The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-08-06
EASTERN MARKETS
Ne7u York Stock Market.

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 Elk
change was closed and Will be again on Mon
day. thus subtracting appreciable feature
IN the usual activity. Nevertheless the days
dealings snow a fairly accurate reflection Of
speculative opinion in general conditions. There
was some disposition to advance prices IN the
early dealings on account Of the unltorElty
OF the favorable reports on all branches Of bust
ness contained in the weekly reports of com
mercial agencies. But this condition Is FAC
tor in the anxiety over the money outlook
which again dominated sentiment as the time
approached for the publication Of the weekly
bank statement. Money is in such large de-
mand that the supply for speculative uses is
greatly curtaued. The bank statement when
IL appeared was again weak beyond al Elk
pectaton. With forced liquidation IN progress
at some points in Europe and with a possible
demand for money 10 move the crops the state
meut brought selling Of stocks and general
sharp decline. The market closed generally
The stock market Indicated during the week
a disposition TO move upward, but was re-
strained BY several conditions most notable OF
which was the continued anxiety over the fu-
ture Of the money market. The money rate
throughout the week held stifhy at about 4 per
cent In spite of the elements of doubt ana
the absence Of d majority Of big operators ana
leading spirits vacation trips business has
shown a notable increase over last week s hg-
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 financial world continue to
shape themselves toward a higher rate for
money for some time to come There Is evil
dence that in the general tide of prosperity
the extension Of credits in some quarters has
been on SO liberal a scale to draw down
reserves below the point OF sufficient security
from a conservative standpoint. Thus the
Bank Of England ana the Continental banks
have been struggling to repenish their bull
lion reserves. The London money market
loans in Germany are being called home. Gov
erument statistics in Great Britain, Ger
many and France show large expansion of
trade, so that in spite Of the replenishment of
banking reserves going on in all thret centers
there is Increasing employment for money.
Under the 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 offerings Of exchange bills in
the market against coming shipments Of
grain Evidently ii has entered into the cal
culations OF foreign fnanciers that money
would be so abundant in this country THAT we
could afford to lend the credits established by
cur export movement OF merchandise. The
low state of the New York bank reserve also
causes some anxiety to whether II will not
be necessary to call home our credits, which