The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-05-21

tendency of the market. This proft-tak-
ing had the advantage of a, rising ten
dercy in the railway list, due to good traf-
!. iic returns, to sustain it.
The rise in wheat and the talk of crop
damage caused the railroads to waver,
and then the bears attacked the special
ties, notably Sugar, Brooklyn Transit and
the New York traction shares, with great
violence and determination, causing nota-
Bile recessions. The uncertainty thus en-
gendered led to subsequent dizziness. 1t
seemed to be demonstrated that the large
Ines accumulated for the lifting of prices
were held over the market and a powerful
hear force stood ready to take the mar
ket from any attempt at profit-taking.
There are no certainties in the general
outlook to confirm the general hesitation
OF speculation and a disposition to await
further developments to indicate whether
the present level of prices is consonant
with the conditions of money, and there
Is the inevitable uncertainty regarding
the crops at this time of year. Talk of
crop damage has a bearing on the future
of railways and it is not an answer to
this to compare the price of wheat with
last years level when the higher price
was due to the clamor of the whole world
for very abundant product. More to the
purpose are the current statistics of rail-
road earnings, which are well in excess
oe those of last year for the grain-carry-
ing roads, In spite of the phenomenally
heavy movement of wheat at the time
in connection with the Letter deal.
Great attention is given also to the con-
dition of our international trade balance
as bearing on the dominance of the
worlds money markets recently enjoyed
by New York. The financing of the $780,
GOO 600 payment to SPAIN, completed on
Monday without the importation of a dol
80 4 ,Ars1r o.
residue of our exchange credit balance.
But the question arises whether the resi-
due is not exhausted by this important
operation and whether the present move
ment of International trade gives any
premise of renewing it. The rate of ex-
change had risen Nc per pound at New
York during the week and the supply of
bills Is reported scanty.
Imports continue we'll above the normal
of recent years. Still, exports, though far
below last years unprecedented level. ow-
ing to the reduced prices of breadstuffs
are still well above the average for this
time of year, and the excess of exports
for April holds the record for that month,
If last year is excepted. AS this continued
advantage of position is due to the in
creased exports of our manufactured prod
ucts. the future of the iron trade has an
important bearing on the future trade bal
ance.
Under these circumstances the DISPOSE
ton of the London market toward Amer
lear securities is keenly scrutinized. as a
selling movement of large proportions
there might precipitate, gold exports
Money continues in abundance both at
New York and interior points, and there
is no suggestion of scarcity in the imme-
date future.
There has been large buying of railroad
bonds during the week. the large indi-
vidaul transactions indicating buying for
large financial interests. The new con-
templated issues for reorganization or re-
funding bearing on the 4 per cent inter-
ests have been the favorites
U. S. new As advanced u per cent. and
the old As registered and the new As d
per cent. in the bid price.