The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-09-24
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,


with the recent excited temper on the ex-
change. but the local traction stocks CON
tinued to reflect a decidedly uncertain
frame of mind. Brooklyn Transit refused
to go up more than a point, and then
slipped below last nights level. Its ex-
tfeme decline was points, and even with
final rally of covering by shorts. its
net loss is 8 points. Metropolitan fared
better and has a gain of more than
points The other New York city stocks
fell off in sympathy with Brooklyn Tran
sit and the stocks in the Flower group
were inclined to weakness all around.
There was no marked strength at any
time. The early advance was nominally
in sympathy with the hope expressed in
some quarters abroad that the Transvaal
question will find a peaceful solution af-
ter all.
Earlier gains had been very generally
wiped out when the bank statement APP
peared. The first effect of the statement
was a rally, due to buying by those who
never look further than the surplus re-
serve figures. An analysis of the state
ment failed to develop any very encour-
aging feature in 1t and prices fell away
again to the lowest Of the day and closed
there, except for a few specialtes, which
rallied.
Much was made early in the week of
plan of relief for the stringency of money
by an increase of national bank circuia-
ton. 1t will be observed that the total
increase of circulation, according to the
statement. amounted to but $4,000 for the
week. Furious speculative activity and
excitement have made heavy dealings on
the stock exchange all the week. The
obvious necessity disclosed by last Sat
urday's bank statement for contraction
of loans by the banks prepared the pro-
fass al or t,rs tn fal lHN MT
age of the freer liquidation of speculative
holdings of stocks which had been bought
on a margin with borrowed money. The
professional operators were all bears and
took the market away from the longs as
quickly as the pressure of liquidation
manifested itself in any spot The course
of prices indicated pretty clearly that tn"
calling of loans was made with marked
discrimination against the industrial
stocks
The margin of collateral on loans in
which the securities figured was broad
ened as well as the rate of interest being
marked up. In many cases the loans
were called outright only to be replaced
after the collateral had been shifted into
more substantial securities.
The violent fluctuations in Brooklyn
Transit had an inevitable effect on other
securities more or less. The proportions
of the dealings in Brooklyn Transit have
perhaps never DeSn euudleu III the Mss
tory of any other stock in the period of
time. In two weeks past the number of
shares of this stock sold on the exchange
form a total of almost four times as
great as the total share issue of the COM
pany.
The fact is beginning to emerge that
contest is on between some of the most
powerful financial interests in the coun-
try for the control of some or all of the
public utility franchises of Greater New
York. The contest has been open and
fierce for many months in the gas bust
ness and the belief in Wall street is that
the same elements are engaged in con-
tending for the control of the street rail-
way corporations.
The eagerness of the bear element
among professional operators resulted in
Overwhelming the short account and the
demand to cover became rather urgent.
There was some relief from the earlier
anxiety over the money outlook as the
week progressed based on various causes
The larger contraction of loans was suf-
ficient to insure a material decrease in
deposit liabilities by the banks and the
outgo of money showed a falling off both
to the interior and to the sub-treasury
The purchase of 100000 in gold in the
London market for shipment to New
York, though 1t would not be vouched for
by anyone in Wall street. had an influ-
ence on stock exchange sentiment as It
was doubtless intended it should. The
downward course of foreign exchange eX-
cited expectation of an early export
movement of gold, though foreign bank
ers' rates deprecate the expectation. Last
September the surplus reserve of the New
York banks fell below S., 000, 900 on Sept. II
and loan contraction and LIQUIDATION on
the stock exchange set in with a stiffen-
ing of the call loan rate to per cent.
BY the end of the month call loan rates
had dropped back to below per cent and
surplus reserves had risen to about 49,
900, 900. But last September the treasurer
adde to its deposits with depository
banks the sum of nearly s15, 600 600 in con-
nection with the payment of subscrip-
lions to the new government bond issue.
The large excess of government expend-
lures over receipts was adding money in
circulation, while the New York banks are
now losing weekly. During last Septem-
Der the receipts from Europe at New
York, according to the custom house re-
port, were sl1, 73S, 242 This month there
have been no receipts of gold and none are
likely before the end of the month Last
September the treasury not only offered to
anticipate Oct. interest on the per
cents of 1907, as it has done this yer. but
also offered to anticipate the redemption
of more than $14, 100000 of Pacific currency
skies. Neither offer was taken advantage
of on any large scale by holders of the
bonds,
National banks were increasing their
circulation last September on a larger
scale than this These differences in the
last year must be taken
into account in connection with the quick |
of New York banks last |
September The loan contractions last |
year between Sept ] and Oct. l reached |