The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-11-19
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, Nov 1s.-The notable thing
in to-day's stock market was the small
range of prices. considering the extent
of activity and the wide distribution of
the dealings. There was a continuous
demand during the whole of the two
hours session, the demand being fed
with a constant supply, which, looked like
realizing and which held the market
back from any advance, but which was
discontinued on any signs of reaction.
The absorption of Baltimore & Ohio pre-
ferred continued on a large scale and
lifted the stock a point. Sugar was also
notably strong, as were the local traction
shares and some of the metal stocks.
Glucose rose As and Minneapolis and st.
Louis preferred ~ points. The large ad,
vance in Sugar invited active realizing.
Baltimore & Ohio was affected by the
same cause.
The bank statement was followed by a
hardening at points, but this did not last
and the market closed easy at mixed net
changes. The recuperatton in the proper
ton of bank reserves is wholly due to the
loan contractions. The sum OF more than
5000 900 which has been paid to the mar
ket by the sub-treasury during the last
three days for bond redemption seems to
find almost no reelection in the state
ment On the other hand, the showing
of loan contraction is believed to be ex-
aggerated, as that process came early in
the period covered by the statement This
banks have been lenders during the lat
ter part of the week of sufficient sums
to largely offset the earlier contraction.
While the statement seems to understate
the cash gains and to overstate the loan
reduction, the reduction of the deficit in
reserves met expectations.
The constituencies of the stock market
to developments in the money situation
which has been its characteristic for some
time past. was emphasized during the
week. The circular of tae secretary of
the treasury offering to redeem $25, 200, 600
OF government bonds at Wednesday $
market prices was issued after trading
had ceased on Wednesday. but it was the
occasion at the opening on Thursday for
an outburst of animation and buoyant
rise in prices and the stock market was
dominated by this influence for the rest
of the week.
On Monday the opening liquidation in
expectation of loan contraction by the
banks, incident to the increases in their
deficit in surplus reserves, was promptly
checked by the sudden drop in sterling
exchange to near the gold import point
and the making of preliminary arrange
ments for shipments of gold from Lon
OOn. nt local money IHdIk6t WIS dlSb
fed by sporadic supply, due to q special
railroad bond operation. But this casual
supply of money had the effect of easing
the money market so far as to affect the
sterling exchange rate, which rose
promptly away from the gold import
point, thus disappointing expectations Of
relief from that quarter and causing q
Teactionary tendency of stocks. The
money situation had improved by We'd
nesday by reason of some cash accre-
tions from sundry sources and the relax
ations in the demands from the SUBJ
treasury on the local money market. I'M
der these conditions the stock market
was, ripe for an active speculative
movement, which was precipitated by
the appearance of the treasury circular.
Sales to take profits were on a considera-
hle scale, but were eagerly absorbed, and
the large commitments made in various
stocks made it manifest that the in
creased money supply was being rapidly
diverted to an expansion of credits for
the purpose of speculation in stocks. The
extent to which the treasurys offer of
bond redemption has already been awaited
of is not explained in comparison with
the slight response to the offer to antici-
pate the fiscal years government
bonds interest. Less than S per cent. of
the total amount of interest thus offered
has been taken notwithstanding the con-
tinuous money stringency in New York.
There has been some recent accumulation
of government bonds by New York bank
ing interests, partly in the hope that they
would become available as securities for
additional government deposits and part
ly in the hope that the government would
commence buying bonds
U. S. new As advanced q per cent,
the as "a per cent, tire old As registered
p per cent, the old As coupon a per cent.
and the SIS 4 per cent. in the bid price
for the week.