Daily press. [volume] (Newport News, Va.) 1896-current, 1907-08-03
Traders Are Much Discouraged
Because Outside PuoIIc Is Not
Interested IN Market.
MONEY SITUATION NOT FAAH ADORABLE E
Banks Report That the Currency
Movement is stu In Theirs Favor,
But the Weeks Gain Is Less Than
A Milllon-Total Sales and Closing
Quotations.
(Dy Associated Pressl

NEW YORK. Aug. Tho dis
enlargement of the professional trad
crs over the absence of outside inter
est in stocks resulted today In con
dition bordering Oh stagnaton. Trad
Ing was practically idle ut times, the
professionals finding no satisfaction
IN scalping profits from each other,
dcsistcd from operations. There were
no other noticeable operations out
side of this class. London WAS pre-
pnrlng for holiday tomorrow which
extends over Monday, so that condi.
IONS there were analogous and no
assistance for this market was re.
ccivcd from that quarter. The fore.
cast of tho weeks currency move.
incnt gave warming OF the unfavor-
able factors ut work In the money
situation. Yesterdays heavy credit
balance OF the subtrcasury Mt the
clearing house on account of the
central Pacific note payment to the
government extended the weeks loss
OF the banks to the government to
S5Sl2,OOO This includes the gold
shipment to France on Tuesday, for
which payment was made at the sub
treasury. but not the outgo to Can
ada. which amounted to nearly a mil.
iioU UOIluTS,
Ihc banks report that the currency
movement with the interior is still in
thcir favor, but the weeks gain from
mat source was probably less than n
million dollars. The resources OF
me United States treasury for relicv-
ing possible money stringcncy this
iali was brought TO attention by the
monthly circular OF the National City
pank which concludes that n working
balance of S25,000,O0O to $50, 700, UvU
In the treasury has been demonstrat.
ca to be ample, thus leaving 100000
ooO To Si5,000,000 available for de-
post with the banks In the present
condition of the treasury. August
ana September are months of large
surplus revenue collections, however,
ana THIS viii increase the power of
me treasury to influence the position.
foreisn financial critics arc counting
ON liberal treasury action 10 relieve
INC New York money market this
lail and relieve the foreign markets
from The demands which New York
may make on them for gold with the
.,uc Oh our merchandise exports mt
"oou. mo government report OF the
condition OF cotton was again dis.
- '"'.N oHi III iot, inc improvement
during July having proved much less
Than was anticipated. The fact that
some OF tho cotton carriers advanced
ON the report attributed TO tho
likelihood that short sellers in antici-
patton OF tho poor report were buy
ing To cover Reports of grain crup
conditions also were rather unfavor-
aDlc, low temperatures in the north.
west calling attention to the impor-
lance of delayed frosts for crop
that is late
Not much was accomplished by the
uays operations in stocks. The price
oi me early part of the day was
ABOUT all tho loss 1T ono time and re.
covered In the dealings. Bonds were
irregular. Total sales par value.
S63S'OOo. U. S. bonds unchanged on
can. Total sales today pa. 500
shares including: Copper 29.3OO;
Smelling 2l,7OO: Sugar 200: Tobacco
200; a. G. l.. 200 c. & o. 500; l.. a.
n. 100; n. & w 300; Reading 81 800:
Southern Pacific 10000; Southern Ry
1880; do pfd 100; Union Pacific 81.
800; V. Z. c. 100.
Adams Express $50
Amalgamatcd Copper SAX
American Car & Foundry -. 42h