The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-03-05
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest oil Exchange Overwhelming Stocks.
Metal quotations. Wool Prices and
Movements = Grain and Pro-
duce-Review of Trade.

| New York, March 4-The stock market
to-day worked upward under the impetus
of yesterdays movement until the APP
pearance of the bank statement showing
a loss of over s5OOO,O0O in the surplus re-
serve and another expansion in the loan
account. Prices Immediately gave way
sharply in many shares, the recession be-
| Ing from l to points, and the standard
stocks moved fractionally below yester-
days figures. A good tone prevailed on
the London exchange for Americans but
adVices as to the nature of the purchases
were conflicting, some intimatins that the
movement was initiated from this side
while others affirmed it to be confident
buying for English investment account.
Ihere We're sharp advances early here
in the steel stocks, the anshracites To-
bacco, Brooklyn Transit, General Electric
and prominent railways. the latter i'm
proving a point in some cases. Reports
of some of the large bull interests seem
ed to lend support to Burlington and the
steel stocks. New York Airbrake was Il
very strong spot after the appearance of
the bank statement, when everything was
sod off. Many of the early buyers threw
over stocks and the market closed weak al
the lowest Stocks in which losses uc-
Cured for the week outnumbGrcd those
which advanced over 2l2 to /. The market
opened with show of strength on Mon
day ana thereafter sagged until Friday.
Whon a better tone prevailed up to the APP
pearance of the bank statement, when
prices eased off. The more prominent de-
clines were Third avenue railroad. q:
MetropClitan Z; P.ttsburg. G., C.. G. 4 ST.
L., 3; Burlington. Central Pacific ana Pa
cine Mail. eacl. The conspicuous ex-
ceptions to the general tendency were
American Tobacco and American Steel
the former rising 81, while the latter was
up 33s A false rumOr that Admiral Dewey
mad sunk German cruiser eXerted an
ursetting influence Oh the market, which
was not altogether dissipated by the en-
phatic denfh.s Of the rumor Tho under
lying conditions We're no less favorable
than formerly, while there were many
evidences of prosperity in commercial and
financial circles. The preyai ing feeling Of
confidence was reflected by the advance in
tae wages of iron and cotton workers in
various sections OF the county. The bal
ance of trade usually considered depznds
50 largely upon the foreign q mand T
cereals was strengthened very much by
the increasing exports of domestic MANI
featured articles, which are exceeding the
imports by about 81 per cent Indeed the
exports of such articles average in va.ue
million dollars for each working day.
CONNIE Tcial activity was also shown by
the increase in the bank ciParingS uf 40
per cent. for the week as compared with
the corresponding period of las year The
continued demand for iron ard steel pro-
duets ut rising figures had a stimulating
influence on shares of cOmNanies con-
neCted with the trade. The gradual con-
traction in The surplus reserves shown in
the weekly bank statement, to gether with
an expansion IN the loans, cannot he rc-
gardcd rs remarkable when 1t is CouSid-
cred that money has been needed to
finance many railway deals, but more par
tiCulariy colossal industrial combinations.
7 he capital cation of such concerns or
sarized with.n two months exceeds $,.Ec0-
o6G,OUO. Then, .arge sums were required to
care for American stocks returned from
abroad. but there were Indications that
some of these stocks were already begin
ming to be resnipptd IN London. A hard
cning rate for money appeared at one
time call money touching A. but casel
off 2is per cent. The higher rates were
Established ON securities which lack an
active market Ii Is usual for Nancy to
be moving toward the interior at this time
bat the temporary appearance Of a higher
rate started an influx Of money to New
York The Improvement IN the money
rate was promptly followed by Il decidedly
easier tone in the sterling exchange mar
ket, which WAS taken to indicate the prob
ability OF Americas drawing uDon its
funds loaned abroad should the money
rise Sh1Inly