The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-08-07
The Features of the Money and Stock
Markets.

The Features ofthe Money and Stock
Markets.
NEW YORK. Aug. 5.-There was not
much doing in the stock market to-day.
The half holiday on Saturday takes
away many active operators on holiday
trips. The London exchange was closed
and will be again on Monday, thus sub
tracing an appreeiabIe factor in the
usual activity. Nevertheless, the days
dealings were a fairly accurate reflect
ion Of speculative opinion on general
conditions. There was some DISPOSE
ton to advance prices in the early deal
ings on account of the uniformly fnv-
orable reports of business in all
branches contained in the weekly re-
ports OF commercial agencies. But this
very condition is factor in the anxiety
over the money outlook, which again
dominated sentiment as the time ap-
preached for the publication Of the
weekly bank statement. Money is in
such large demand that the available
supply for the speculative uses is
greatly curtaIled. The bank statement,
when 1t appeared, was again weak be-
You'd all expectation.
With forced liquidation in progress
at some points in Europe and with a
possible demand for money to move the
crops, the statement brought selling Of
stocks and q general sharp decline. 81.
PAM and Omaha, Pittsburgh, Clncin'
natl, Chicago & st. Louis and Kansas
city, Pittsburgh & Gulf, however. rose
from II to 2% per cent. American
Smelling and American Car preferred
showed some signs Of strength. Other
wise the market closed weak and lower
all around.
The stock market Indicated during
the week a disposition to move upwards
but was restrained by several condi-
tIons, most notable OF which was tine
continued anxiety over the future Of the
money market. The money rate
through the week held stittiy at about I
per cent. In spite OF the elements OF
doubt and the absence OF n majority OF
big operators and leading spirits on
vacation trips, business has shown
notable increase over last weeks fig
ures and the average level OF prices Is
higher. This is most notably true in
the Industrial stocks on account OF the
great activity and prosperity in all
kinds OF business especially the iron
and steel industry. Events In the flnan-
cIal world continue to shape themselves
toward higher rate for money for
some time to come. There Is evidence
that In the general tide Of prosperity
the extension of credit in some quar-
tiers has been on so liberal scale as to
draw down reserves below the point OF
sufficient security from conservative
standpoint. Thus, the Bank Of Eng
land and the continental banks have
been struggling to replenlsh their bull
ion reserves. The London money mar
kets loans in Germany are being called
home. The LIQUIDATION in Germany
seems to bo going on safely enough but
the London withdrawals keep up the
Berlin money rate. Government sta
tlstics both In Great Britain Germahy
and France show large expansion of
trade so that in spite OF the replenlsh-
ment OF banking reserves going on at
nil three centers there Is increasing emf
ployment for money. In these eircum-
stances the foreign money markets
have shown themselves very sensitive
to the heavy downward tendency of
both sterling and continental exchange
at New York based on offerings of ex-
change bills in the market against
coming shipments of grain. Evidently
# has entered into the calculations OF
foreign Gnanclers that money would be
so abundant in this country that we
could afford to lend the credits estab-
llshed by our export movement OF mer-
chandlse The low state OF New York
banks reserves arouse some anxiety as
to whether It will not be necessary TO
cnll home our credits which would
force sales OF securities to avoid ship
ments hIther Of gold. New York banks
lost cash all through July and only