Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-10-08
STOCKS NEGLECTED..
YACHT RACE PROVES a GREATER
ATTRACTION.
The CLOSING RATHER IRREGULAR.
Changes small, Hut the Majority of
visions Dull In the Extreme
wheat and Corn Higher.

NEW YORK. October THE stock
market was much neglected to-day. ,he
yacht race proving the greater attrac-
ton. Prices moved narrowly. except i'm
few Industrials. and the small room
traders had the market all 10 themselves.
They bid up prices after the opening, in
expectation Of a favorable bank state
ment Prices declined when the state
ment appeared. but there was no urgent
liquidation. and the bidding up OF Louis
Vile to point over last night stead;oi
the market. The closing was rather ir-
regular
Attempts TO still further depress Brook
lyn Transit met with resistance, and the
stock gained a point not. Changes gene
rally are very small and narrow, but the
majority Of them are gains.
The bank statement failed to show the
large relief as a result Of expenditures
by visitors to the Dewey celebration,
which had been much harped on by specu-
lators all the week Not more than
million dollars Offset 10 the drain of the
interior and to the Sub-Treasury can 5e
detected from the bank statement. The
reduction In the reserve requirements by
reducing loans $500 400 was not sufficient
TO Offset The loss i'm cash, and the surplus
falls to $4,000.
OFFSET TO BANK STATEMENT.
To-day's Clearing statement
shows the Sub-Treasury a debtor to that
institution 10 the extent Of 1901 800
coupled with the receipt of gold by to-
days incoming steamers. this had the ef-
feet Of cOunteracting to a slight extent
the unfavorable bank statement
Bonds have been dull, and have moved
I'm sympathy with stocks during the week
United States rs declined a. the new
As =, the SIS Is. and the old As, regis
tered, Is in the bid price.
The total sales OF stocks to-day were
1890 shares. including Atchlson. pre-
ierred, $3.50. Louisville and Nashville,
lOi55 Southern Pacific, 1870; ST. Paul.
$40; Brooklyn Rapid Transit. $50;
American Tobacco, 1920; Cotton oil, $3.50;
Sugar, 5000.
MONEY AND EXCHANGE.
Money on call easier at 4lzl5 per cent;
last loan at AZ per cent; prime mercan-
tile paper, 5lAQ6 per cent.
Sterling exchange firm. with actual
business In bankers bills at ASG4H$LS5l2
for demand and AaLdAIiz Tor sixty
days. posted rates - N2usiS and AS6i2J
$iS7; commercial -. AWi2
Silver ceruhca 5Sa59; bar silver,
IS: Mexican dollars. a..
State bonds inactive. Railroad bonds
u
BANK STATEMENT.
The weekly bank statement shows the
following changes:
Surplus reserve. decrease, S1.0Sl2S0.
Loans. decrease, $3.50 0.
Specie decrease 3.4A0O0.
Legal-tenders. increase. 1851 400.
Deposits decrease. A.36.iOJ.
Circulation, increase. Sl790.
The banks now hold $543,2O0 in excess
of the legal amount.
CHANGES NOT MARKED.
The changes i'm the statement OF the
Associated Banks Of New York for the
week ending October 7th were not as
marked as had been anticipated. Instead
OF an average loss in loans Of nearly
seven millions. and decrease OF ten mil
lions IN deposits. as shown in the totals
extending over the last twelve weeks. the
banks contracted loans for the current
week were only $4,000 and the deposits
yi.215 900. As the banks have lost about
N2S.l0W0 in deposits and $sS,OOlOsJ i'm
loans from the high point attained I'm
June, there is some ground for the belief
that the period of excessive liquidation
is AT an end. Still, the demand for cash
for interior requirements continues heavy,
while the banks seem unable 20 recOup
their resources from usually available
RECEIPTS OF GOLD.
The gold engaged in London does not
count i'm the present statement, although
are included. The receipts Of gold ON
Saturday alone were over S2WO,C0 The
great difficulty experienced this fall IN
financing the crop movement can De
traced TO the losses which the banks have
sustained To the Treasury and the slow
ness of the Continent 10 respond by eX-
ports Of gold to the usual incentive of
rising rates in the interior. Conservative
opini0n favOrs the statement that the
tfde must turn soon. and that the gene
raj situation will improve. but there are
bankers I'm New York who assert that
even though the interior movement ceases
soon the flow Of money 10 this centre
again will be much slower than usual.
since business requirements warrant It's
continued employment elsewhere. The
praiu and cotton exports from now on
viii he a factor not TO be ignored. and
If is difficult 10 see how the shipment Of
gold this way is 20 be averted even under
The strain of outward circumstances
abroad
A CHANGE DUE SOON.
As IT IL. the banks here are carrying a
double burden. and as liquidation has
heen carried 10 an extreme point there Is
reason for expecting "A change soon. The
onerations of one bank account In large
mart for current decreases. The gain I'm
iegals doubtless represents the heavy pay
ments into the banks following the holt
DAYS.
The apparent reserve over requirements
IS nj present only $ol3O but this. of
course is exclusive Of the two millions of
gold received Saturday, as stated, but not
Included in the average.