The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-07-16
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, July 15.--To-iay's short mar
ket was so narrow and SC nearly stagnant
that movements of prices were of little
significance. There was perceptible tone
of firmness, however, which was empha-
sized after the appearance of the bank
statement by the hasty covering of some
small bear contracts in the grangers.
which had been put out just previous to
the appearance of the statement.
Probably the greater part of the days
business was given over to the closing out
of short contracts by the bears. This con-
tingent has been particularly active in
Brooklyn Transit during the past week on
| Their buying to cover to-day made that
stock the most active on the list and
| moved it up two points from the opening
| decline.
Sugar was largely bought and rose at
| on, time III points over last night, Peo-
| pies Gas recovered sharply from yester-
| days prices Oregon Navigation prefer
red advanced IA points on the discharge
| of the voting trust and the implied guar
antee of preferred dividends to the
| amount Oh ~ per Gtht. III yearly lllSldll-
ments. Cotton Oil rose more than point
Manhattan and the Southwestern rail-
| roads were also inclined to strength.
| The bank statement was up to expecta-
| tons in the item of loan contractions and
| the consequent reduction in deposit liza
| biities. 1t was unexpectedly favorable
| in the showing of gain in cash, consider
| ing the payment of $2500.00O to the sub
treasury of customs payments during the
| week.
The local money market worked still
lower to-day, but demand sterling adj
vanced small fraction and London dis
counts were also harder Sterling ex
change at continental centers also re-
acted sharply.
The week in Wall street has offered evil
dences that an eager speculative contin-
gent is watching for an opportunity to
embark on the long side of the market.
There is evidence also that large por-
ton of the contingent was not possessed
of abundant funds and the continued
tightness of the money market and the
successful Vaccinations of the bears have
checked the bullish enthusiasm, wiped out
margins and precipitated considerable
speculative liquidation. number of in
dividual stocks, however, have showed ag-
gressive strength on large buying and
have sustained the general list.
The activity of the market for call
loans on the stock exchange, even at the
high rates, also indicates confidence in
some quarters in the cary clearing of
the situation. The extended period of the
hardness of money after the July l period
upset the calculations of many observers
and last Saturdays bank statement,
showing surplus reserves down to near
S., 600 and lower than since the panic
of 1898 caused something like alarm.
lar orders sell at the
opening on Monday. as it was certain that
many loans would be called to reduce
deposit accounts of the banks that were
below their legal reserve limit. The acute
phase of the Transvaal situation empha-
sized the money stringency In all the for
eigr centers with the result that London
offered large amounts of stocks for sale
in New York. Finally there was active
weakness in New York traction stocks on
fears of a strike and in Peoples Gas on
reported plans for an opposition plant.
The combined efforts caused violent
break in prices through most of the list
and an active selling movement. The al
most complete recovery on the following
day on only two-thrds the Volure or
Mondays business demonstrated that the
precipitate selling had been well absorbed
and the amount of stock for sale greatly
diminished.
The technical position of the market
was thus much strengthened by the shak-
ing out of weak holders. 1t came to be
better understood that Saturdays bank
statement being based on averages of the
totals for each day in the preceding week,
did not fairly reflect the actual condition
of the banks on the day when 1t was
made. At the same time 1t became known
that some very large loans, made on ac-
count of an organization of the tube in
dustry and to the New York city govern
ment pending its sale of new bonds, had
been liquidated and that funds disbursed
on July for dividends and interest were
coming back into the deposit accounts of
New York banks. But the relief afforded
on this account gave way to renewed I'M
easiness when it was perceived that the
rate for demand sterling was hardening
as the local rate for money became easier.
1t was feared that the continued urgent
needs of the London money market would
cause a further drain of gold from New
York and keep the local rate high for
considerable time to come. The downward
tendency of long sterling under offerings
of futures against merchandise shipments
partly answered the fears on this score.
The bond market was moderately active
and rather irregular. the southwestern
railway issues moving up in sympathy
with the strength of the stocks.
u s. Us and old As registered have de-
fl,A /. FNFin