern
ment deposits ave exceeded their secur-
ity by reason OF heavy internal revenue
collections.
There were rumors all day of engage
ments of gold for export, but none OF
these were confirmed. The easier tone of
the money market and the consequent
recovery in the stock market were ap-
parently due to other causes. The large
foreign demand for wheat and the evil
dence of underlying strength in the wheat
market in the face of the bearish govern
ment Drop report had some influence In
the stock market.
The bond market was dull and showed
some weakness in sympathy with stocks.
Total sales were 81 .670.O00, u. s. 2s sd-
vanced u and the old As registered n
per cent. in the bid price.