The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-11-25
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest of Exchange News-Mining Stocks.
Metal Quotations-WoolP Prices and
Movements-Grain and Pro-
duce-Rsview Of Trade.

railroad stocks. The few conspicuous
railroad stocks pursued an upward course
while the industrials were on the down
grade. The movement in the railroads
proved rather more influential on the gem
eral list than that in the industrials. The
undertone of the market was unmistak-
ably strong and in the latter part of the
day the strength became more general.
Profit taking before the close reduced
prices from the best in the body of the ac-
tive list. Net changes are surprisingly
small and while the majority are gains,
there are important exceptions on the
eide of the losses. The Baltimore G. Ohio
stocks were the center of interest. The
buying of these stocks was large from
the opening, but as the closing hour APP
preached the dealings assumed astonish-
ing magnitude. Blocks of many thousand
shares of the preferred succeeded each other
IN quick succession and were determinedly
absorbed on a constantly rising price. The
buoyancy of the stock carried it up an
extreme points and the closing was only
slightly below that. The net gain in the
common was Us. There was a heavy de-
nand for Union Pacific. but profit taking
met the advance above 81 and its net gain
was only slightly over a point.
Dealings in Pennsylvania were on lar
ger scale and it reached an extreme gain
OF IL, with a reaction of ". There was
feverish speculation in Consolidated Gas
before the announcement of the deter
mination not to advance the price of
the product. thus necessitat!ng the con-
tinuance of the destructive rate war. The
stocks came up V and then reacted
trif1e and closed at fractional recovery.
The sensational collapse in Leather came
after the rise to 49, From that point the
stock sold down without an attempt at
support to 1SA. A fierce and stubborn con-
test was waged around 10, from which
the supporters of the stock emerged tr-
umphant, after absorbing the deluge of
offerings. There was some evidence of
strength here and there among the indus
trials. notably in the iron and steel stocks
and Consolidated Tobacco. "A consider
able demand was due to the efforts of the
short interests to cover over the APP
preaching double holiday News of Brit
ish successes in South Africa We're used
with some effect by the bulls although
London was a seller on balances in this
market. The st. Paul statement show
ed on increase of nearly $114,000 over last
year and other favorable railroad state
ments had a strengthening effect on this
list. The principal influence in to-day's
trading was the expectation that the bank
statement Tomorrow will make strong
showing and thus give an impetus to
speculation on Monday. The sub-treasury
operations for the week show a gain by
the banks of s7,S27.00O AS the loan ex-
pansion does not seem to have been large,
very considerable recuperation of re-
serves thus seems assured. There was 4
good absorption of bonds at advanced
prices. Total sales. s216o.Ooo
United States SIS and new As advanced
isin the bid price
The average of prices is somewhat low
or than at the close of last Saturday. not
Withstanding sharp advances in number
of Individual stocks which are usually
not prominent in the market. Last weeks
glowing anticipations of an abundance Of
money al cheap rates have not been real
lied and the disappointment in specula-
tive circles has led to some marketing of
holulngs. There was a narrow demand to
absorb these holdings. The effects on the
government bond redemptions on the
stock market has nearly equaled the
hopes of bull specula tors. The volume of
bonds offered at first in response to the
treasury departments offer encouraged
the expectation of a marked effect on the
money market. But there were larger
holders of stocks who took advantage of
the strength induced by the bond re-
demptions and the good bank statement
of last Saturday to sell out. This kind
of selling on Monday and a furry in call
money on Tuesday to IA per cent effect
ually dashed the hopes of rampant bull
speculation and cautious methods once
more came into play. The small effect
produced on the open market for call
loans by disbursements of over S12000.-
900 for government bond redemption is
explained by the character of the hold
ings that have been redeemed. large
proportion of these has come from savings
banks. The large absorption during the
week of the United States for per cents
of 1925 shows that a considerable proper
tion Of the redeemed bonds were simply
converted into the new As with the pur-
pose of extending the period of invest
ment. Such an operation brought no loan
able funds into the market at ALL Be-
sides the conversion into the United
States new As, the New York savings
banks used part of the redemption money
to acquire some of the New York mun;-
cipal bonds, which were issued this week.
The New York city government keeps its
cash in depository banks. so that a por-
tion OF the government redemption money
has become available to the market. 1t
thus happens that while the sub treasury
operations have yielded upwards of $1,000
900 during the week and confidence has
been felt that the technical condition of
the banks would be greatly improved on
Saturdays returns. the increased avail
able resources of the money market were
not abundant. Last weeks rumors of
heavy holding of government bonds.
which would be offered for redemption in
blocks and the proceeds used to lubricate
the wheels Of speculat ton, have been dis
sipated. The course of the currency
movement has been obscure and uncer-
tain. The upward tendency of New York
exchange at interior points early in the
week has given place to renewed heavi-
ness, indicating pretty clearly that inter-
est or demand is not satisfied. Such in
creased movement of money toward New
York as has taken place. does not rep
resent idle money seeking the low rate
of interest allowed on deposits. 1t is in
settlement of the mercantile accounts due
to New York wholesale merchants on
purchases made during the summer on
four months time. and which, like all
other lines of business, were unusually
large this year.
The foreign exchange rate. which sud
denly bounded upward on the announce
ment of the government bond redemption
offer, has sagged during the week. But
the increased tension Of the London mar
ket which has lifted the private discount
rate to parity with the bank rate, has
lowered the exchange level at which gold