The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-10-03
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, Oct. 1.-The stock market
this morning had to face the accumulated
depression of three days trading on a
sagging market in London, while the ex-
change was closed here. The drop in
prices at the opening was wide one,
numerous railroad stocks showing loss
of a point or more and Tennessee Coal
showing an extreme decline of points
Local traders were inclined to see that
the London market was unduly depress-
ed especially with reference to American
securities, and they started to raise prices
up again.
The first loan of the day was made at
2 per cent and this encouraged an OPP
timistic view of the money outlook. The
rally was short-lived and the course was
quite consistently downward for the rest
of the day. A sharp advance in the coal
ers, which led the rest of the anthracites.
was Intellectual to check the decline. Lon
don sold not only during the first hour,
but as long as offices were open for bust
ness The violent decline in British con-
soils had an important sentimental effect,
although it was afterwards explained that
this was partly due to the execution of
new issue. But the new issue is as Sig
nificant Of the practical certainty of war
as any incident that has thus far oc-
afford relief to the stock market.
The sharp rise in London discount rates
caused an advance of * of a cent in the
actual rate for demand sterling here and
had an equally marked effect on the ster-
ling exchange rate both at Berlin and
Paris. This development is equivalent to
notice that London is not prepared to part
with more gold to New York without
aking every possible effort to prevent
1t. London sterling was weak and selling
against sterling loans. The local money
rate quickly moved upwards when the re-
newals of loans carried over from last
Thursday began to influence the market.
The call loan rate was carried up to II per
cent. while the money market was still
in full activity 1t was then rushed up to
30 per cent. after which there were vio-
lent fluctuations down to 10 per cent. and
up again to IS per cent. at which the
loan of the day was made. The closing
was 30 per cent. bid and So per cent. ask
ed. None of the expected relief to the
money market was in sight to-day. The
developments in London lessen the prob
ability of further gold imports and the
condition of New York exchange at in
terror points indicates a continuance of
the demand for funds from that source.
Money left in the city by the visitors to
the Dewey celebration was not in evil
dence in Wall street, though much has
been said of this prospect of relief by
the speculative contingent. The SUBJ
treasury has gained nearly $1,5O0,000 from
the market since Friday. Money seemed
to be in supply at the higher rate from
the proceeds of time loans made some
tinls ago, but the loaning resources of
the banks are evidently exhausted at
present.
The DECLINE in prices was made without
any evidence of Decentralization, but the
last prices were the lowest. Net losses in
the railroads are quite generally between
] and 2 points and the selling WAS well
distributed through the list.
The bond market was not active but
weak in sympathy with stocks Total
sales, par value 81, 29O, 900.