The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-08-06
THE STOCK LIST DECLINED.
ANTICIPATION OF A PosslBLtO
FINANCIAL srRlNGENCy
Forced Liquidation at some Points
In Europe, and Money Needed
20 Move Crops.

! New York. August s.--rnerc was not much
doing In the stock market today. The half
holiday on Saturday takes away many cper-
ators on the holiday trips. The London ex-
change was closed and will DO closed again
on Monday. thus subtrsctins an appreciabie
factor In the usual activity. Nevertheless
the dealings were fairly accurate reflection
OF speculation opinion on the sencral oondl-
tons. The condition OF the money market
fairly dominated the market. The available
supply for Immediate use is sreativ cur
tailed. The bank statement. when 1t ap
lions. With forced liquidation In progress at
demand for money to move crops, the list
OF stocks declined. St, Paul and Omaha.
pittsburg. G. G. and ST. Louis and Kansas
% hs nna Su soses weak a Us' owe
all around. The stock market irdicated dur
ins the week q disposition 10 move upward
but was restrained by several conditions, most
notable Of which was the continued anxiety
ever the future OF tho market The i,Ipi
rate throughout the week was held, sti.fly at
around per cent The absence OF ma
vacation trips has made business decrease
somewhat. though 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 bust
ness. especially the iron and steel industry.
Events In the financial world continue TO
shape themselves toward q higher rate for
money for some time 10 come. There Us evil
doncc that in general the tide of prosperity
and tho extension OF credits In some quarters
has been on so liberal scale az TO draw
down reserves below the pont OF sufficient
security from a conservative standpoint Thus.
the Bank of ENGLAND and the continental
banks have been struggling TO replenish tleir
bullion reserves. The London money market
loans in Germany are being called home.
The liquidation In Germany seems to be GO
Ing on safely enough hut the London with
drawals keen up the Berlin money ratio. Gov
statistics both In Great Britain, Ger
many and France show great expansion -
trade, go that in spite OF the repenishmen
OF banking reserves going OH at all three Gen. |
ters there is Increasing employment for
money
In these circumstances the foreign money
markets have shown themselves very sensi- |
tive to the heavy downward tendency of both |
sterling and continental exchange at New |
York, based on offerings Of exchange bills In |
the market against coming shipments of
reserves arouses some anxiety MS to whether <
il will not be necessary 10 call home our
,redits which would force sales OF securities
10 avoid shipments hithFr Of gold. Now York
banks lost cash all through July and only
built up the surplus reserve by n loan con-
ract amounting to over sst 00o. 00o. New York
merchants arc selling their paper In other
domestic markets and New York waits with
some anxiety to know what demands the
he crops. The activity n-the bond market
ias been greatest In the speculative Issues,
which have advanced Changes generally have
'een small.