The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-06-01
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-Rsview of Trade.

New York, May 31.-To-day's slump in
ment of the days operations. There was
a small attendance at the opening of the
stock market and seeming expectation.
of a dull day, based partly on the fact OF
the running of the Derby in England and
the consequent neglected trading ON the
London exchange. Some of the stocks
which suffered most severely in the later
break showed signs of f1rmness and even
of strength in the opening transactions.
This was notably true of Sugar. Brook
lyn Transit Manhattan and New York
Central, but signs of strength proved to
be of short duration; by noon bears were
in complete possession of the field. early
declines were obviously due to manipula-
ton But as the bears gained courage
and assurance and extended their raid
they got richer and richer returns. and
before the day was over the general pro-
cess of liquidation of long accounts had
set in. Aside from the spasmodic rise of
eugar in the first hour .,.ere was no ma
terial support accorded prices at any point
in the list. There were several develop
ments in the general situation that aided
reaction, but the decline seemed more
general acquiesence in favor of the bear
party, that prices were as a whole unduly
high and that a lower level of values must
be accepted. The belief that gold exports
are unavoidable and PROBABLY imminent
played an important part in the reaction
airy temper of the street. With sterling
at SASS for demand which is within
fraction of a cent within the gold export
point and still rising. while discounts N
London continue to harden and all money
loaning in New York at ~ per cent, 1t IS
not easy to see how an export movement IS
to be avoided, though it is just as dlmcult
to understand why such a movement IN
der the circumstances should excite
alarm. The report of a case of yellow
fever at New Orleans and the resulting
quarantine against Louisiana gave more
substantial reasons for reaction In values
and the railroads in that section were
severe sufferers. Surmises as to the ef-
feet of the New York franchise tax bill
and fear of encroachment on the sugar
companys Invisible surplus to carry on
the trade war were made much of. A
sharp decline in east-bound tonnage from
Chicago a disappointing statement of
earnings for the current month by North
ern Pacific and of net earnings for April
by the same road, the small increase in
the Burlington surplus after charges FOR
April and denial that st. Pauls net de-
crease for April was due to any increase
centuate the feeling of encouragement
over existing values.
Some of the'striking declines at the ex-
IRENE low point were Metropolitan. ID;
Sugar, So Brooklyn Transit. 6h; Man
haitian, SIS, and long list of specialties
from to points.
in the railways. Burlington, the Min
neapolis and ST. Louis stocks, Southern
Pacific and Southern Railway preferred
fell from to 81 points, with still larger
number of railroads. including members
of the Changers, the Pacific and the Trunk
Line group fell between and points.
In the outside market the newly f1oated
Amalgamated copper stocks sold at 30
against the subscription price at par.
Bonds yielded in sympathy with stocks
but were relatively firmer. Total sales.
par value, 81, 465, 900.
United States 3s, the new As and the Old
As registered advanced "a in the bid price
while the old As coupon declined ". The
IS coupon sold al 1872, which is the rec
ord price