The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-08-13
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-Review of Trade.

New York, Aug. 12.-TO-day's stock
market started lower on London mani
Testing anxiety as to the future of the
market. The local bears fostered the de-
preston and tried to make capital of the
situation in France and predicting a
Southwestern freight rate war. The
strong bank statement, however, changed
the tone of the market and the close
showed net gains in the more active
stocks. In the early weakness the
grangers and high-priced speciaties were
the principal sufferers. Sugar. Brooklyn
Transit. Peoples Gas. American Steel &
Wire declined point each. The bears
were disposed to cover at the decline and
pnces rallied rather quickly, but re-
manned below last nights level.
The dizziness and hardness of the mar
ket which succeeded continued until the
bank statement made its appearance on
the tape. when the market Immediately
burst into activity and developed a sur
prisingly buoyant tone at some points.
The stocks which had yielded most easily
in the early transactions came back most
readily, and as a rule, they showed the
gains for the day.
-
and bid prices on themselves Chicago
Great Western debentures scared up
wards by successive jumps. selling at
1031a, 54 points above the lowest and AZ
points net advance. The preferred stock
of this company made net gain of 2hs
points. Tennessee Coal also made a very
vigorous advance to Sc, a net gain of SA
points The closing of the market was
active and firm at about the top.
hot panprallV pSnentel he
dull week in the stock market turned out
to be a more active one than for some
time. The strength has been largely in
spots and groups and has been not lit
tie due to heavy covering operations by
the large bear traders. At some points
in the list there has been realizing going
on at the same time and the readiness
with which stocks Were absorbed helped
to lessen the bearish sentiment
For the present money has become
great deal easier and this has been
large factor in the strength of stocks OF
companies in the metal industry, partlc-
ularly in the iron and steel industry. This
was a logical response to the extraordi-
nary conditions prevailing in that trade,
where orders for delivery in 1900 at the
present high level of prices are in charge,
showing confidence in the continuance of
the eager demand for iron and steel
products.
There has been special strength In other
industrials, the causes of which have been
left to guesswork by the general pubic
The approach to the end of the PERIOD OF
anxiety regarding the crops has led to
some buying of the railroads In the grain
market the conviction having become
general that no setback to the country's
prosperity will arise from the years re-
suits to the agricultural industry.
The outlook for the anthracite trade has
led to strength in the group of railroads
interested in the transportation pranches
of that trade. A number of railroad
stocks have enjoyed large gains from IN
diyidual causes, such as prospective IN
creases of dividends or settlements of
competitive traffic disputes or movements
towards absorption by more powerful
companies.
The financial centers of the world have
continued to pay large attention to the
development of conditions in the money
market in this country and the foreign
exchange at New York has moved strict
ly in response to the tone of the local
money market without regard to foreign
money centers Thus the rates for both
sterling and continental exchange fell on
Tuesday to the lowest level of the present
movement, notwithstanding jump of
u per cent. in the present discount rate
at Berlin on Monday and hardening of
a shade in the London rate on Tuesday.
When the New York money market began
to tend towards greater ease later in the
week there was significant hardening in
the local rates for foreign exchange. and
the Bank of England refrained from
marking up its rate of discount on Thurs
day.
The treasury's payment with drafts on
the New ork sub-treasury for gold de-
posits at the San Francisco mint has
been an appreclable factor in the easing
of the money market. The principal
cause was the offering of funds in the
New York market from domestic centers.
The only effect on rates was on the call
loans, lenders on time and bidders for
commercial paper holding out stff1y for
the best rates and showing no anxiety
to place loans at present rates, There is
not so much apprehension as recently of
a money squeeze but there is no general
expectation that money rates will work
lower.
Bonds have been rather quiet and prices
irregular.
U. s. new As have advanced u per cent.
in the bid price.