Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-09-03
STOCK MARKET DULL.
NET CHANGES BEYOND FRACTIONS
IN RARE INSTANCES ONLY.
new YORK BANK RESERVES LOW.
Interior Money Markets supplying
Funds with which to Move Crops
Corn Advances-Wbeat wenk-Pro-
visions Slightly Higher.

NEW YORK September 1.-The stock
market was intensely dull throughout the
days short session, and net changes ex-
tend beyond fractions only In rare in
stances. AS the bears had sold the
market short I'm anticipation OF the bank
statement. the evening up of their con-
tracts when It appeared, closely conform
ing to estimates, created a demand which
rallied the market from earlier depres-
sion and brought prices I'm most cases
above yesterdays level The fact that
Monday is a holiday had an effect I'm
keeping stock-Exchange operations at a
minimum. The report of a death from
yellow-fever in New Orleans and the
Texas guarantees caused weakness in
the railroad stocks in the South-notably.
Illinois Central. Brooklyn Transit. Ten
nessee Coal. the Republic Steel stocks,
and American Tobacco led a rise before
the bank statement came out.
In contrast TO the sudden outbreak yes
terday Of activity In the Nanderbilts,
there was only single sale In the first
hour OF Northwestern and Of Omaha. the
latter at gain OF q point New York
central did not appear on the tape AT
all until the second hour Kansas and
Texas seconds became active In the late
dealings, and advanced / point.
SURPLUS RESERVES LOW.
The surplus reserves Of the New York
banks are unprecedentedly low at this
period Of the year Even II interior
money markets are able TO supply funds
10 move the crops, that will affect the
current of supply at a source TO which
New York has applied quite freely Of
iate for relief. The constant rccupera-
tive process Of the banks Of England,
france, and Germany for many weeks
hnE
hnance in much better position TO meet
an imperative demand from New York
Tor gold. But II Is still quite obvious that
only q nigh rate for money here would
lnuuce shipments OF gOld 10 New York.
The governments revenues are running
far ahead Of last years corresponding
period, and the Outgo is muc' less. Had
IT not been for the leayine If the de-
post with the National City Bank Of
the 100000 paid by that bank for the
old custom-hOuse site in New York, the
New York money market would likely
have been seriously pinched this week.
The bond market has been quiet with
the changes Irregular. United States new
as advanced 4.
The total sales Of stocks to-day were
l21S shares. including Atchison, prefer
red, 800; Southern Pacific. 500; Brook
Ign Rapid Transit, 1895; Tennessee Coal
and Iron, 1920; Republic Iron and Steel,
1901
MONEY AND EXCHANGE.
Money on call easy at 2d3 per cent;
last loan at 3 per cent; prime mercantile
paper, 4zQ5 per cent.
Sterling exchange steady. with actual
business IN bankers bills at 81 GG$4 IS
for demand and S483u$4S3i4 for sixty
days; posted rates, Si.Si and A612; COM
mercial bills. s4S2
Silver certificates. $500. Bar silver,
80, Mexican dollars, Az.
State bonds inactive. Railroad bonds
steady. Government bonds steady.
BANK STATEMENT.
The weekly bank statement shows the
following changes:
Surplus reserve. decrease. $1G,275.
Loans. decrease, S.126.910.
Specie decrease. N2SL2yD.
Legal tenders, decrease. $3.50, 400.
Deposits, decrease SS.43i500.
|. Circulation, increase. sos 400.
The banks now hold S9.ltl,z5j I'm excess
Of the legal requirements.