The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-05-28
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest of Exchange News-Minine Stocks,
Metal Quotations Wool Prices and
Movements-Grain and Pro-
duce-Rsview of Trade.


OF the standard railroad stocks in the face
o. the decentralization in Sugar and Metro
pclitan Street Railway wa, strikingly like
the midsummer markets Of yore when SUI
gar was likely to absorb a half to three
quarters of the total dealings, and when
many of the industria's now traded in had
not yet been conceived
The bears seemed to have gathered
fresh courage and made quite a savage
onslaught upon Sugar and Tobacco stocks.
the New York municipal stocks, Shelter
and Steel & Wire.
Losses in the railway list were insig.
nifcant in most cases There was a sim
Infamous decline in New York Central
and Pennsylvania, which was in rather
marked contrast TO the later strength
of some of the so-called Indifferent trunk
lines.
The first hour had not expired before
an active demand sprang up for the Read
ing securities based on the strong show
ing of the April statement of earnings
A decrease in operating expenses of the
coal company and an increase in gross
earnings by the railroad company com
bined to produce an increase in net earn
ings for all of the companies Of s1O7 694
In connection with the good report SUBJ
mitted by New jersey Central earlier in
the week and the May gross earnings of
Ontario & Western, the coalers developed
quite a buoyant tonc-and enjoyed sub
stantial gains all around Erie first pre-
ferred shared in the advances The rise
in these stocks was carried to other rail-
or rly md al, 1l-.J 49,
specialties, short covering causing rallies
of between l and points,
The failure of the market to show any
marked response to the bank statement
induced a fresh raid by the bears. which
carried Sugar down to li5, an extreme de-
cline from yesterdays close of 915 points
The market yielded in sympathy the spe-
c!alties quite sharply and the railroads
Only slightly. The market closed under
pressure, but with net gains remaining
for most of the railroad stocks.
Sterling exchange made an unusual
show of strength for Saturday with a
rise of Nc due to the hardening rate in
money and the demand on that center
from the continent for gold
In connection with the plethoric condi-
ton here disclosed by the weekly bank
statement there is some renewed appre-
hension of gold exports
The demand for railroad bonds continues
strong at advancing prices, Reading As
being most conspicuous.
The exchange will remain closed until
Wednesday.
When the season of uncertainty regard
ing the fate of the coming crop comes
around speculation in stocks by the out
side public proverbially fans to a mini
mum and the stock market is left to the
professional room traders. The very fact
OF outside neglect of the market deprives
it of support so that the professionals
are almost invariably bears in a dull stock
market and bulls in dull wheat market
in accordance with the possible effect of
crop failure in the two markets That has
been the state of affairs during the past
week. Nearly every professional trader
on the stock exchange has been bear
this week.
The late recovery in prices Is not conclu-
sive evidence of definite indication of
change of heart. as the professional trader
looks with apprehension always on a few
days interval of inaction and its posi-
bilites of important developments.
The heavy declines in values compared
with the corresponding period of last
year, the rise in the value of imports and
the persistent rise in the rate of sterling
were all incidents to reinforce
abroad had been exhausted and that
movement outward of gold was likely.
The languid tone of securities of numer-
Gus industrial combinations was a strik-
ing indication of the saturated condition
Of the public demand for them, and was
taken to foreshow the danger of a break
In prices generally of those which were
inflated in value and in weak hands which
might demoralize prices generally
have 4 49,
by the bears, of desire to realize on
some of the heavy holdings taken over by
powerful interests to check the panic due
to Mr.. Flowers death. Much was made
Of the Impairment to values of an i'm
portant group of stocks that would re-
suit from the enactment of a public fran
,hise tax bill by the New York legislature.
On these various assumptions the bears
sold stocks quite assiduously during the
Early part of the week.
A number of things during the week
changed the confidence in a coming re-
action in prices. Most important was the
excellent traffic returns of railroads for
the third week in May. Beginning with St.
Paul on Wednesday, with an increase of
1916, 900 in gross earnings over last year.
here was practically no exception to the
favorab BILE returns. AS the comparison Is
with an Unprecedented period last year, it
could not fail to have force.
Reports of damage to European crops
Turing the week suggested a future price
To- wheat that would attract a movement
If the reserve in farmers hands, consti-
tuting the invisible supply, the amount
IF which is believed to be large in spite of
he large movement last year. 1t was
sufficiently obvious that the declines in
prices of stocks induced by the short sell
ng did not bring out any large offerings