The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-05-21
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Transactions,
NEW YORK STOCK REPORT
Digest Of Exchange News-Minine Stocks
Metal Quotations-Wooi Prices and
Movements-Grain and Pro-
duce- Review of Trade.

New York, May a0.-Transactions in to-
days short session were apparently con-
fined to dealings by local room traders
who seek a days turn in prices, either
up or. down. Prices in the majority of
cases are little changed from last night.
two hours trading reflected considerable
hesitation and uncertainty in the minds
OF the trading element
The London exchange was closed for a
holiday and there were no quotations from
that quarter to give an indication of the
tendency of prices. Many stocks opened
unchanged in quotations or moved only X
either way. Stocks of corporations which
enjoy franchise privileges in this state
were weak on the prospect of the fran
chise tax bill becoming law, the pros
pect of material modification not being
considered likely
The American Smelling stock was also
under pressure and continued rather weak
continued it's show of strength and ended
the day 21a points higher. Sugar made an
aggressive resistance to the pressure
against 1t and kept above yesterdays lev
Ell after the opening decline. There was
dull resistance to the occasional attacks
on the market also by the railroad stocks.
especially those in the South and West.
Manhattan and Third Avenue were firm
carly, but yielded later the latter break
ing points.
The bears were disposed to caution in
anticipation of the favorable bank state
ment. but when the market failed to re-
spond to this an attack on values was
made. So little stock was brought out on
the decline that the bears covered. maxi
ing the close firm except in special cases.
The bank statement showed a larger in
crease in cash than was expected. The
heavy contraction in loans was, of course,
a reflection in part of the drastic liquida-
tlcn of last Saturday. AS a consequence
the increase in cash almost all went to
swell the surplus reserve of banks. There
was a marked continuance of the recent
heavy absorption of new issues of rail-
read bonds. the tape recording several in
dividual transactions of from 100000 to
more than 100000,
The stock market has been so much un-
settled during the week by the contending
struggles of the bulls and bears over the
Flower group of stocks that there has
been little opportunity to discern any re-
Election in its general movement. The de-
termined and extensive buying by the de-
ceased financier's associates in these
properties, who had joined resources for
the protection of values, soon allayed the
apprehension of timd holders and in
duced the shorts to cover.
The movement towards recovery seemed
to meet with no opposition from the bears,
notwithstanding the pronounced bear sit
uation assumed by one of the largest pro-
fessional operators in the street But the
bear element was looking forward only a
short time, as the case proved, for an
opportunity to attack values.
They offered no very vigorous opposi-
tion to the process of reconstruction of
values while it was pursued with set pur-
poses. But the rise of Wednesday. which
brought the Flower specialtes back to or
above the prices of the preceding Friday
before Mr.. Flowers death, seemed to sat
isfy the bull element for the time being,
and on Thursday there was evidence of
realizing on some of the large holdings
which 1t had been necessary to accumulate
earlier in order to check the downward