Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-08-12
STOCKS DRIFTING
OPENING SHOW OF ACTIVITY SOON
EXHAUSTED.
HEAVY TONE IN EANY RAILROADS.
This Affects the Industrial Special
ties, which AT First Started to Go
Upward-Fenrs With Respect to
EanIs statemcnt-Produce Markets.

NEW Okks August 1.-The STOCK
market made some show of activity and
strength in the early dealings to-day. but
the movement had about exhausted itself
before the end OF the first hour. The
heavy tone in many railroad stocks af-
fectcd the Industrial specialties. which
had started 20 go up, and realizing set in,
which helped the bears. The market re-
fused TO 30 up again, and drifted quite
aimlessly for the rest Of the day, the
volume Of business falling to the lowest
cbb.
The stocks WHICH made the early ac-
tivity were Iron and Steel and other
stocks Some of the former group mad
quite handsome gains remaining at the
close Of the day. Federal Steel and Colo
RADIO Fuel being the only ones in the
group to show net losses. Tennessee Coal
was still foremost I'm the movement, and
touched 50 IL, but failed TO make its net
gain a whole point. There was tre-
unendous scramble TO take on United
States Leather. and the price touched
1879. Practically the whole OF its gain
was wiped out in realizing movement
and the preferred stock closed below last
nights figure.
There was "A midday demand for MeXi-
can Central and Mexican National, which
was unexplained in the days news. De
troit Gas and Union Bag and Paper both
common and preferred, showed sharp
gains.
STRONG SPOTS AMONG RAILROADS.
There were few strong spots in the
railroad list, notably Chicago Great West
ern debentures, which are up ltl, and MIS-
souri,, Kansas and Texas, both common
and preferred. oregon Navigation lost
rs OF its recent rise few railroad
stocks showed fractional gains, but the
general tone was heavy.
The condition OF spring wheat SHOWN
by the government crop report had some
influence. Much was made OF report
that a rate from New York TO Kansas
City had been made on freight by way
Of the Grand Trunk and Chicago, Bur
lingtOn and quincy, TO meet the RATE py
way Of the Gulf and Southwestern lines
Some anxiety was felt lest TINS nlishl
presage a war Of rates. calculated TO nave
q very uufavOrable effect on earnings.
There grew up a fear during the day
! that tO-mOrrOw's bank statement might
not improve the encouraging eNhlDlt WhiCl
| has been predicted for IL during the week
/ II is believed that some money has come
/ to New York from Out-Oi-tOWn banks, 10
| be placed i'm loans, but IN other cases "n-
! doubtedly. outside banks have drawn on
| their deposits in New York banks 70 place
/ these loans Ii is said that the New
| York banks will be shown 10 have re-
duced their loans.
CALL LOANS ABOUT STEADY.
Call loans were about steady to-day ana
! the decline to - per cent. I'm the late
| dealings was Of little significance, as ~
/ occurred after most OF the demand hdu
/ been satisfied. ,t.,, o,,1
/ irregular. and the business was not large
| Total sales. par value, 81 O&OD , =.
United States new As advanced "A III
/ the bid price. -. -,.,.o
! 100000 shares, including Atchlson' pre-
ferred, 1880; Chicago, BurnnstIUTi ,st any anu
1 Quincy. $3.50; Chicago Great western,
| 5'OOO: Rock Island, C,36l; Hooking Naliey
/ Coal 800: Mexican Central l4.ozO' North-
ern Pacific. 700; ST. Paul. $3.50; Americ y J
/ steel Hoop $3.50, American Steel anu
Wire % 600: American Steel ana W IRE,
/ preferred 5275; American Tobacco, o,lo,'
/ brooklyn Rapid Transit sou, C0loIduo
! Fuel and Iron, 9,l20 SUGAR i2oD' SSiit',,cs
see Coal and Iron, lO,6Oi tnltea o'"'''
| Leather. lO7.5S3; do, preferred li'ooO.
MONEY AND EXCHANGE.
/ Money on call steady at 2A45ls per
cent; last loan at ~ per cent cent prime
! mercantile paper. 4l2p5 per cent. ..,.,
! Sterling exchange steady, with aclual
/ business i'm bankers bills at Slb4H i;eoil
/ for demand and SfS2i21$Le2f4 lot Sky
! DAYS. uosted rates, $LS3i2nN.A ana $io'G
! 81 ~. commercial bills, N-Sll2.
/ silver certificates, 6p296l; bar SILVER
| cor: Mexican dollars, As -.
| Government bonds trm. state poHus
inactive Railroad bonds Irregular.
BANK CLEARINGS.
| r,,o total hank clearings for the week
I T., t6e United states were N,Jl6, al ,lG,
nar cent increase. 24.3. Exclusive OF
| Kew York. SGO5, 962, 253; per cent. increase