The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-10-15
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-
duce-Rsview OF Trade.

New York, Oct. 4.--To-days stock mar
ket reelected nothing more than a con-
test of professional operators, and those
not of very large caliber. There were
small buying orders at the opening for
: London account on rumors of reverse
for the Beers at the hands of the British
in Natal which seemed to help prices to
move upward. The bear campaign
against Brooklyn Transit was success
fully prosecuted. and the stock was at
one time forced 2A under last night Met
ropolitan and Manhattan seemed to SYM
pathize, but recovered the decline with
a final rally of IA in Brooklyn Transit.
Pullman has added three more points to
its price. and Great Northern preferred
By. Gains were pretty generally wiped
out after the pubicatio of the bank
statement, but covering by the bears
brought some prices a fraction above las
night again. The decrease of over a
million in cash reserves was a disap-
paintment. as experts had figured on an
increase of about that much. Had it not
been for larger loan contraction than
had been looked for, the surplus reserves
would have been wiped out. Extra dis
bursements by the government during the
week on account of deficit in the postof-
nee department, ana on account OIL PEN
sions has offset the drain on account of
revenue payments. so that the banks have
lost nothing to the sub-treasury on rou-
tine operations. This Is not expected to
continue next week. and not much conf
dence is felt that the government inter-
est to be paid on Monday in anticipa-
ton of its maturity will avail to offset
the drain into the sub-treasury on ac-
count of the surplus of revenues. Neither
is there any hope of duplicating this
weeks receipts of gold, which amounted
to rather over Sc, 600, 600. with foreign gold
a small amount from Cuba and some from
San Francisco. The outlook is for further
depletion of bank cash and additional
contraction of loans.
The public has kept aloof from Wall
street during the week and the profess
sional trading element has fretted and
fumed over the dizziness of trade and
their ina bility TO cause any movement of
prices to take profits for a turn. 1t is
well recognized that speculative liquida-
ton is all that has afforded such rela-
ton in the money rate as has occurred
and renewal of money stringency would
be likely to quickly follow any specula-
tive activity. The state of war which
has developed between England and the
South African republic was of very lit
tie effect and seems to have been so thor
oughly discounted that the markets of
the whole world have adjusted them
selves to the conditions. There was a
recovery in prices when the announce
ment was made that the treasury de-
partment had decided to pay in advance
interest for the whole fiscal year on gov
eminent bonds, but a further study of the
plan brought conviction that it offered
no assurance of actual ease of money,
such as Wall street wants for a Specu-
lative campaign. The very merit of the
plan, from the standpoint of its proiec-
tor-that is. that it insures a general dis
centers of the whole country-militates
against 1t from Wall streets standpoint.
Money markets from the rest of the
country have had money to lend in New
York thus far. when the call rate SCARED
to 20G40 per cent. Besides the large
amounts of governments held elsewhere
than In New York, it is believed that
some very large holders in New York it.
self will not be disposed to give up the
required rebate of government interest
and take the risk of replacing the money
at advantage. This is notably true OF
savings banks, which are restricted tC
high-grade bonds for investment which
offer only low return. The insurance
companies and the trust companies are
also unlikely to avail themselves of the
privilege. If the general condition of the
money market in the country at large
were stringent in New York doubt
less the proffered relief would be more
generally taken advantage of. The treas
ury department however, has given il
to be understood that it is not disposed
10 take special measures for relieving the
peculiar distress in stock market circles