The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-10-22
THE WORLDS MARKERS
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, Oct. 21.-The traders in
stocks were unable to induce any notice
able movement in the prices during the
two hours of trading. The bears were
unable to attack the industrial specialties
when it became evident that the bulls
were not in an aggressive mood. Sales for
spot account were in evidence in the spe-
cialties, some of which dropped off point
or more. Realizing was also manifest in
Pullman and New York Central, but the
decline in prices brought out no large
offerings of the stocks and the bears had
generally covered their contracts before
the bank statement appeared. bringing
prices hack to about last nights level.
A nominal increase in the supply reserve
was seized unon by the bulls to rush up
the price of Sugar in an attempt to in
duce a following. They were as unsuc-
cessful as the bears and realizing caused
reactonary tendency in the whole list.
which was very narrow in it's activity.
The closing therefore was easy
The main features of the bank state
ment We're a repetition of those of last
week. There is nothing in it to encourage
an expectation OF easier money. but as
last weeks similar statement led to no
renewal of money stringency the stock
market was inclined to the view that this
weeks showing might lead to no worse
results. II is puzZling to account for the
greater ease which has developed in
money during the past week in face OF
the loan contraction reported by the
banks Of S. $50. 900. The stock market bore
some hope that money will cease TO flow
to interior points during the coming week.
There are intlmations of some large hold
ngs of government bonds by financial
institutions, the anticipated interest upon
which will be applied for next week, and
so be made available for the money mar
ket.
The easy and undecided movements of
professional stock operators have caused
a confused and irregular movement of
prices. AS the professionals Were still
largely committed to the shorts outside,
the closing up of accounts has resulted in
higher prices. That the short interest has
been largely regarded as a result of the
weeks operations and the strength of
stocks thus technically weakened is a safe
assumption.
The bears have had professional oppo-
nents to meet who were quick to bid up
prices where they detected a demand
from a short interest. The bears have
sought to facilitate their movement by
raiding individual stocks and spreading
reports in hope of inducing holders TO
sell The growing determination of hold
ers not to sell at the lower level which
prices had reached was the source of the
uneasiness in the minds of the bears.
Operations have been almost entirely con-
fined to these professional maneuvers and
the public has been no factor in the mar
ket.
In the bond market there was quite a
steady absorption of long term well-se
cured bonds at below par. indicating 4
pressure for investment capital This
development in bonds gave firm under
tone to the stock market, where the level
of prices in many cases at present dvi-
dend returns in inconsistent with the high
interest rates ruling.
In the money market also lenders have
shown some eagerness to get funds placed
on time at existing rates. This desire has
led to concessions for small periods The
Central Pacific adjustment made very
large demands on the money market on
Monday, and the fact that the demands
were met without creating furry add
ed to the disposition of bears to cover
contracts in stocks. 1t was argued also
that the insignificant volume of applica-
lions TO" the government interest Of
fered in anticipation of maturity indicated
that the appearance of the money strin-
gency was somewhat exaggerated
The official compilation of the Septem-
Der reports of the national banks of the
whole country shows that the loans
which have been called in by New York
banks have been put out again by other
banks in the progress of the country's
business expansion. The New York con-
traction from June 30 to Sept. of SAG OoO,-
600 represents speculative liquidation in
the stock market, while the increase in
loans of outside banks of $50, 1000 900 indi-
Gated Industrial expansion The exhibit
cannot be called unfavorable even from a
stock market standpoint, If intrinsic
values are considered rather than specula-
tive boom values. That New York's loan
contraction since that date, which
amounts to more than s40,O00o0O, has
been diverted into the same healthy chan
nels there is no room to question. The
incidental throwing out of collateral Sc
curities of millions of doubtful industrial
stocks has materially lessened their posi-
Bile power for mischief in case of price
collapse. With an active demand for cred
its in business in which sterling exchange
is hoyering near the gold export point,
there is no likelihood of money declining
to a point to invite active speculation in
stocks 1t would be a striking anomaly
for gold to move outward at this season
of the year. which is the usual period for
imports, in face of the most prosperous
year in the history of our foreign COM
merce. While the excess of our mer-
chandise exports over imports for nine
months this year is about S1G000,GG0 less
than last year, our net imports of gold
for nine months this year are s113 $50, $50
less than last year. according to the fig
ureS of the treasury bureau of statistics.
New York Closing Stocks.
Atcnlson minimum. .-..-..... ...-....... Il