The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-12-10
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest or Exchange News-M Mining Stocks
Metal Quotations-Wool Prices and
Movements-Grain and Pro-
duce-Rsview of Trade.

trial stocks. The determined liquidation
manifest in Sugar gave the tone to the
market from the opening and spread a
contagion of weakness all through the in
dustrial list. Opening sales Of $500 shares
ran the price down from las to 144a,
compared with 1475s last night. The stock
fell to 142A before the appearance Of the
bank statement and the covering move
ment by the bears, which followed the
publication, rallied the price to above IA
together with the whole market. The
heavy offerings of Sugar brought out by
this advance again decided the tone of
the whole market and broke prices
throughout the list. The last sale of Su-
gar was at 1891, the lowest, at a net de-
cline of S1s points.
American Tobacco kept the leader close
company, especially in the late break. 1t
sold at LOB, and on the next and last sale
at l04, net loss of 5A points. III
There were wide breaches at other
points in the list of specialties, notably in
metropolitan Street Railway which fell
an extreme 81 points. The steel ard iron
stocks continued weak, but We're not so
vulnerable as they have been recently,
and they held the late rally better than
other specialties
The railroad stocks were relatively
much firner than the industrials. The ex-
IRENE declines reached a point in only 4
few of them. The.iate rally brought the
prices Of many railroads above last night
and net gains were saved for number
Of them. Bears had commenced to cover
before the appearance of the bank state
ment, and their buying became rather
more urgent after the statement, owing
to the unexpectedly small loss in cash.
The general conviction that the return
was untrustworthy as an index Of the
real condition Of the banks helped to the
final yielding Of prices. The outgo to the
sub-treasHry alone was matter of rec
ord--has amounted to nearly s5,o00.00O
since the last return, whereas the state
ment indicates only $3.50. 400 altogether.
That there has been wholesale contrac-
ton of loans all week has been palpable
In the stock market and that actual new
loans by the few banks holding the sur
Plus reserve can have offset the contrac-
tion so far as to- bring the latter down to
sGo5,5o0 was skeptically regarded by the,
speculative public Under the belief that
the Fagaries of the average system of
computation clouded the results in the
statement, the market closed with pres
sure to sell in full force again
The week has been given over to laui-
dation in the stock market and prices are
lower throughout the list. The belief in
difficulties ahead in the money market
was the motive of the selling and addi-
tionA considera tons emphasize the weak
ness in the industrial list, so that losses
in that department range tIp to lOfpl5
points in some cases.
In RAILROADS most of the losses ware
from fraction to four points. II is prob
able that tho money stringcncy and loan
contfactions were the primary cause of
weakness in the industrials, as in the rail-
roads, but several incidents helped to
make poor market for them and tho
N.tthf Intf A,
Mondays supreme court decision against
the combination in the so-called Aiiy-
stone case was given cumulative effect by
The references in the presidents message
Of this malignant effects of some of the
Industrial combinations in forming prac-
teal monopoly of production and in adj
vancing prices. and thus is a conviction
that the coming presidential campaign
will bring clamor amongst the various
Industrial combinations which have be-
come operative in many lines.
The fact that the activity in the iron
and steel trade has received check for
The first time since the boom" was re-
footed in the stocks of iron and steel
companies. For all these reasons lenders
of money have chosen those loans to calf
first which. had any of the industriars
among the collateral with which they
were secured.
Those who controlled the limited supply
of loanable funds showed equal discrirni-
nation against Industrial stocks in maxi
ing new loans. The supply of money In
New York has suffered from a renewal Of
the interior demand. The sub-treasury
operations have made heavy fnroads upon
the cash resources of the banks and the
relief by government bond redemptions
has been gradually running down. until
On Thursday it ceased altogether.
Bids for government bonds in the open
market are at a higher figure than the
government offers and the governments
project for refunding the national dabt
prompts the owners of government bonds
to hold them, with the existing surplus
over the legal reserves shown by the
clearing house banks IS partly illusionary
as fully half the members of the associa-
ton We're down to the legal limit last
year. Even those who hold the surplus
are anxtYus to have little more room to
turn around in as. the New Year period
approaches. Provision must be made for
the largest interest and dividend dis
pursements on record. The course of the
foreign money markets discloses an ap-
prehensive frame of mind, the most i'm
portant incident of the week being the
advanced official discount rate of tho
Bank OF France from 3m3Ia per cent to
the highest rate for 10 years. The drastic
contraction, both of loans and of note is
sues, by the French institution Indicates
determination to contest tho Rank ri
Englands efforts to attract funds to that
center.
War expenses change South Africa to a
drain on the money market instead ~ |
being the principal source of supply. The |
severity Of London's need for money over
the end of the year yet remains to Ne d.
veloped, but until it Is appeased any "a |
taxation in the New York money rate
would certainly lead TO prompt with |
oraWais OF GOLD to lend in London. Spec |
ulators have therefore abandoned ho,es |
OF easier money for the present and have |
sold stocks. I-1
The bond market has moved In sympa- !
thy with stocks and smaller volume of |
dealings oTSr a narrower range of prices |
U. s. new As olds and the SIS advanced |
u per cent. and the IS advanced "a DER
cent. in the bid price.
New York Closing stocks.
eti.sott .'''.''' ''''''''. ......-....... 2l4a
90 preferred .....-...... .............. 64k
Baltimore G. Ohio ..5 17-