The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-07-09
THE WORLDS MARKETS
NEW YORK STOCK REPORT
Daily Record OF Commercial and
Financial Transactions.
Digeat OF Exchange News Mining Stocks
Metal Quotations-Wool Prices and
Movements-Grain and Pro-
ducs-Review OF Trade.

New York, July S.-The character of the
trading in stocks was much confused
throughout to-day's short session of the
exchange. There were points Of aggressive
strength which encouraged the mainte-
nance of prices, but the certainty of an
unfavorable bank statement encouraged
the continuance of profit-taking in some
of the stocks which have recently ad-
vanced several points in price. On the
publication of the bank statement the
whole market sold off and net gains were
preserved in only few cases. The liqui-
dation was by no means heavy and the
bears covered short contracts at the de-
cline. causing rally from the low point.
The bank statement, on its face, presents
an extraordinary condition of affairs 1t
is almost unprecedented in the cash re-
serves down to within a little more than
$5000,000 of the Is per cent. required by
the law at this time of the year. Yet
the banks expanded their loans during
the week nearly $1,000 900, when they were
already at the highest figure on record
last week. The conclusion is unavoidable
that the banking authorities see prompt
relief in certain prospects. In fact, the
easing of money during the latter part of
the week shows that the relief is already
at hand. 1t comes in large part from the
release of funds that had been accumua-
ted for the disbursement of semi-annual
dividends. 1t is also taken into consider
alton that interior points are better sup
piled with money than ever before, so
that the conviction is held in banking cir
Giles that tightness in the New York mon
~ market would bring funds from inte-
rior points to New York.
The action of the stock market this
week has justified the confidence of those
who bought securities last week in the
belief that opportunity would be offered
TO realize profits quickly. The expected
demand for stocks was forthcoming, but
it was so freely fed with offerings accu-
mulated last week that the Strengthening
effect of prices was offset and the tide
turned in favor of reaction. Thus in spite
OF very active market for the short
week after the long holiday period. the
net changes are not conspicuous in the
majority of cases. The profit-taking was
most effective early in the week in Penn
syIvania. New York Central and the Van
derbilts
Selling was not heavy in either of these.
but the large and confident buying of last
week was discontinued and prices were
not supported
Much stress is laid on the large amount
invested in railroad properties resulting
in higher efficiency and paving the way
for future reductions in the ratio of ope-
rating expenses. There We're incidents
corrohorative of the earlier rumors of far
reaching commissions of railroad systems
calculated to make possible more econom-
zeal administration and to facilitate CO.
operative measures for conducting traf-
fic. But in spite of these factors of
In ha ha
dency toward reaction in the railroads pre-
vailed. owing to the recent conditions.
PTotit-taking was the main factor. ut
there was In addition some apprehension
that spring wheat had been damaged
by heavy rains, and there were heavy
damages to railroad properties by the
Texas flood.
The most potent influence toward reac-
tions was the failure of the money market
to weaken as expected under the distribu-
ton of half-yearly Interest and dividend
disbursements. Time money could read
lily be had at 3d31s per cent. But caIl
loans were slow to yield below per cent
In London both call money and the dis
count rate fell below 2 per cent. rejecting
relaxation of pressure for the half-yearly
settlement Enormous loans were liqu-
dated both at the Bank of England and
the Bank of France. The strain on the
money market in Berlin was not so much
relieved, exchanges continuing to run
against London. But confidence was
shown that the stringency there would
also relax soon and that no further de-
mand would be made on New York for
gold. The easier money conditions in
London brought large buying of stocks
in New York for London account until
money rates there began to harden again.
The weeks trading on the stock ex-
change has been distinguished by some
reawakening OF interest in industrial is
sues, as the market for railroad stocks
fell into dulness on the reaction. The old
er dividend-paying industrials have been
favorites, but some of the newer ore and
metal commissions have also shown signs
of life, notably the coppers. Amalgamated
Copper has moved up several points in
the outside market, but Is still we'll below
the original subscription price, and Ana
conda has been active and strong.
Bonds have shown increased activity
and strength.
L. S. new As advanced Y per cent and
the IS Y and the SIS Il per cent. in the
hid nrice