The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1899-08-18
FINANCIAL AND COMMERCIAL
Quotations Of Staple Products in the
Leading Markets.
New York stock, Money and Grain
Market Review.
(price. MoCormics s Co. 3 Daily Lottery

that the close OF our Irarket yesterday
gave indications that the nsars might
have temporary triumph, the opening
todpy was very much in the nature Of o
surprise 1t is true that the news was
very bullish, Unexpectedly so. First,
the situation In the Transvaai showed
some improvement, secondly and most
important the Bank of England not only
did net raise It's rate of discount, but
showed an Increase In the proportion of
reserve liability of something over per
cent. Apparently in London the failure
Of the bank TO advanos its rate was looked
upon rs a decided bull argument. Anne
ricAns were all higher than our close and
there was said to be good buying Of North
Pacific and : Southern railway. In our
market the opening was fairly active and
decidedly str1ng. The local talent pro-
fessed TO have Information TO the eject
that consolidation between the Louis
villa and Nashville and Southern railway
was Ia contemplation. However, 1t could
not be discovered that there was any
oihcial foundation for the story and th
activity in Southern railway soon
dwipdled and the bulk of the transac
tions here betwee the professional ele.
ment was matter OF fact. The pre-
ferred stock will in all probability re
ceive not more than 3 per cent during
the current year and as n Per cer-
dividend payer 1t looks high enough.
The case of Louisville ard Nashville is
different. The road Is doing remarkably
we'll 1t is not unlikely that the stock
will A
physical condition Ia excellent. At be-
tween 10 and 80 it does not look dear
while the short interest in it is quita |
considerable.
A fierce drive was mads at sugar ae- 4
companitd by the old story of STANDARD |
oil selling. According 20 the Bears |
Standard oil holdings of sugar must be
like the widows cruise, for they mover buy |
any ard have been selling steadily for /
years In the afternoon the stock rallied |
sharply and closed at a material advances |
over the lowest price of the day. Ameri- |
can tobacco was under some pressure al |
though there was no news in regard to |
the stock. Apparently the insiders are
not willing TO advance the stock any
further for the time being, ard some of
the operators who have been waiting for
chance to attack this stock, sold 1t
down to 40. In the afternoon the market |
lapsed into such dullnsss as has not been |
seen for some time, there was no weak. |
ness. but there WINS no business. The |
only feature was Southern Pacific which |
was very strong and which closed at |
about the highest price of the day. The
IA 49,
owing to the opportunities for arbitrag- |
ing between 1t ard Central Pacific There |
is belief on the floor that this arbi- |
TRACING has been overdone and that !
should the floating supply of the stock |
he decreased for any reason, rather o |
nasty squeeze might take place. The
close was dull, but strong, In the ont. |
side market the feature was weakness of |
Air Power which declined to 65. Rub |
Der goods was quiet and unchanged. |
New England Coke and Gas IS were
strong, selling as high as IS s-4.
GRAIN LETTER.
Chicago, August 7-wheat ruled |
strong today owing to encouraging ad-
vices from abroad ana prices during ear
bushel over last night. Bears who sold |
yesterday we're good buyers to-day. Liver |
pool reported market firm Esd. higher |
for the day. Continental markets also |
flrner and higher. Weather In United |
Kingdom Is reported unsettled and on |
Continent not so favorable. Receipts |
at Chicago and the Northwest only 2S3 |
cars against 521 last year. Clearanees |
from Atlantic seaboard 1880 bushels |
wheat and flour. Receipts at primary |
points were 52s, coo bushels, against 672. :
go last year. There was splendid demand |
for cash wheat by local millers and an |
urgent demand for export and good |
business report. Foreign markets show |
disposition to buy around present prices |
and continued firmness on this side will |
tend to hurry them up. Movement of |
spring wheat to market will not be heavy |
as there will be disposition on part of
the country to hold their wheat back In
order to get in the carrying charges.
Country elevators in the Northwest prac-
tically empty and until they are all filed |
gain movements will be light. The |
winter wheat movement is practically |
and continue TO advise our friends TO tale |
the opportunity Of buying on all set
backs. Estimated receipts for tomorrow
% cars.
NEW YORK, Aug. IT.
Money on call was steady ga as pr cent ;last
loan 2s4 per cent; prime mercantile paper
atI4l4 90 per cent? Sterling Exchange steady,
with actual business IN bankers bills s6l4
@4s6ls for demand, 4 s2s4 "A So for six
ty days. posted rates s31sg4 S71a. CONNER
cial bills A s2;a4 S2ls.
Silver certificates oola461ls.
g Bar Silver eos4.
Mexican dollars 43.
Government bonds strong.
Hid0A.
The following quotations represent the pay
ing prices In this market:
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