The Portland daily press., 1899-08-04

Quotations Of Staple Products in The
Leading Markets
New York stool, Money and Grain
Market Reviex~.

(Stock Letter from Price, Mccormick
Co. 2i6 Middle st., Portland
New YORK, Aaguss 3, Is99.--With the
opening there seemed to be some dispo-
sition to iiquidats. Dispatches from
Dakota stated that severe storm accom-.
panied by=a heavy TALL Of hail stones had
practically destroyed the wheat on at
least 100000 and possibly $4,000 acres.
The bearish feeling created by this de-
spatch was further intsnsifed by the
evidence OF good selling OF b. X. I. and
the simultaneous circulation Of the story
that some changes were contemplated in
the management Of the road for the first
hour consequently prices showed down
ward tendency, hut commission houses
were not sellers rs result. In fact they
seemed to have buying orders on tina
scale down., One Of the prinoiplal feat
ures Of the market was Am. lob. which
was again heavily sold by. n prominent
broadway House, but in spite Of the sales
the stock evinced considerable strength
and and actually scld higher than at any
time since the sales referred to COM
menced. There ia scme talk Of an Fer
cent dividend in the common stock and
the extension Of tine business into Japan
is expected to open UP u. large and profit
able Held.
The advance in +. G. 1. which.was very
marked, was largely due to the covering
of shorts and the paucity of offerings.
For some time past this stock has been
one of the fsvorite short sales of the
streetr in fact the short selling has not
and has extended to commission houses,
who are today considerable borrowers OF
the stock in the loan crowd. Now that
the Company Is at work on contracts
based on the present prices of iron, its
returns ought to be OF a most satisfactory
nature. Little attention was paid to the
Bank of Eng staten emit although the
showing Is not all that could be desired.
The proportion of reserve to liability Ia
49, SO per cent as against "A. 90 per cent
last week and compares with 44.5 for the
same period last year. Dear money con-
tinues to evince q somewhat hardening
tendency. Call money may be had at
l-2 per cent
In the tarly afternoon while trading
Cuieted down an improved tone prevailed,
but later the traders again changed front
and attacked prices. The attack was par.
statement will not bs favorable through
the reserves being cut down by large
Withdrawals of cash from this city by
Canadian banks with which to strengthen
their position IN view of the distnrbed
Canadian financial situation. Rumors
of damage to tha growing crops by grass
hoppers in Nebraska, also played a part
In the decline. The, traders operations
met with little opposition, small support
apparently being given. American steel
and wire was particularly vigorously
attacked. Among the grangers, st. Paul
stocks. Sugar which showed special firm
ness In. the early afternoon declined with
the general list in the late dealings.
Am. lob. and 4. @ l. and General
Electric were the strongest features. The
strength of the first named was based
upon considerations already noted while
that OF General Electric was upon excel
lent reports regarding the business being
done by the Co. The traders failed To,
bring about liquidation in any volume
but the market generally reacted In the
closing dealings and the prices of several
important stocks were the lowest OF the
day. In the final few minutes b. r. L.
ran up sharply on covering.
CHICAGO WI EAT MARKET.
& Chisago, August 8. '99.--whsat market
after opening lower owing TO the disap-
poiHtfu8 early oaui5s from aDfoau, later
recovered the decline on strength In corn,
but renewed selling oDrthe advance caused
the market.to react Lirerpooi reported
their market opening -4d. lower on fine
weather bus closing hrmer with .the loss
recovered due no doubt to continued dry
weather in India. Continental markets
generally firm and higher. Rects. at
Chicago and N. W. 1913 cars against 47s
last week and 226 last year. Clearances
from Atlantic seabuart TICS, OOu bushel
heat and flour. Receipts primary mar.
kets 653 600 against 81. 900 last week and
314 600 last year. There, was moderate
demand for cash what by local,,millers.
NEW YORK, Aug, 8.
& Money on callwa steady 3a+ per cent; last
oan at per cent; prime mercantile paper