The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-07-30
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, July 29.-The stock markets
short session to-day was strong. A large
volume of realizing was well digested by
reason of an increased demand. Commits
sion houses and the market stood UP well
under a bank statement that was unex
pectedly weak, the majority of stocks
showing net gains when the trading was
over for the day.
London continued to buy stocks here
with considerable confidence, and this
was the prime factor in the open
ing rise and in the further decline in ster.
liz; exchange rates. The money market
was largely nominal, but there is evidence
of cutie liberal offerings of funds from
outside sources,
The high level of railroad earnings
,saewn by all companies and the eager de-
wand to buy, borrow or rent freight cars
rom many sections of the country was
patent source of strength for stocks.
.,orthern Pacific, Pennsylvania, p, c., c.,
g. & ST l.. enjoyed the benefit of the pub
iished June statements, showing largely
increased net earnings. Burlingtons
strong June statement brought realizing.
The coalers were helped by the statement
Of Lehigh Valley, rejecting a growing i'm
provement in the longdepressed anthra-
cite industry.
Reports of the unprecedented activity
and strength in the iron trade caused adj
vances in the prices of steel and iron
stocks, with the exception of Federal
Steel. American Steel and Wire rose more
than a point This factor helped the rail-
roads situated in the iron regions, notably
Louisville & Nashville.
American Tobacco was marked up s
points on light transactions and with
news to explain the rise. international!
Paper preferred and Continental Gas rose
points.
The decline after the bank statement
waa checked by good absorption, but the
recovery was not to the top level. The
closing was quiet and firm, Bonds were
well held on a moderate volume of bust
ness.
The course of the stock market during
The week has shown evidences of a weak
enee interest and strength. The principal
apprehension has been over the future Of
the money market. All accounts have
agreed upon the abundance of funds at
all interior centers but the activity of
trade and industry are also unprecedented
and the enormous volume of bank clear
ings throughout the country shows that
more money is turned over in profitable
employment every week than ever before.
She question has been whether in moving
the crops the usual demand would be
made upon Eastern centers for money, or
whether the large funds at interior points
would prove ample. This question is not
answered definitely yet.
Call money in New York has continued
pretty firm and it developed during the
week that many stock exchange houses
were resorting to time loans. This re-
suited in a hardening tendency of the time
morey rate and there was apprehension
that money squeeze in the call loan de-
partment might intervene when demands
began to be made for crop-moving pur-
poses.
Except for domestic disquiet in France.
the outlook is for easier money abroad
ami strong exchange at New York has
shown a sharp decline towards the end
of the week. New York mercantile paper
has been reported as selling in Chicago
The money condition in New York is
affected by the failure of some new indus
tria, securities to meet expectations
Some of these have declined sharply from
the SUBSCRIPTION prices or from the prices
taken as a basis for distribution of new
securities in exchange for those of con-
sesuent companies. Money supplied for
underwriting has thus been tied up wait
ing to realize. Not a little of the long
Continued speculative doubt has been due
to the expected Transvaal trouble, with
q special view to its probable effect on
the gold production of the Rand.
The expected large supply of gold from
this source is factor in the estimates of
future world prices. The various causes
of inactivity, however. tend towards
amelioration during the week. The period
ofhazard to the crops has come nearer it's
end. Industrial activity continued una
beted, international trade and railroad
earnings break all records and the export
trade is proving itself permanently es-
sablished at a new high level.
The bond market was dull during the
early part of the week and has not re-
sponded to the late strength to the same
extent as stocks.
u. S. 3s registered declined u per cent
and the SIS coupon a per cent. in the bid
price.