The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-10-29
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 I OIk oCl. SS-l ne LdNuldDe snow
ing made by the bank statement
was a complete surprise to Wall
street, and venturesome bears were
caught short. The result was seen
in some violent price changes. The ex-
. pectation Of an unfavorable statement
was universal that the bears were very
active in the first hour and the bulls were
little disposed to push their ventures
The early advance on buying by Lon
don and light demand from outsiders
through commission houses was COM
pletely wiped out, and the industrial spe-
cialties yielded easily in sympathy with
the weakness manifest in steel and wire,
which dropped to ASH on continued liqui-
dation and uncovering of stop loss orders.
Pretty much all the stocks of companies
IN the metal industry were specially vul-
d nerable, and there was profit-taking in
the leather stocks. The latter were sup
ported by the recently active pool and
prices bid up sharply. This prompted
some covering by the bears in other Sin
dustrials, before the appearance of the
s bank statement. But the scramble for
stocks Immediately upon the publication
of the statement showed that the large
bear contracts remained uncovered. The
bulls helped on the advance and bid prices
fort to take the market away from the
bears The closing feversh but
strong and showed a higher level of
prices on the day. The Southern and
Southwestern railroad stocks made the
best showing as on previous days of the
week. The bank statement is complete
~ mystifying. A loss in cash by the
banks was taken for granted. None of
the preliminary estimates placed it under
s2.0Go0O0. and most of them put it at over
$3.000000. Instead, it is $4,000 The in
creased activity in the stock market in
dicated that the process of loan contrac-
ton has been stopped. Instead there Is a
loan decrease of 81, 900. Bear traders
were confident that cash in the banks
would fall below the legal reserve re-
Gu.rements. Instead, the surplus is more
than doubled by reason of the reduction
in requirements by loan contraction. No
satisfactory explanation is available of
the surprising recuperation effected by
the banks during the week
Dealings in stocks have been on a great
ly increased scale during the. week. the
total sales running to near three-uuarters
of a million shares.
The market has broadened the active
list being more than doubled in length
ana many obscure stocks coming into ac-
tivity at advancing prices.
The disposition has been to advance,
the opposing factors being the stiffness of
the money market and the weakness OF
some of me green industriais.
The advance in prices since the first
week in October, when the lowest prices
were made by the liquidation forced by
the wholesale calling of loans. has been
from seven to ten points in the majority
OF prominent railroad stocks.
The profit Is sufficiently. attractive 10
have induced some extensive realizing
The effect Of this great move became
market as the week progressed as the
threat of an unfavorabe bank statement
undermined the confidence of BUYERS
The most influential factor in the weeks
advance was the announced determine
tlon OF the railroads to advance their
rates for transportation. thus giving ben
ef1ts directly to stockholders in railroads
Competition for railroad business has
been so keen in the last few years THAI
no cut rates have been too severe for
railroad managers to make in order to
secure business. The advance in railroad
freight rates Is evidence that the traffic
has reached such proportions that there
Is enough to keep the competing lines all
probably employed. In conclusive con
firmation of the significance is inte)l-
eence received from all quarters of the
country OF congested freight car famine
and eager demand for railroad eouipmert
The announcement of the New York Cex-
trails intention to devote the proceeds of
Its new stock issue of $15, 600 900 to acouir
ing urgently needed new equipment AT
tracted additional attention to the suh
ject. Another incident having far reach
ing influence on sentiment was the an
nouncement of the closing of contracts nv
the great railroad companies for steel
rails next year to the extent of l. 500 ono
tons previous to the advance in the
prices. Several of the largest railroad
companies have delayed these contracts,
apparently with the hope that the prices
of iron products would relax,
he et@tD
OF prices for so vast a quantity of pro-
duct by authorities whose opportunity
Tor information Is far reaching and whose
trained judgment in large affairs Ia so
skillful, goes far to strengthen the gen.
eral faith in an extension of the period
OF prosperity. The large orders placed
py railroads all over the country for new
freight cars tends to the same conviction
Future demand thus assured tends TO
counterfeit the theory that iron prices
would react with those of copper tin, lead
and other metals.
The multiplying evidence of unprece
dented activity and prosperity in bust
ness nave caused some relaxations of
pressure against even the green indus
trials. which have been much in disfavor
on account of the disclosures regarding
the capitalization and method of valua
ton OF constituent companies. There
have been conspicuous examples Of nrice
collapse IN this class during the week
nut insiders have shown more inclination
to support the securities than in other
recent situations of a similar kind. Mon
eS mas become easier at interior points
during the week, and pressure upon New
YORK mas been somewhat relaxed, hut
mas not ceased. Rates for money in New
YORK nave consequently been very firm
on account of the already dep]eted conI
dition of bank reserves, WIZ
me nrmness of foreign exchange, in
spite of the stiffness of money here and
~ IeiaAalon IN London, coupled with
the fact that foreign houses bayo hna.,
large lenders of money at the stock ox.
change, suggests that the return of 60
curities for foreign holders has been of
large scale, though there was no owl.
dence OF such transfer through the ne
ual commission house channels Th,
easy conditions in the London monnt,
markets have detracted from the infu-
ence or the war in South Africa on tho
STOCK market. The market for railroad
ponds has been active and broad dir