Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-08-25
STOCKS CLOSE LOWER
STRENGTH IN SOME CASES IxsuFFI-
GENT TO OFFSET PROFIr-rAKING.
4 CURIOUS DEYRLOPMENT.
Spanish Fours strong, and IL is said
That American Funds Ars Going
Into Them-Robust Dearishness in
Wheat.

NEW YORK, August 2l-There were
several quite important elements OF posi-
tive strength In the stock market to-day.
but the preponderating influence Of several
features and the very heavy profit-tak-
ing by large holders OF leading stocks
nullifed them. The last prices were in
nearly all cases below those or last night
New York weakness. and affected the
opening here, causing declines in some
OF the Internationals. The Changers
made a strong opening, in spite OF selling
for London account, on account OF the
high level OF earnings disclosed by 81
f'arl's statement for the third week in
August The increased movement oil
grain in the Northwest, which has weak
ened wheat for the last few days, is
probably reflected in these earnings which
were So. 55s in excess OF last year and
over $4,000 in excess Of the nigh level Tor
tho corresponding period in 1897 The
grain movement, though augmented, is
not yet up TO last years level, and the
large railroad earnings are due TO general
traffic, resulting from the more liberal
outlay of last years profits by the people
of the West Rumors OF an agreement
TO arbitrate the war with Canadian Pacihe
helped 10 mpart strength 10 the trans
continental roads.
There was very large demand Tor
Peoples Gas, and marked strength In
some individual stocks, but these were not
sufficient TO offset the persistent profit
taking.
NEw-BOND SITUATION,
The New York banks continue 10 lose
money TO the Sub-Treasury, on account
of bond subscriptions, and there Is still
difficulty In obtaining the new bonds 10
serve as security 10 the government for
the deposit of public funds. There is a
decided tendency also toward falling
off in government disbursements for war
expenses and the interior demands for
money are increasing this week. A fall
of Ia cent In the actual price Of sterling
exchange is suggestive OF the source from
which prompt relief would come for any
stringency In money.
A curious result OF he financial strength
of this country is the strength
Of Spanish As to-day. 1t is current talk
in Wall Street that American funds are
going into these bonds, In the belief that
the Spanish Government will find means
to secure interest on them by pledging
some Of the mineral wealth OF Spain.
There was marked strength in some OF
the speculative bonds to-day but prices
reacted TO some extent, in sympathy with
the later weakness in stocks. Total
sales. A2l0OoO. United States rs ad-
vanced Is. and the 3s. when issued, de-
clined is in the bid price.
MONEY AND EXCHANGE.
3P. M.-Money on call firm, at l-2a2
Der cent: last loan at lQ2 per cent; prime
mercantile paper, 31-2a4l-4 per cent.
Sterling exchange easier, with actual
business in bankers bills at s4.SdsiS5 ii
for demand, and at si.SS i-2aA.S ia for
sixty days; posted rates A.aaNSo ana
ST. sGd$4.s 61-2; commercial bills, S.S 1-2.
Silver certificates, 50 1-4d59 S-S. Bar Sill
ver cola. Mexican dollars. 40 L.
Government bonds steady. state bonds
dull Railroad bonds easier.