The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-05-13
Financial Review.

New York, May 12-Bradstreets FL
nancial Review tomorrow will say: AT
the beginning Of the week the market
experienced a general decline, attended
by considerable liquidation of long
stock, On Wednesday it-rallied sharp
ly on support by large interests and ex-
ceptionally large purchases for London.
This fact wns, however, apparently due
to the existence of a large interest In
Americans in the foreign market, while
covering by the local professional bears
also contributed toward the recovery
of prices. The European purchasing
continued on Thursday, and there was
also further evidence of support from
the so-called big people, but the
market developed hesitation and de-
clining tendencies, it's weakness CEN
tering in the stocks. On Friday the ac-
ton of speculation was Irregular An
early decline was checked by the
strength of sugar and other manipulat-
ed stocks and the expectation of good
bank statement to-day also had an
effect. 1t was noticed that the drop in
prices this week was in the main the
result of purely speculative case to-
wit: The overbought condition of the
market. Stocks have accumulated in
the hands of people who bought on
margin in expectation of continued rise.
The buying power has, however, be-
come measurably exhausted, while dis
appointment at the action of the mar
ket produced, as it naturally would, a
disposition to realize. The decline OF
last week, though not severe, agga-
waited this tendency, while In many
cases margins were weakened to an ex-
tent which furnishes occasion for en-
forced foundations One of the most
prominent manipulative operators of
the street, whose name was by COM
mon report coupled with a supposed
bear syndicate, denies the impeach-
ment. But other professionals certain
ly took an aggressive stand on the bear
side and contributed by the selling
pressure produced to bring about the
outpouring Of long stocks which char
Tuesday. Other circumstances, of
course, played their several parts in
the movement
The expectation of an unfavorable
government report was considered,
though the street apparently disregard
ed it on Wednesday, and it was not
until Thursday that the granger stocks
were sold on the theory that the report
shows reduction of the whole output
calculated to affect railroad traffic and
earnings.
The market has not suffered from
any fears of tight money. On the con-
trary, supplies OF funds seem to be in
creasing, and the rates were apprec a
BILE easier The collection from the
government of $15,00000O of the Spanish
indemnity by the institution which acted
in the matter of renting the $40 000,-
900 was factor. and the movement OF
money seems to be now toward the me-
tropolis. The bond market has been
unaffected by the events affecting spec
ulattNe values, and the demand for in
Vestments is as large and almost as
eager as at any previous time On the
other hand the financial public has
fnally begun to appreciate the effects
of the continued creation of new in
dustrial securities, and a conserva tive
sentiment has asserted itself in this
connection, 1t was generally remarke d
that the alleged proposition to erect a
billion dollar steel trust by a combina-
ton of the industrials also formed in