The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-09-10
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
Movemsnts-Grain and Pro-
duce-Review OF Trade.

New York, Sept. 9.-Stocks showed some
evidence of firmness in the first hour of
trading and up to the time of the publ
cation of the bank statement. The move
ment in railroad stocks was exceedingly
narrow and the selling movement. though
not very pressing, was sufficient to bring
the general level of prices below those Of
last night. Tennessee Coal COMPOUNDED
the bears by soaring an additional points
upward, and after reacting 81 points re-
covered to within points of the top.
Colorado Fuel continued to show close
sympathy and was up over points before
the late reaction. ,sr.,
The London exchange was closed for
housekeeping. -A''
Prices were looked to for a reflection of
foreign sentiment and the view there
seemed to be cheerful one. In view of
the pessimistic forecasts that nave been
heard all week regarding the bank state
ment, the bears had feeIlng early in the
session lnat the poor statement had been
more than discounted and were inclined TO
cover. But the statement showed loss In
cash of s2Oe0, 900 over the previous esti-
mates,
total of cash for so days with the average
for the preceding six business days. as
the totals have been on descending
scale, the average UNDERSTANDS the actual
total. The contraction Of 's6,0l67 700 in loans
reduced the reserve requirements by
about 81, SOC, 900.
1t is believed that the treasury would
consent to leave on deposit with New
York banks the payments for taxes next
week, but this would only partially re-
lteve the drain, as the demand from the
South will continue and no increase in
cash reserves would result from the meas
ure itself. 1t is evident, therefore, that
the process of loan contraction is to con-
tinue for the immediate future.
Wall street started the work after Mon
days holiday with disposition apparent
to contest the depressing influence of the
ehrinkage surplus reserves in New York
bonds and the gathering war cloud III
Africa. But the climbing of the money
rate and the selling of stocks for long
account proved eff1cacious arguments
against an immediate further advance in
prices. General prices refused to advance
at any time and remained Indifferent to
the wide upward movement in individual
stocks, whether the Vanderbilts, the vol
atile specialties led by Tennessee Coal
or ST. Paul. The movement In st. Paul
was based upon the publication of the an
nual report, and was most influential In
its effect on the general list
The conditions in the money market
have caused growing caution during the
past week. The downward course of the
cash reserve item of the New York clear
ing house banks has been made little of
for several weeks past "1
1t has been argued that there was plen-
ty of money available which did not
show In the weekly clearing house state
tat anil
which have been organized and the insur-
ance companies have been pointed out as
sources of supply which are indicated in
the clearing house statement.
The fact that banks in Western cities
which have been bidding for mercantile
paper in the New York market Is cited
as evidence that the interior was sup
piled with money to move the crops and
need not call on New York Deposits
of Western and Southern banks in New
York have been transferred on a large
scale to other Eastern cities owing to
the recently enforced rule of New York
banks to charge for collections on out
side checks, and this was expected to
shift whatever demand might come from
the West and South for money to other
cities. A-,-rs
The balance of the currency movement
has been largely in favor of the interior
and the sub treasury is still making large
inroads on the cash resources of New
York banks on account of payments of
taxes. The banks surplus reserves. al
ready low are thus tending fast towards
the vanishing point. The sterling ex-
change rate showed no disposition to
Yield until late in the week in spite of the
hardness of money here, as the London
market was preparing itself for the in
creasing probability of war. II gold i'm
ports should be forced under these cir
cumstances it is certain that American
securities would be sent home to market
on a, large scale. -.
The bond market has only been moder-
ately active during the week and prices
have not yielded as Sharply as in stocks.
u. s. old AS coupon advanced u per
cent. and the IS declined. q per cent. in
the bid price. sass,pF