The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-04-03
THE WORLDS MARKETS
NEW YORK STOCK REPORT
Digest ofExchange News-Mining Stocks
Metal Quotations-Wool Prices and
Movements-Grain n Pro-
duce-Review of Trade.

M
important bearing on the all absorbing
question Of this country's relations with
Spain was exceedingly scarce today, as
congress was not in session. The alb
sence of developments left the situation
much as it was when trading ceased yes
terday afternoon. and when all classes of
owners were Offering stocks for sale on
the presumption that war with Spain was
inevitable. Yet prices show net gains to-
day extending to over a point in many
cases. and the extreme recoveries from
the lowest show variations which COM
pare favorably with the violent changes
of last Monday and Wednesday. The
market was exceedingly feverish and err
ratio during all of the two h~s' session.
In spite Of the paucity of news. varying
sentiments being fed by surmises rather
than news. Most of the activity was
based on the %supposition that absence of
all symptoms might itself be a symptom.
This uncertain state of mind would nat
uraliy beget a Discrimination to leave con-
tract obligations outstanding. The tim
idity of the shorts was founded on their
very severe experience last Monday. They
saw powerful support offered to stem the
downward tendency at the opening. The
analogy was so close to the course of
things last Saturday that 1t had an I'M
settling effect. Important commission
business with Washington were the in
used for much of the buying.
This gave the appearance, whether well
founded or only designed to seem so. of
orders to buy stocks possibly on Informal
ton obtained in Washington on some IA
vorable turn in the prospect of affairs.
This development, or Vancouver, was not
lost upon the bears. II is not improbable
also that some of the buying was due to
that class of investors who come into the
market to buy stocks at a low range of
prices for the actual return in yearly in
come.
London was a buyer to some extent
here. I'm spite of the significant
of Spanish Is on the foreign exchanges.
II is evident that foreign exchanges look
to New York for initiative for the present.
1t seems remarkable that there should be
a sharp net advance in the prices of Sc
curities on the stock exchange i'm the
week which witnessed the publication of
the report of the Maine board of inquiry
and the apparent abandonment of diplo-
matte negotiations looking to the con-
servation of peace with Spain. The facts
that prices are from one to four points
higher In all of the principal stocks that
make up the bulk of the business on the
stock exchange is due in part to technical
conditions In the market. When the
bears attempted to take their profits on
Monday by buying stocks at the low level
induced by the presentation of the Maine
board report, they found themselves fore
stalled by a powerful bull clique who had
secured a large part of the available float
ing supply of stocks. Not for years has
there been seen so sudden an advance
I'm prices as in Mondays bear panic. The
bulge in prices seemed to have been de-
signed originally by some of the large
bear operators themselves with the pur-
pose of shaking off some of their unde-
sirable following by forcing them to COW
or their contracts. and thus leave the way
open for a further decline. The big bears
were supposed to have been caught in
their own trap. and 1t was generally be-
lieved Monday night that the short inter-
ests had been practically eliminated from
the market
Later developments, especially on We'd
nesday, showed that there was a large
outstanding short interest, and the be-
lief prevailed at the end of the week that
this short interest was still large. The
persistent constituencies of the market to
the faintest suggestion of a peaceful ad-
Justment of the Cuban question goes to
confirm the belief.
The demands on New York from other
domestic centers for money showed a
marked increase, and the losses in cur
rency In the latter part of the week are
not adequately represented in the bank
returns. Those losses are shown to be
more than offset by receipts of imported
specie.
Blu the calling OF loans yesterday and
the marking up of call loans to six per
cent indicates that the banks are disposed
to tahe measures to strengthen them
selves. 1
and opinions vary widely al
TO how far the imports of gold, which now
amount to over $40, 0OO, 900, from Europe
have been drawn against current grain
and cotton bills, and how much of the
accumulated exchange against Europe
still remains in New York as collateral
for loans. That there is still a liberal
of exchange to be liquidated is
generally believed. Large banking and
financial interests In Wall street are be-
lieved to be in substantial accord regard
the course to be pursued to insure the
greatest safety and stability in the event
of the shock of war.
Bonds have moved In sympathy with
other stocks. but rave not been so ac-
tive. Government bonds have weakened
in the latter part of the week, but they
show net advances over last Saturday
amounting to 2% in the news Is. coupon;
2 In the new Is. registered: 1 in the old As.
and n In the IS and Is.