The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1899-08-08
FINANCIAL and COMMERCIAL
Quotations Of Staple Products In the
Leading Markets
New York stock, Money and Grain
Market Review.

(Price McCormick's Co. q Stock Lettsr.)
New York, Aug. Z, '99-Saturday's
Bank statement was responsible for q
feeling of decided pessimism in the street
and the traders az whole went home ON
Saturday afternoon believing that lower
prices would rule during the coming
week. However, the announcement made
yesterday that Secretary Gage was making
preparations for issuing si0.ooo,oo0 of $50
aold certificates, was successful to some
extent In tiispelling the pessimistic feel
ing which made Its appearance on Satur-
day. This action on the part OF MIR. Gage
was thought to indicate that the govern
ment ia alive to the dangers of the situa-
tion and Is prepared to do all in Its power
to supply the necessary funds for the
movement of the crops without interfere
ing upon the reserves of the New York
banks. At the opsning of the market
this morning trading was quiet. There
were movements in certain specialties.
ANN. lob held str ong although there
was some short selling on the statement
made In Sundays papers that an oppo-
sition TO the Company was certainly
shortly to be formed with capital of
$4,000. 700. Considering the past record
of the ANN. lob. Co. and its dealings
with opposition Companies. a q, O00. COO
concern is not likely to prove such an
orbstacle to the welfare of the Trust The
Changers were fairly steady, but the
transactions were almost purely profess.
ional. The market seems TO have a mod
erstely good undertone but Is more re-
mnrkabla for stagnation than for any
thing else. An event which should not
be passed unncticed Is the advance In
Discount rate by the Imperial Bank of
Germany from 1-2 to per cent. II
rates here during the first few days or this
week show an upward tendency il Is by
no means improbable that the bank of
England will ON Thursday follow fhe
example set by the Bank of Germany.
The afternoons market was even more
embarrassing than the morning although
perhaps 1t displayed additional strength.
The additional strength was largely due
to the unexpected ease OF money. Satur-
days Bank Statements gave birth to
numerous prophets who were unanimous
In their predictions that during the pres
emit week per cent would Ee the lowest
price for call money during the current
week. per cent was the rate for the
first two hours and q good many borrow
ers paid it, who believed thae by taking
money early they would pay lower rates
than II they waited till tho afternoon.
They over reached themselves. AS a
matter of fact rates declined rather
sharply during the afternoon and at one
time there was n plethora of money at 3 per
cent The explanation OF this decline In
call money rates Is somewhas difficult to
arrive at. Possibly some OF the leading
Banks have been in communication with
the secretary Of the treasury and have
received assurances that the recent policy
of the administration in with
drawing deposits from the New York
Banks will be abandoned and may possI-
bly, be reversed; that is to say, that the
deposits will be increased and TINT conse-
qusntly the condition of the banks will be
improved.
GRAIN LETTER.
Chicago, ILL.,, Aug Wheat market
after declining 8.Sc. per bushel early,
later recovered the loss in sympathy with
Corn but renewed selling On the advance
caused the market to re-aot. There WAS
no Liverpool market, but continental
markets were firm. Worlds shipments
2 liz millions of which "a millions were
from this country. On passage to Europe
increased 9S4, 900 bushsls. Visible supply
increased 1, l47, 600 bushels. Receipts ut
Chicago and Northwest 43g cars, last
week 637 cars, last year 2i4 oars. Trade
light and mostly all of local profession u
character. General sentiment continues
besrlsh. What the market needs is a good
export demand which we think is likely
to come in the near future, but this may
be offset by the movements of spring
wheat to market. Estimated receipts
tomorrow 206 cars.
Corn-After opening IA lower than
Saturday became firm and advanced half
cent per bushel on covering by shorts.
Worlds shipments reported 1850, 00O OF
which 5, 500, 900 were shipped from this
country. Visible supply decreased l, 1sS,
0o0. Weather was generally favorable for
the crop.
NEW YORK, Aug. Z.
Money on call was steady at SAGA pr CT last
loan at 1874 per cent; prime mercantile paper