The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-08-30
SHRINKAGE NOTED
IN DAY s DEALINGS
Business Is Smallest Aggregate
Seen for Several Weeks
Past.
RISE IN CALL LOAN RATES
1nroads Upon the Cash Supplies
Of Nsw York Banks Have
Influence.
RISE IN CALL LOAN RATES

NEW YORK, August 2a.--The market
feature of the stock market continued
to--s.3 to be the relative smallness of
the offerings for sale. compared with
the late period of liquidation
At the same time there WAS n sub
sidence of the demand of an aEsres-
sive sort which was in evidence yes
terday. The reduction of the short
interest rs Il result OF that buying and
the consequent din1inution Of the poten-
stial demand for the stocks We're to be
inferred from this. The consequence
was a shrinkage in the volume of the
dealings to smaller aggregate than
has been seen for several weeks past.
The decision of the governors of the
Stock Exchange to close the exchange
on Saturday in compliance with the
petition of members was an additional
factor in prompting the curtailment of
any new ventures pending the pass
ing of the triple holiday. Trading was
almost idle at times and the current
of the price movement was feeble and
hesitating. 4 rise in the call loan
rate was happening of some influ-
ence of stocks, as serving to emphasize
the narrow margin of the available
money resources. Some calling of
loans was reported in preparation for
settlements at the end of the month.
Threads upon the cash supplies of the
New York banks for the week have
reached considerable figures, as shown
by the statement of Subtreasury opera
.S2.4t3,00o from the banks since the last
bank statement last Saturday.
The large absorption by the New
York Subtreasury compared with the
small current surplus in the govern
inent revenues represents another
phase of the interior demand for cur
rency interior banks drawing on their
New York deposits to pay obligations
to the government. 1t Is this condition
which it is expected will be neutrarzed
NV nlun for dpDOEit in
weekly instruments of government
funds in the national banks.
The deposits for the present week
although reported from Washington as
already assigned to the depositaries
have not made their appearance in any
operations by the New York banks
Washington advices tend to modify
the assumption that large blocks OF
the government deposits were TO be
placed directly with New York banks
the intention being held to apportion
them as far as possible TO the sections
where demand is active for crop moving
purposes. Even in that case. the effect
would be to relieve correspondingly the
demand upon the reserve centres. 1t is II
expected also that some of the interior
banks which received assignments of
the government deposits will turn them
over to New York for lack of holdings
of securities of the class demanded asl
collateral. In spite of the stifening
of the call loan rates the time loan
market was weaker. The naming of
full dividend rates on both classes nj
Erie first preferred and second pre-
ferred stocks was better than was ex-
pected, although the payment is 70
he made in ten-year warrants. The
resort to the device of ten-year war
rants for the dividends on Erie stocks
made a fresh impression Of the scarcity
Of capital. and the shifts to which
needy borrowers must expect to be
forced The raising of the question
Of the stability of dividend rates SHOW
New York Central again peculiarly
sensitive owing to the poor showing
of earnings of that company for the
first six months of 1907.
Bonds We're steady. Total sales par
value sS900d0. United States IS de-
clined SIS per cent. on call Total sales I
of stocks to-day We're Sl5r6OO shares.