The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-08-06
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest of Exchange News-Mining Stocks
Metal Quotations-Wool Prices and
Movements-Grain and Pro-
duce-Review of Trade.

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 exchange was closed and
viii, be again on Monday. thus subtractng
an appreciate feature in the usual activ-
ity. Nevertheless the days dealings show
a fairly accurate reflection of speculative
opinion in general
There was some disposition 10 advance
prices in the early dealings IN account
of the uniformity of the favorable reports
on all branches of business contained in
the weekly reports of the commercial
agencies. But this condition is factor in
the anxiety over the money outlook, which
has again dominated sentiment as the
time approaches for the publication of the
weekly bank statement. Money is in such
large demand that the supply for specula-
tive uses is greatly curtailed. The bank
statement, as it appeared, was again
weak beyond all expectations. With
forced liquidation in progress at some
points in Europe and with a possible de-
mand for money to move the crops, the
statement brought selling of stocks and a
general sharp decline. The market closed
generally weak and lower.
The stock market indicated during the
week a disposition to move upwards, but
was restrained by several conditions, most
notable of which was the continued ankle
ty over the future of the money market.
The money rate throughout the week held
stiff1y at about per cent. In spite of the
elements Of doubt and the absence Of a
majority of big operators and leading
spirits on vacation trips, business has
shown a notable increase over last week S
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 in the iron and
steel industry. There is evidence that in
the general tide of prosperity the extern
sion of credits in some quarters has been
on so liberal a scale as to draw down re-
serves below the point of sufficient Sc
curty from conservative standpoint.
Thus, the Bank of England and the con-
tinental banks have been struggling to re-
plenish their bullion reserves. The Lon
| dor money market loans in Germany are
| being called home. Government statistics,
| both in Germany and France, show a
| large expansion in trade, so that in spite
| of the replenishment of banking reserves
going on at all three centers, there is in
creasing employment for money.
| Under the circumstances the foreign
| money markets have shown themselves
very sensitive to the heavy downward
| tendency of both sterling and continen-
| tai exchange at New York, based on of
| ferings of exchange bills in the market
against coming shipments of grain. Evil
IDENTIFY it has entered into the calculations
| of foreign financiers that money would be
| so abundant in this country that we could
| afford to lend the credits established by
| our export movement of merchandise
| The low state of the New York banks re.
| serve also causes some anxiety as tc
| whether it will not be necessary to cal
| home our credits. which would force sales
| of securities to avoid shipments hither OF
gold.
| The activity in the bond market has
| been greatest in the speculative issues
which have advanced. Changes generally
| have been small.
L. s. 2s, IS and new As advanced u pei
| cent in the bid price.