The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-12-03
The WORLDS MARKETS
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest of Exchange Naws-Mining Stocks
Metal Quotations-Wool Prices and
Movements-Grain and Pro-
=. duce-Ryview OF Trade.

Z New York, Dec. 2.-To-day's stock mar
-lfet was sluggish and drifting throughout.
Professional traders were inclined to buy
stocks at the opening with the idea of
discounting a favorable bank statement
The appearance Of the statement on the
tape was the signal for a light realizing
movement, and as there was no outside
demand to absorb it prices fell away. The
closing was dull but distinctly easy, the
downward drift having established a lib
. eral sprinkling of net losses where the
level had been higher throughout in the
early dealings.
J Sugar and Glucose were strong on the
reported plan for consolidation and abb
sorption of competitors. There were evil
Hences of strength in Union Pacific,
Northern Pacific, Burlington and Chesa-
peake & Ohio. and in one or two of the
: less prominent industrials. None of the
gains were well maintained, the whole list
being affected by the easier tone in the
final dealings.
The bank statement was fully as favor
able as had been expected, though the
liberal expansion in the loan account was
unlocked for. The high rates for money
and the satisfactory security offered are
attractive, inducing the banks to keep
their loans close to the limit of the legal
allowance The lack of response to the
bank statement was due to the under
standing that the recuperation in reserves
was wholly due to bond redemption OPP
erations. *F
The fact that the movement of cur
rency Is still in favor of the interior on
balance and the progress of the sterling
nNai,o ,n4n t,Hua rI 13n tynl
point a further step Of which, was made
to-day, leaves the future Of the money
market still unpromising from the stock
operators point of view.
Activity in stocks during the week has
been restricted to a few individual Sc
curiiies and the general list has been
rather neglected. The dropping ten
dency of prices was partly offset by the
heavy absorption of the great trunk lines
stocks and the sharp upward movement in
the prices of those properties. The re-
ports put In circulation to explain these
movements are mostly anonymous ano
are far from being explicit. They range
from allegations of a consolidation of
ownership to mlder limitations of a
friendly and mutually advantageous CO.
operation. Though lacking explicit
knowledge. the Wall street public finds
confirmation from the stock tape of its
conviction that policies have been inau-
gurated which promise substantial im-
provement in the trunk line situation.
The special field of the benefits to accrue
is indicated by the way some other rail-
road stocks have suffered on account of
the shifting of holdings into trunk lines
stocks.
Besides the great trunk lines stocks
there has been a movement in a number
OF exceptionally low-priced stocks. The
strength of these was attributed almost
entirely to Individual causes. but the gen.
eral tendency toward consolidation, either
of small lines with powerful existing cem>
panies was a conspicuous element in the
explanation offered of these movements.
Such movements have resulted in a fair
sprinkling of net gains through the list.
But the majority Of stocks are slightly
lower
Disappointment over the failure of the
money market to work easter in spite OF
last Saturdays improved showing of the
banks was the principal motive of indis-
position to embark in speculation.
The weeks events seem to put the re,
turn to cheap money some time in the flu,
ture.
The Bank of England has waited to ad.
vance Its official rate until it has secured
control Of the open market by selling con.
coils and thus lifting the money from tn.
market The English institution is mani.
testify fortifying itself after a special de-
mand to- come later, partly to meet re.
quirements for yearly disbursements by
corporations on jan l. and partly, it is
believed, in expectation of a further issut
of government securities to meet the
South African war expenses.
An unusually large volume of loans BY
Canadian banks is in the New York mar
ket and the advance in the London money
rate threatens to attack these funds, ne
cessitating their withdrawal from New
York. In the New York money marke
itself the recuperation OF resources dis
closed by last weeks bank statement hat
not led to any appreciable increase in of
ferings for loans. Neither has the addl
ton of resources during the week by rea
son of the sub-treasury operations il
connection with bond redemptIons.
The strength of last Saturdays banl
statement was due to the operations o.
only one bank, but a very influential ant
powerful one. These operations disclosed
change from the recent policy of callint
In no more outstanding credits than nee
essary to keep barely within or ever
slightly below the legal reserve require
nent. Not content with an increase il
cash resources of more than eight mil
lions. this single institution contracted it
loans more than four millions last week
This looks like entering upon a system
of recuperation in preparation for meetin.
coming demand. Such a policy whil
STRENGTHENING the showing of the banks
would still further restrict funds availa
BILE for speculative operations in stocks
The interior exchanges have turne,
against New York again during the week
Although the treasury department ha
extended the period of Its offer to redeem
bonds of which about $1,000, 900 are sti,
available under the Offer it Is now mani
fest that this measure serves only as
safety valve and that it releases no fund
except under pressure of high none
rates.
Dealings in bonds have been on a mod
crate scale. Price movements have bee,
in sympathy with the stocks of the sam
companies.
U. S. 2's registered advanced u ne
cent. the SIS 81 per cent. and the oil,
As and SIS x per cent. in the bid price
New York Closing Stocks.
Atchison...... ........ ......... ....... 2s1
DO preferred ........... ..,........... 657
Baltimore & Ohio ,,.....,.......... 57l