The Anaconda standard., 1899-09-03
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest OF Exchange eNews-Mining Stocks
Metal Quotations-Wool Prices and
Movements-Grain and Pro-
duce-Rsview of Trade

New York. Sept. 2-The stock market
was intensely dull throughout the days
short session and net changes extended
beyond frac 4ons only in rare instances
As the bears had sold the market short in
anticipation of the bank statement, the
evening up of their coptraeEs when it ap-
peared, closely conforming to estimates,
created demand relieving the market of
its early depression and brought prices in
most cases above yesterdays level The
fact that Monday is holiday had the ef-
feet of keeping stock transactions at a
minimum
The report of death from yellow fever
in New Orleans and the Texas quaran-
tines caused weakness in the railroads in
the South, notably Illinois Central Brook
lyn Transit and Tennessee Coal. Republic
Steel stocks and American Tobacco leo a
rise before the bank statement came out
In contrast to the sudden outbreak yes
terday of activity in Vanderbilts there
was only single sale in the first hour of
Northwestern and Omaha, the latter at
gain of a point. New York Central did
not appear on the tape at all until the sec
ond hour. Kansas & Texas seconds be-
came active in the late dealings and adj
vanced l per cent.
The stock market has shown the eff
fects this week of profit-taking by the or
ganized pools which were active last
week in advancing the prices of certain
railroad stocks. Those have suffered most
acutely, but the whole list has shown an
increasing disposition to sag. Early in
the week the pools were sharply manpu-
lated in the industrial specialties to sus-
tain prices and cover the realizing going
on. The short interest in some of the in
dustrias was sensitive to the upward
movement and was inclined to cover, help
ing the strength. The various profess
slonal maneuvers were the surface indica-
tions of the elimination of the recent bull
movement and the mart, apsed into
dullness and neglect alter they had been
concluded
There was no heavy liquidation in evil
dence outside the speculative profit-taking
and the market took on the condition of
suggishness which indicates the content
ment of the mass of holders of securities
and the unwillingness of buyers to raise
their bids. This did not prevent the rise
of railroad stocks.
Earnings of railroads continue to show
unprecedented results. But there is no
change in the cautious and conservative
ayers. They have continued to make ex-
traordinary outlays for bettermen.. and in
many instances are inclined to pile up
surplus against future contingencies or to
put the surplus earnings into permanent
improvements designed to cheaper the
| cost of transportation. Present high
prices of railroad stocks nave thus antici-
pated increased dividend disbursements
which. in many cases, have not come. The
persistent increase par ine
makes the higher dividends increasingly
probable.
The stocks of iron and steel companies
on the exchange very obstina tely refuse
to advance, owing to ceiling that the
present conditions in iron and steel are
abnormal and necessarily transitory. Even
the buoyant tone of one stock in this
group ELECTED little response elsewhere.
The evidence of uneasness, If not actually
OF distress, in foreign financial centers on
account of the heavy bills they must pay
to this country are accepted by the bears
as a symptom that easier money will be
sought in the future to satisfy their needs
So far as the immediate outlook is con-
cerned, money conditions are favorable to
the decline in prices of securities. The
surplus reserves of New York banks are
unprecedentedly low for this period of the
year. Even if interior money markets are
able to supply funds to move the crops
that Will involve a curtailment of supply
at a source to which New York has ap-
piled quite freely of late for relief The
constant recuperative process of the
Banks of England. France and Germany
for many weeks past has put those great
centers of finance in much better position
to meet an imperative demand from New
| York for gold. But it is still quite oh
vious that only a high rate of money
here would induce shipments of gold to
New York
The governments revenues are running
far ahead of last years corresponding pc
riod and the outgo is much less. Had it
not been for the leaving on deposit with
the National City bank of the $1,000. 900
paid by that bank for the old custom
house and site in New York, the New
York money market would likely have
been seriously pinehed this week.
The bond market has been quiet and
changes irregular. U. S. As advanced a
per cent. in the bid price.