The times. [volume] (Richmond, Va.) 1890-1903, 1902-08-15
NO GOLD EXPORTS
FOR THE PRESENT
Special Activity in the Southern
Pacific Yesterday.
|. & N. GOES UP TWO POINTS
Listing ofihe Russian Bonds Interpret
ed as Indicating the Increasing Im-
portance Of New York as
Financial Center.
Bx Associated Pressl

NEW YC4.4>, Aug. lilo gay S dealings
An stocks We're laIser IMAM those OF yes
Icrday, and there were more OF The usual
market leaders among the traders. but
the market renamed uneven and the
special features of strength did not have
news TO explain them beyond The report
stocks continued To be well looked
after, Texas ana Pacific and Missouri
Iaclhc beng largely dealt in, but the
leadership OF the market was assumed
In Southern Pacific, in which the deal
lLgs We're more than twice as great as
IA any other stock. The argument adj
Sahced Tor the rise was that the market
leader, who has made a iaVoT!te OF this
STOCK Tor some time past, is about 10
embark from foreign shores for home.
ROCK Island was marked up points,
ana Louisville and Nashville advanced 2
points on account OF the meeting of the
directors to-day, and on the expectation
that some steps might be taken to com
pete the transfer OF the company 10 the
new interests III control. 5pnle OF the
minor ralioad stocks aNal!aDie LOT pos
s!bie absorption were strong features. Inc
Changers and Pacific generally We're al
fected in sympathy, but the dealings We're
on sTnaIl scale. IN the industrial list
Sugar made an upward movement with.
out explanation, and The express stocks
continued to move widely in spite OF oil-
ciai denials of reports of a mreSer ANAL
Eamated Copper, Peoples Gas and BrOok-
lyn Rapid Transit were heavy all day.
The brilliantp respects for the couEtry's
crop were the underlying influence in the
strength OF Western railroad stocks, but
the most important development of the
day was the abundant supply of foreign
exchange bills, which appeared in the
market. causing a sharp break in rates
and driving all apprehension of further
gold exports away for The present. The
most important element in the weakness
OF exchange was the increased offerings
of loan bills.
The foreign demand for grain encour-
aged the offering OF bills against future
shipments. There We're large offerings
also for simple borrowing purposes, based
The present attractive differences in
the interest rates here and abroad. The
hardening of discounts IN London to-day
reflected the tendency TO equaliZe rates.
bond issue on the New York Stock IIx-
change marks a departure. which, it is
hoped. Will develop into a regular market
for foreign Government securities. The
fact that the step was due to the initiative
OF the Russian authorities themselves may
be accepted as a recognition of the grow
ing Importance Of New York as supply
of capital.
The bond market was dull. but steady.
Total sales. par value, $2.650,0t0. United
States bonds were all unchanged on the
last call.
The total sales of stocks for the day
were 662,20O shares.
MONEY AND EXCHANGE-Mones on
call closed firm at 3I2Q4 per cent: last
loan at 81. per cent; prime mercantile
very weak at 81 $50 and S4S515 for sixty
DAYS. posted rates. Si.S6d4 S6is commercial
bills. S4.S412G4S513 Bar silver 5213; Next
can dollars. 4lA. Government bonds
steady: State bonds inactive; railroad
bonds steady.