The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-11-07
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest of Exchange News-Mintng Stocks.
Metal Quotations-Wool Prices and
Movements - Grain and Pro-
duce- Review of Trade.

New York, Nov 6.-The course of the
stock market to-day effectually dissipatsd
the symptoms OF weakness which were
engendered by the Saturday bank state
ment. The course of prices was down.
ward in the early dealings. but practi-
cally all the declines were recovered and
some striking net gains were established
in considerable list of stocks. The
downward course proceeded to the extent
of one or two points in a number of the
prominent industrials and reached as
much as point in some stocks, including
the grangers, SouthweSterns, southern
coalers and trunk lines. Northwestern
dropped at one time 21a points. In the
leading industrials a level of prices was
subsequently established, reaching gem
orally a point above Saturday The rail-
road group was not so resilient, but its
downward course of the morning was
very generally retracted and fractional
net gains are the rule.
The speculation in Leather continued
on an enormous scale, the price being
raised on running sales of 10000 shares at
the opening from IS below to p above
Saturdays price. Subsequently the loss
of Saturday was more than recovered and
the price lifted to within a shade of Al.
There was heavy realizing in the stock in
the late dealings, but it was firmly sup
ported. The renewed support by the spec
ulative pool in Leather had no small in
f1uence in dissipating the fears of more
general breaks in prices. There were
many soothing explanations offered of the
exhibit of deficit in the surplus reserve
by Saturdays bank statement. The ia
vorite explanation among spectators
was that it was due to an error" in the
relation of a single bank, or rather to
rnrfiHpatfnn ma
in the previous weeks return. 1t was this
error, so 1t was said, which had caused
the unduly favorable statement of Oct.
IS, and the allowance for it which made
the showing of the deficit of last Satur-
day and upset the stock market. The
comfort found in this explanation was
somewhat disturbed by the rise in the call
money rate to u per cent. and the calling
of loans by the banks. But the convc-
ton became general that Saturdays
bank statement was not fair index of
the actual condition of the banks. The
continued hardness of new York eX-
change at important interior points
aroused expectations that the movement
of money is about to turn in favor of
New York. The short contracts which
were put out in the morning were very
generally covered before the close. The
eve of the elections was also the occasion
for the covering of some short contracts
which had been put out on the theory
that this years election might be the
prelude to the unsettled business condi-
tons which are looked for in a presiden-
tial year. The drop in the money rate to
s per cent. late in the day actentuated the
buying demand for stocks An incident
of the day was the sellingo~of United
States Milling at u. compared with "a for
the last preceding sale. some time since
Prices of bonds only partly recovered
from the early decline in sympathy with
stocks. Total sales, S2,755, 900.
U. S. old As coupon advanced u per
cent. in the bid price.