Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-08-03
STOCKS CLOSE DULL.
MARKET HEAVY. AND GENERALLY
BELOW TUESDAYS CLOSING.
HARD MOlEY STILL The PROSPECT.
Smart Upward Movement in Some Of
the specinIties-TObacc and Few
other Markets.
Other Markets

| NEW YORK. August 2.--To-day's stock
| market. like that Of yesterday. had a
| period of strength I'm the morning which
gave way before the day was over The
depression was due 10 the continued pros
| pect OF hard money. The early strength
| had its inception In the disposition OF
London to buy American stocks, notwith-
standing the marking up Of the money
| rate there. The demand from London
was especially marked for Atchison. pre-
! ferred. Louisville and Nashville. and
Northern Pacific. London sold Anaconda
Copper.
There was a smart upward movement
in some OF the specialtes. Early in tho
| day Sugar went up 2A. Reports Of the
| extraordinary earnings in the iron and
! steel industry gave a firm tone TO that
| group OF stock, and Tennessee Coal had
| the additional benefit Of a report that
! valuable property was about to be ac-
CURED. and that claims OF preferred
| stockholders were in process Of ADJUST
ment. The stock in consequence rose 80.
The trunk lines were favorably affected
by the going into effect OF the higher
freight rates on grain TO the seaboard.
The tobacco stocks. the local traction
shares, General Electric, Cotton-Oil, Peo-
pies Gas, and few others gained from
individual causes. The general appear
ance Of strength thus impaired 10 the
market prompted some covering by the
| shorts, who sold yesterday, thus helping
on the advance.
The higher prices brought out realizing
sales, and there was sharp break I'm
Sugar and Brooklyn Transit, the latter
dropping 2l5 from the best. Lackawanna
suddenly fell away 3ia points on rumors
OF a projected strike. The Changers were
weak on bad crop news. The closing was
dull and heavy and generally below last
nights closing.
MONEY OUTLOOK.
The apprehension over the money out
look was caused by the advance OF dis
count rates In London TO "A point above
the Bank of Engiand's minimum rate.
The fall in cOnsOls was evidence that the
Bank Of England was again borrowing
from the market to repel the demand for
gold made probable by the recent DOWN
ward course Of sterling exchange in Lon
don. There was nothing doing I'm ster-
ling exchange here to-day TO reflect the
influence of this movement but the ster-
ling-eXchange rate at Berlin, whence
London continues to draw gold, rose
ptennigs
The bulk of the call loans in New York
to-day were made at I per cent, ana
lenders showed themselves indisposed 10
renew time loans at current rates. Prime
commercial paper rates ruled at from TO
draw on their deposits in New YORK banks
for the purpose Of making loans IN TINS
market. There has been some outgo OF
funds from this centre TO Montreal on ac-
count OF stringency there.
There was activity and strength I'm
Kansas City, Pittsburg and Gulf nrsts
Otherwise the bond market was irregular
Total sales. S20)9.500. United States 0s de-
clined IA in the bid price.
The total sales Of stocks were 4eO.1O
shares. including Atchison, preferred, %
Co., Burlington. 1920, Rock Island, $50
Manhattan l6.490; Missouri Pacific. $3.50
Northern Pacific 1900. Pennsylvania. o.
$50: St. Louis and Southwestern, $500; St.
Louis and Southwestern, preferred, 1900;
ST. Paul. 1850: Southern Pacific 25,5SO;
Union Pacific. $3.50: Union Pacific, prefer
red, 512i; American Cotton Oh, 1850;
American Steel and Wire. llS.0; Ameri-
can Tobacco. 5IlJ0: Brooklyn Transit,
s.. 7sS: Colorado Fuel. $3.50. Continental
Tobacco. II. 260: Continental Tobacco, pre-
ferred $3.50: North American. $500, Peo-
pies Gas. l5,l2O; Sugar, 45,22O; Tennessee
Coal, 1lS65.
MONEY AND EXCHANGE.
Money on call steady at sax per cent;
last loan at 3ls per cent prime meicah-
tile paper, 406 per cent.
Sterling exchange heavy, with actual
business in bankers bills az $.@h aSiebls
Cor demand. and $4.8 for sixty days post
ed rates. $4.S4GASi2 and $.S'l24SLeS;
commercial bills. SiS2i2.
Silver certificates 60Q61. Bar silver, GOA.
Mexican dollars. As.
Government bonds easy. state bonds
inactive. Railroad bonds irregular.