The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-10-31
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--Review Of Trade.

New York, Oct. 3o.-Prices Of stocks
moved upwards in the early dealings to-
day according to the general authorization.
but contrary to expectations a serious
obstacle to the advance was met in the
violent rise in the rate of call money.
The advance did not extend far into the
second hour, when the market began to
drift downward, and met no effectual
check until the close, which was at about
the low point and with prices still giving
way to pressure. No serious net losses
are SHOWN in the railroad list, but ear
lier gains, which amounted to point and
upward in many cases. were pretty gen.
orally wiped out
The market opened with a strong and
animated tone and a large volume of out
s'de buying orders invited by the unex-
pected strength of the Saturday bank
statement. The demand was particularly
large for the grangers and Southwesterns
ana tor some of the Southern railroad
stocks. notably Louisville, which was up
ia points a one time This stock re-
sisted the latter depression with some
success. but closed Is below the best.
Even the much-hammered industrials had
some share in the early strength. Sugar
rose an extreme points before yielding
to pressure, and the iron and steel stocks
had short-lved period of vigor
Pressure promptly developed against
Steel & Wire and it was weak for the rest
of the day, affecting other members of
the group by sympathy. Federal Steel
was exceptionally firm. The Leather
stocks continued to be largely dealt in,
but the gain in the preferred was entirely
lost before the close. The Internal onal
Paper stocks were fiercely attacked the
common being forced down 81 and the
preferred 4 points, the latter recovering 3
points Of its loss
Rumors coming from Holland of the
fall of Ladysmith were without much eff
feet. as London seemed disposed to dis
credit them.
The September statement of St. Paul
had discouraging effect on spectators,
showing as it did the large increase in
gross earnings obliterated by the heavy
increase in operating expenses. SO that
the net earnings for the month were more
than S2O0,OOO less than in September of
last year. The effect was specially mark
ed upon all the grain-carrying roads.
The days events in the call money mar
ket showed that the extent of the recu-
peration by the New York banks was
grossly exaggerated in the first enthusi-
asm over the Saturday statement. The
rate opened at per cent. and after drop
ping to IL per cent. rose violently in the
late dealings to 80 per cent.
Bids We're made for 90 per cent. but
the closing transactions were at 20 per
cent. 1t was a striking demonstration Of
the unfit condition of the money market
70 maintain an active speculation. New
York exchange fell sharply, at some
southern and Western points to-day, al
though It was harder at Chicago and Bos
ton 1t Is evident that the demands of
the interior are not yet exhausted. The
sub treaSury has absorbed rnnsider.b1a
sum from the banks since Friday and
some extra demand isscoming on the mar
ket for the Nov. settlement. Wall street
opinion on the money outlook fell quickly
from extreme optimism down to the
minus figures of pessimism
Bonds moved in sympathy with stocks.
but the early gains were not entirely
wiped out in the late reaction. Total
sales. par value. 49, lac, 900.
U. 5. IS registered advanced Il per cent
and the IS coupon and SIS y per cent, in
the bid price.