The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-11-12
Daily Record of Commercial and
Financial TRANSACTIONS.
NEW YORK STOCK REPORT
Digest OF Exchange News-MininG Stocks.
Metal Quotations-Wool Prices and
Movements : Grain and Pro-
duce-- Review OF Trade.


s5,217,40O, whereas the EXTREMIST estimate
had been for only 81, 100000. Some san
guine persons had hoped the cash losses
would be offset by a loan contraction as
high as $12,000,000. Instead of that, the
decrease in loans reached only $7151, 100
AS this only reduced the reserve require
ments to the extent of 50, 766. 800, the cash
losses, however. resulted in increasing
the deficit below the legal requirements
of 50, 7Ss950
1t was not to be expected that so for
midable an encroachment on the already
depicted reserves of the banks would be
without effect and prices gave way all
around. The losses in the railroad list
are strikingly small. in spite of the large
~atume of dealings. This department
offered a stubborn resistance to the pres
sure and there were evidently heavy buy
ing orders to be executed. In the spe-
cialties, especially those recently active
In speculation, the losses were more Sc
we're. In Sugar, the coalers. the local
traction stocks. especially Manhattan,
Tobacco and Tennessee Coal, there were
wide breaches in prices. Even In these
the bears were eager to cover at the de-
cline and some sharp rallies were re-
ceived.
As loans on Friday on the stock ex-
change carry over until Monday, the
days money market was nominal. Liqui-
dation was in anticipation of Mondays
money market and was not forced by
actual calling of loans. Yesterdays
large calling of loans Is probably not
fully reflected in the statement, SO that
the actual condition of the banks may
he slightly better than indicated, but
the course of the money movement makes
the necessity of further loan contraction
a practical certainty.
The foreign exchange market, like the
money market was almost wholly nomi-
nal on Saturday. but the nominal rates
for sterling were marked down an addi-
ton half cent. Traders in stocks gen
orally seek to anticipate certain AMOUNT
of outside buying which comes into the
market liter an election, owing to the
relief from the unsettling influences on
business Of a political campaign. There
was professional buying of stocks on
Monday with this object and resulting
advance in prices There was also some
outside demand on Wednesday, as was
expected.
The large buying by the bear element
during the previous weeks has resulted in
Limitation of much of the short interest
from the market and it's technical posi-
y ION was thereby weakened. The course
of events in the money market demon
strated that the hopes of a relaxa ton
during the previous week had been illu-,
sive. New York exchange, which had
hardened at various points and at Chi
cago had risen to 10 cents premium per
1000, eased off again in the latter in
: stance to a discount. -e-v 5t-ET e,.+ ;.
For this reason the calling home of
credits is considered undesirable. But it
is the conviction that in the event of any
actual distress for money in the country
the world would have to pay it's debt to
us. The active and profitable use of
money in trade, even to the exclusion of
specula tion on credit. is not felt but so
long as expansion continues in the coun-
try's use for money and the sub-treasury
continues to make demands on the New
York banks, it Is evident that the banks
must continue to call loans to meet the
Entertainments on their reserves. while
the reserves continue near the border of
the legal requirements. Stocks held with
borrowed money are thus forced to sale
and fall into the hands of those who
have money in hand without the need to
borrow.
Bonds have moved slightly in sympathy
with stocks but changes have been mar
row.
Y. S.. old As registered advanced u per
cent; u S. old As coupon and the new
as and SIS n per cent, and the as "a
per cent in the bid price.
The associated banks of New York CITY
are now s27Ss.95O below the required a5
per cent. reserve. The weeks operations
disclosed by the statement of Nov. II
show that the decrease of cash was $5.217,-
4UV. Oh winch S6aSb,SUU was IN the form
of specie and 1880, 500 in legal tender
Deposit contraction lowered reserve re-
quirements only about two and three
fourth millions, so that half the cash
loss came out of the reserve on hand
The statement does not differ much from
what had been expected. The banks In
their weeks operations with the treasury
We're debtors to an amount approximate
ing three millions and the interior took
nearly or quite two millions in addition
IN Inc lace OF temporary squirt in the
stock market transactions the decrease
of H,l5l,100 in loans Is interesting, The
loan item has shrunk since the opening
OF July about SOS, 100000 and now stands
az ahout the same point reached at this
time last year In other words, the banks
have lost In loans all that they had pre-
Nlously gained as the result of - months
active business. They are, on the other
hand, getting higher rate on their pres
ent commitments.
1t is difficult to forecast future opera
tons, but the very lack of money in
New York now must bring relief from
some source soon. The interior has been
looked to to supply the usual fall re-
plenishment, but as yet there are no
signs of aid from that quarter.
specie imports are not improbable with
exchange falling. The third alternative,
Is assistance from the treasury, which
has been absorbing heavily from the
banks all summer. Washington officials
say that they have at present no inten-
ton OF furnishing funds to banks through
public bond purchases. and the only re-
manning form of relief, If, indeed, relief
be needed. is to allow internal revenue
funds to remain on deposit with the
bank repositories. The situation. how
ever. is not to be regarded as critical
for the simple reason that the present
conditions are due more to a condition
of prosperity than anything else The
demands OF business in all quarters hay.
brought to bear on New York a pressure
for money that Is unprecedented. This
money. aside from what the treasury has
taken, Is not being boarded. 1t is in act
i've use somewhere, and in the course ef
time VIII return to its logical center Just
now its absence is severely felt. Were IT
not for excess treasury payments at New
YORK 1t is not probable there would be
much OF a stringency at any point.
New York Closing stocks.
fNhNhiSo'' .....--..- ZlSs