The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-08-06

New York. Aug. 5.-There.wa not much
doing in the stock market today. 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 subtracting an APP
probable feature in the usual activity.
Nevertheless the days dealings show
fairly accurate reflection of speculative
opinion in general condition. There was
some disposition TO advance prices in the
early dealings on account OF the uni
1Ormity Of the favorable reports on All
branches of business, contained IN the
weekly reports of commercial agencies
But this condition is a factor in the anX-
iety over the money outlook, winch mas
again dominated sentiment as the time
approached for the publication or the
weekly bank statement Money Is IN such
large demand that the supply Tor Specu-
latlVe uses is greatly curtailed. The bank
statement, when it appeared, was again
weak beyond all expectations. win
forced liquidation IN progress at Some
points in Europe and with q possible de-
mand for money to move the crops, the
statement brought selling of stocks ana
a general sharp decline: The market
closed generally weak and lower.
The stock market indicated during the
week disposition to move upwards, but
was restrained by several conditions, most
notable OF which was the continued anA-
iety over the future of the money market:
The money rate throughout the week held
stiffly at about per cent. In spite OF the
elements OF doubt ana the absence u q
majority of big operators and leadlnS
spirits on vacation trips. business mas
shown notable increase over last week >
figures, 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. and especially the iron ana
steel industries. Events in the 1lnanclal
world continue to shape themselves To-
ward a higher rate for money for some
time TO come. There is evidence that IN
4 I'll o m
sion of credits in some quarters has been
on so liberal a scale as to draw down
reserves below the point OF suf1lclent Sc
curitv from a conservative standpoint
Thus the Bank of England and the con-
tinental banks have been struggling 10
replenish their bullion reserves Inc
London money markets loans in Germany
are being called home. Government std-
tistics both in Great Britain, Germany
and France, show d large expansion OF
trade so that in spite Of the replenish,
ment of banking reserves going on al al
three centers. is increasing employment
for money. Under the circumstances, the
foreign money markets have shown mem
selves very sensitive to the heavy down.
xrard tendency of both sterling and con-
tineutal exchange at New York. based on
offerings of exchange bills IN the market
against coming shipments OF gram hNl-
IDENTIFY il has entered into the calcula-
lions of foreign financiers that money
would he so abundant in this country that
we could afford to lend the credlts esc
tablished by our export movement OF
merchandise. The low state of New YORK
banks reserve also causes some anxiety
as to whether il will not be necessary 10
call home our credits which Wouid force
sales of securities TO avoid shipments
hither of gold. .,-o. hoe
been greatest in the speculative lssuS si
when have advanced. Changes generaiy
have been small United States Is, IS ana
new Is advanced i in the bid price.
The Crack Regiment.