The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-12-05
The WORLDS MARKETS
Daily Record of Commercial and
Financial TRANSACTIONS.
NEW YORK STOCK REPORT
Digest OF Exchange Nsws-Mining Stocks
Metal Quotations-Wool Prices and
Movern ents-Grain and Pro-
duce-Rsview of Trade.

New York, Dec. 4.-The weakness OF
stocks to-day was a response to the
worldwide tightness in money. A marked
effect was also produced by the supreme
court decision in the Addystone Pipe
company case, involving an infringement
of the antitrust law by industrial COM
binations. Strenuous efforts were made
by professional operators to belittle the
force of this decision on the ground that
the party to the case was a particularly
fragrant illustration of a trust formation
and that the points in the case could not
apply to the general run of industrial
combination, but the acute effect of the
decision on the, securities Of these combi-
nations urged apprehension on the part
of holders that their value was being i'm
paired by the decisions. the stocks of the
industrials fell anywhere from one to
three or four points and showed but a fec
bic rallying power. In fact there seemed
to be no resistance at any point in the
market.
There was some early strength in Bur-
lington, some Of tho iron and steel stocks,
Pacific Mail, Great Northern preferred
and American Linseed, but with the
downward course there was practically no
interruption and the close was at the low
est and the majority of the active stocks
showing net losses of point or more.
Sugar was ccnsptcuously weak and is
more than three points lower on the day.
There was some short selling among the
industrials on the strength Of the supreme
court decision, but that proft-taking was
large for the long account was very man.
ifest from the marked weakness in stocks
which have recently advanced. notably
the trunk lines. the Pacific and Sugar.
The apprehension over money affairs
turned principally to foreign bourses The
advance in the sterling rate at Berlin
and. Paris to very near the gold export
level marked the influence of the Bank Of
Englands measures to attract funds.
The sterling exchange rate in New York
also advanced. but the money rate. both
in Paris and Berlin, remained quiet, con-
trary to the fears of the speculative
world. The stagnatlon of speculation at
those csnters probably had to do with
this result. In New York. on the con-
trary, the money rate stiffened as the day
progressed and went to IL rer cent, at
which point 1t closed. No loans were
made below 6 per cent. Some of the bor-
rowers. counting upon an easy money
market following Saturdays strong bank
statement. delayed supplying until late
IN the day, and so bid up the rate. The
strength of Saturdays bank sta tement is
seen to be traceable to single 4nst.tu-
ton, as was the case last week. Moreover.
the sub-treasury operations. from which
the whole of last weeks cash regeneration
was derived, shows gains by the sub
treasury at the expense of the banks
since last Friday of $127400J
Offerings of bonds for redemption at the
sub-treasury have fallen tos SO low a
point as to afford only a slight offset to
the absorption of funds in the taking up
Of the surplus revenues. On the other
hand, interior exchanges moved slightly
in favor of New York. The speculative
public, however. has abandoned hope of
any easier money conditions until after
the end of the year.
Railroad bonds were easier in sympathy
with stocks. U. s. 2s, new As and SIS
advanced Il per cent. and the SIS and old
as coupon y per cent. in the bid price
Total sales, s1,4300O0.