The times. [volume] (Richmond, Va.) 1890-1903, 1900-08-31
EARLY STRENGTH
WAS NOT HELD.
Prices Declined and Trading Became
Insignificant.
BONDS DULL AND IRREGULAR.
Steel Group Disappointed Hopes of
Bull Movement by Developing
Heavy Tonc-Desultory specu-
lation in Sugar.
BONDS DULL AND IRREGULAR.
(By Associated Press. !

NEW YORK, Aug. 30.-The early
promise OF strength IN the stock 1naIkee
was not maintained, and after a prlel
period of some activity and frInn .,s
prices began to decline again, and the
trading tapered to the insignificant pro.
portions which have become the rsGsaai
normal. The traders rightly conciuuc,u
that this indicated that yesterday ao-
vance was due to nothing more .lhaI -, d
covering of short contracts penoihs liie
approaching three days holiday.
The steel group especially disappointed
the hopes that bull movement was . WI
Ger way by developing heavy tone, s ne
and Wire falling back over a point. nc '
american Tin Plate and the Atn ei.to,,
Hoop stocks were exceptions, ana SNOW
good gains for the day There Wis ~, ~
news TO account for the relapse IN .he
group. the reports at hand showing
growing demand for many grades Oh iioh
products. There was a desuitory specu ,a
time over a point after the announce
ment was made OF an advance III inc
price Of refined sugar. But the gam was
Utmost entirely wiped out by the uhle
The market closed.
Strength in the London market helped
khe opening here. causing sharp 1rac-
lonal stocks, but London reacted later
Sn the day, and these stocks lost their
advantage in sympathy. The railroad
statements for July, which appeared to-
day, counteracted the favorable effect of
yesterdays showing by the st. Paul Com
pany. the higher level OF operating eX-
penSeS serving 10 DiiAS ooHi llSe
earnings in the cases of Burlington,
Northern Pacific and Southern Railway,
while Cleveland, Cincinnati, Chicago and
St. Louis saved only small part of its
gross increase for net earnings.
The explanations which were offered OIL
the heayiness of stock formed substitutes
for news to some extent. For instance,
there was some renewed Soiicltude eX-
pressed regarding the future money mar
ket. The fact that the Bank OF England
had again offered interest on gold in
the pSDlan3 lion
that the export movement OF gold may
shortly be renewed; Sterling exchange
rose a fraction in New York, and three
months bills in London We're advanced.
The London market apprehends some
strinSency as an incident of the next
Stock Exchange settlement and the pay
ment of the next inStalment on the new
loan, which comes about the middle of
the month. In the pessimistic mood of
gested that the Treasury Department
might be obliged during the early fall to
draw on its deposits with the national
banks in order to meet extraordinary eN-
penditures for military operations.
There was nothing in the days money
market TO give color to any apprehension
OF higher rates. The banks have gained
upwards of 100000 from the Sub
Treasury, and another substantial in
crease in reserves is indicated for the
week. The market closed dull and heavy
at a generally lower level of prices.
Bonds We're dull and irregular. Total
sales, par value, 81, 10000. United States
refunding Is (when issued and the new
is declined y per cent. in the bid price
The total sales of stocks to-day were
1i2,000 shares.