The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-12-17
THE WORLDS MARKETS
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-
ducs--Review OF Trade.

New York, Dec. 1s.-The New York
stock market to-day made determined
stand against the generalization reflect
ed from the London exchange. and by
the end of the first hour seemed to have
overcome the weakness. The appearance,
however, was deceptive. Active liquida-
ton was in full force early in the second
hour and ate away the recoveries that
had been achieved, forcing prices below
the opening level. The market closed
with all the symptoms Of Generalization
and at the lowest prices of the week
The days net losses for the principal
active stocks run from 2 to 8 points. In
tho railroad list the greatest sufferers
naturally were the shares that are listed
on the London stock exchange and es-
pecially those which have been recent
speculative stocks there, such as New
York Central, Pennsylvania, st. Paul.
Louisville and Missouri Pacific.
In the list of industrials and specialties
the New York city stocks, Sugar, Ten
nessee Coal and others of the iron and
steer stocks were the largest losers. Lon
dom in the meantime, had been comfort
ing itself with rumors from South Africa
of reports of General Butler being rein
forced.
There was resumption of selling orders
by cable during the second hour and a
growing uneasiness over the situation in
Boston, growing out of the announcement
of a bank failure from that center. The
bank statement was construed as unfa-
vorable tn the item of loans, although the
cash changes conformed closely to fore
casts. The small loan contraction bare
ly served to offset the cash decrease, so
that the gain in surplus reserves Is only
nominal The sta tement does not include
to-day's gold engagements, which aggre-
gate 81, 100000
The weeks experience in the stock mar
ket has been a severe one to show such
small Improvement in the money situa
ton. 1t is evident that large part of
the money called In has been put out
again under urgent STRESS of circum-
stances. A large amount is known to
have been transferred to Boston to
strengthen the monetary situation there.
The local money outlook was the deter
mining cause of the late break in prices
and withdrawal of support.
1t is many months since the stock mar
ket has been subjected to SO violent and
drastic liquidation as that of the past
week. At intervals 1t was met with some
aggressivexsupport by friends of different
stocks and the professional bear opera
tors have occasionally closed out their
fered, but at other times all other sup
port seemed withdrawn, while heavy
stocks of securities were being forced to
sale by the wiping out of competent esti-
mates, placing the figures in tho hun
dreds of millions AS a consequence cred
1t facilities were heavily cut and stocks
placed as collateral were forced to sale
for the protection of money lenders.
The bear operators were bold and ag
gressive ana offered prices down in
seemingly reckless manner wherever any
Indication could be had of large specua-
tive holdings. In some of the industrials
which have been manipulated by specula-
tive pools the violent decline in prices
dislodged some enormous holdings and
the bears 'reaped sensational profits.
The commission of circumstance threw
the market into conditions bordering on
panic several times during the week. The
markets quick response to any develop
ment in the London money market point
ed strongly to that as the seat of the
trouble. All the powerful resources Of
the English financial center were being
eNerted to attract funds to meet present
and prospective urgent needs. The Banh
of England statement shows a continued
drain on interior points to supply the ex-
traordinary trade activity in England,
Just as the New York banks have been
drawn upon from the interior points in
this country. The depression in the Lon
don stock market caused by the news Of
Athe setback of the British operations and
the convulsive recoverieS caused by even
vague rumors of successes warrant the
. deduction that the English money market
had adjusted itself to hopes of earlier re-
lief than now seems possible by resump.
ton of shipments of gold from South
Africa.
The urgent need Of other relief IL mani
tested in the vigorous upward movement
of sterling exchange at all the worlds
money centers. Both at Paris and New
York the rate reached the gold expor,
point during the week. The Importance
attached to the matter in the New York
stock market was demonstrated in the
Generalization of Wednesday afternoon,
when preparations were made to export
gold as well as in the sudden recovery OF
Thursday. when relapse in the sterling
rate raised the hope that gold exports
were for the time averted. Although the
sub-treasury's absorption of funds from
the market had run up to nearly $4,000, 600
before the announcement of the treasury
departments decision to forego a rebate
In anticipation of the Jan. l interest on
bonds, that measure is looked to to re-
lieve the drain from that source for the
immediate future. The course OF the in
terror exchanges has indicated response
there also to the need of relief in New
York and funds have been received here,
not only from interior points in this
country, but in Canada. With the relief
thus secured from the resources the eff
feet Of the gold exports was largely off,
set. The stock exchange liquidation
itself has gone to such lengths as to ma
terially replenish the supplies of availa
Bile funds.
The volume of transactions made it
evident that the interests affected were
larger than the ordinary professional OBJ
ments in Boston show that the necessity
of support in the copper market was a
factor in the situation. Large selling was
attributed also to the account of import
ant Western centers. The decentralization
produced in some of the newer Industrial
stocks was an Indication of the burden
some nature of the underwriters holdings
and the narrow margin for many of Sc
new fiotations which have been below the
listing prices on the, exchange in MANY
cases. ~
1t is a maxim of commerce that a gen.
eral rise in prices induces speculative