The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-06-04
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest of Exchange News-Mining Stocks.
Metal Wool Prices and
Movements--Grain and Pro-
duce-Rsview OF Trade.

New York June 3.-Yesterdays sharp
pnturn in prices had the effect of encour-
aging the formation of d Dull part! IN
the stock market, and they made 1t sum
GENTLY obvious at the opening OF the tfad-
ing. and even before, that they had hNea
| mon the stocks of new steel commissions
and a few other industrial speciaitles as
| the most promising field of operations
There was not the expected enthusiasm,
however in support of prices, either ny
| the outside demand or by the professioiiai
| traders The higher level of prices M
| ,,itad ,,rotit-taking by some of the buyers
| of Yesterday and the advance came to
| standstill There was hardening VI
| nrices on covering by shorts in expecta-
| ton of a favorable bank statement But
/ the statement was, on the contrary, IN
! favorable and the gains which mad peen
established by the bull clique were quick
| ly wiped out.
There was very little liquidation induced
/ by the decline and the closing was quiet
| and somewhat irregular in tone and show
| ed net losses in the majority of cases.
The holiday in London deprived the
| market of what has been source OIL
strength in the last few days. western
Union, Brooklyn Rapid Transit and Sugar
| showed evidences of rather acute weak
Pacific and the coalers were centers OF
| depression. Fractional gains were re-
tanned in a few stocks. early advances not
being entirely wiped out in the iron and
steel group
The bank statement was a surprise, as
| ii was expected that the llquldatlon IN
the stock market would have resulted in
| a contra elton of loans and Il decrease IN
| deposit liabilities, Instead of this there
| ANAL increase in loans,
The decrease in cash was expected ana
was due to the engagement of gold Tor
| export and to losses to the. banks by the
| sub treasury by reason of the small ex-
| cess of revenue returns over government
expenditures. which is now the rule.
| There was very little business transacted
| in the bond market and price changes
| were small.
/ The short week on the stock exchange
has been characterized by dazzling cam
| paign and quick retreat by the bears.
| They found a number of conditions in
their favor when they returned to the
| street on Wednesday after their three
days holiday and they sold stocks with
great confidence and soon broke the mar
| ket The exhaustion of margins on the
decline brought out flood of long stocks,
| which enabled the shorts to cover extern
sive lines at a good profit. Probably the
most influential factor in determining the
bear attack was the abandonment OF the
purpose to sustain prices of the new
/ Amalgamated Copper stock at or above
par. The 900 of stock of this or
ganiza ton was largely over-subscribed al
par and the payment of subscriptions was
| completed a week ago Monday. The sub
| scribers were understood to include some
| of the most powerful financial interests
| in the country and the new stock was
| supported at or above par all last week in
| Il III , Irt,, md
When the price was allowed to slump tC
s. on Wednesday and Thursday in the
outside market it was interpreted to near
| that the powerful hackers were not dis
posed to combat the reactionary tendency
OF prices for the present
| Fortified by acquiescence on the part
| of the element which had frustrated pre-.
vious attempts to force down prices, the
powerful bear party proceeded to work
their will with no important opposition
| A large body of security holders had fol
some time been in the position of inertly
holding on, waiting for further rise il
prices. When the bears began to force
prices down by wide gaps and the owner:
saw the value of their holdings being Gu
away from under them, they became
alarmed and threw over their holdings in
, | Discriminatory. Among them were show
ings of reduced net earnings for April by
ST. Paul. Burlington, Northern Pacific
and Union Pacific systems, for which sub
seouent plausible explanations were of
fered. but which were, on their face. evi
derce of decrease in the sums available
for distribution among lie stockholders.
There was a hardening tendency in eX
change, foreshadowing an outward move
ment of gold which came in the an
nounce after banking hours on Thursda.
of an engagement of $l,O0O000 for ship
{ ment to Europe. The fact that it wa
made by the institution that financed tn
Amalgamated Copper company, and ais
Z the payment of the Philippine indemnity
may serve an explanation. The pur
pose was to provide for the payment t
Spain. so as to avoid the export of gold
, and sufficient amount of foreign ex
: change to cover the amount due to Spain
, 1t was obviously a corrollary of the pla
to set off foreign obliga tons to banks
including, presumably foreign suSscrip
lions to the new copper company, to max
up the foreign credits turned over to tn
government.
Bpt the operations seem to have induce
a a plethoric condition in the local none
a market and a hardening tendency in tn
I London money market which We're nc
: counted upon, and which make the out
ward movement of gold necessary to re
, store the balance.
The relief to the London money marke
gave strength to the stock market Their,
| which spread to Americans and was re-
/ | Elected back upon the New York stoc
: market. This, with the fall in whea
the subsistence of the yellow fever scar
: and good prospects in the coal carrier
, led to good recoveries. Prices recovere
= to last weeks level or above all around
u. S. IS and old As registered advance
4 per cent. and the new As and SIS 4 DIS
1 cent. in the bid price. The old As coupo
e declined Il per cent.