Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-08-27
STOCKS STILL WEAK.
THERE ARE IMPROVEMENTS, HOW.
EVER, HERE AND THERE.
NORFOLK AND WESTERN REACTIONARY
Tobacco shares Gain Point or
Morc-sugar Feverish and Unset
ties the Market-Wbeat Weak and
Lower.
Lower.

NEW YORK. August 26.-The market
opened with yesterdays dropping tend
ency still i'm force. and the weakness was
not entirely overcome during the short
session, although there were improve
ments. The London Exchange was closed
| for a holiday, leaving some uncertainty
as TO the speculative situation IN That
| centre, which was depressed yesterday
Added to this was a weak tone in Sugar
! on rumors Of new phase Of the war in
/ the sugar trade. The new stocks OF the
! Republic Steel Company. dealt in on the
| Exchange for the first time yesterday
! showed dissemination TO maintain the
| price established for them yesterday, ana
/ Norfolk and Western and Northern Pa
| ci1c. in the railroad group, showed a
| reactionary tendency. Consolidated Gas
/ dropped an extreme AZ. Brooklyn Transit
was heavy, and there were other less
| important points Of weakness.
In the second hour of the session the
traders manifested a disposition to cover
short contracts. apparently in the fear
that the unfavorable character of the
bank statement had been exaggerated, as
proved TO be the case. Renewed de-
mand from the shorts forced up Con-
sOlidated Gas an extreme IA. Mobile
and Ohio gained about g, and Northern
Pacific rallied over point Great West
ern. preferred. gained 8, and Louisville,
Chicago and Eastern Illinois, ST. PAU
and Duluth. and the Tobacco stocks a
point or over. Sugar advanced an ex-
IRENE 2L, and became very feyerish,
serving TO unsettle the market.
RECOVERY HOLDS. FOR MOST PART.
The recovery in the general list, how
ever held, for the most part. feature
was the movement i'm a number OF insig-
nifcant stocks, including Peoria and
Eastern Illinois. kanawha and Michigan,
Keokuk and Des Moines.
In view Of the forced liquidation in
Brooklyn Transit early IN the week, the
extension Of credits TO the amount OF
S90G 900, shown by the bank statement,
came as a surprise. The decrease In
cash proved to be less than million,
whereas the known movements OF money
indicated that il would ne $4,000. The
decline in the surplus Is therefore largely
due to increase of reserve requirements
by reason OF the loan expansion. viewed
apart from the previous exaggerated esti-
mates. the return is weak. The changes
are impossible Of explanation from any
transactions known 10 the pubic.
Activity increased in the bond market
during the week, but gains have been
confined TO speculative issues. United
States new As declined q, old As, regis
tered, a. and the SIS * in the bid price.
The total sales of stocks to-day were
POS 800 shares, including Atchison. pre-
ferred 2S92 Chicago Great Western,
600; Norfolk and Western, 5,lS5; Mis-
souri, Pacific. $3.50; Southern Pacific. 9,22j;
Union Pacific. preferred. 5000; American
Tobacco. 500; Brooklyn RAPID Transit,
1910; Sugar, 1880.
MONEY AND EXCHANGE.
Money on call nominal; prime mercan-
tile paper, 4q5 per cent.
Sterling exchange steady. with actual
business in bankers bills at $A&l2qA e8f4
for demand and 81 3hGS4.S311 for sixty
days; posted rates, S4S4qAS7l2; COM
mercial bills, s4.S2qAS212.
Silver certificates, 60qGOH; bar silver,
50 ll-l6; Mexican dollars, 473s.
State bonds inactive. Railroad bonds
irregular Government bonds steady.
BANK STATEMENT
The weekly bank statement shows the
following changes:
Surplus reserve. decrease. 2,703,S $50.
Loans increase S9.056OD.
Specie, decrease. 81 ,235, 100
Legal-tenders. increase. S2Si.sOO.
Deposits, increase. $6,934,lOO.
Circulation, increase, $3.50
The banks now hold $l23iS,525 in excess
Of legal requirements.