The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-08-03
MARKET BORDERS
ON STAGNAT|ON
Encouragement Of the PROBES
sional Traders Accounts
Tor Condition.
TRADING PRACTICALLY IDLE.
Forecast OF Weeks Currency
Movement Gave Warning oi
U-nfavorable Factors.
TRADING PRACTICALLY IDLE.

NEW YORK, August 2.-The diseour-
arement of the professional traders
/, over the absence of outside interest IN
stocks resulted to day in a conditioh
bordering on stagnation Trading was
practically idle at times, and the pro
fessionals, finding no satisfaction III
scalping prohts from each other. de-
sisted from operations. There We're
no other noticeable operations outslde
OF this class. London was preparing
for a holiday omorrow, which eN-
tends over Monday, SO that conditions
there were analogous. ana no ASSIST
ance for this market was received from
that quarter. The forecast OF me
weeks currency movement gave warn
ing OF the unfavorab'e factors at work
in the money situation. Yesterdays
heavy credit balance of the Subtreas-
TRY at the clearing house, on account
OF the Central Pacitic note payment TO-
tho government, extended the weeks
loss 5of the banks to the government to
s3S12o00. This includes the gold snip
ment to France on Tuesday, for which
payment was made at the Subtreas-
but not the outgo to Canada. winch
amounted to nearly million dollars.
The banks report that the currency
movement with the interior still in their
favor, but the weeks gain from that
source was probably less than mil
lion dollars The resources of the
United States Treasury for RELIEVING a
possible money strinsency this fall was
brought to attention by the monthly
Circular of the National City Bank,
which concludes that working ball
ance Of $4,000 900 to s30,o00,00O in the
treasury has been demonstrated to be
ample, thus leaving s40,000,000 to S45,-
100000 available for deposit with the
banks in the present condition of the
treasury. August and September are
months Of large surplus revenue collec-
ton, however, and this will increase
the power Of the treasury to influence
the position. Foreign financial critics
are1counting on liberal treasury action
totrelieve the New York money mar
ket this fall and relieve the foreign
markets from sthe demands which New
York may make on them for gold with
the tide Of our merchandise exports
R,,food. The government report of the
condition OF cotton was again a dis
agreeable surprise, the chairman dur
ing July having proved much less than
was anticipated in the trade The fact
that some cotton carriers advanced on
the report was attributed to the likeli-
hood that short sellers. in anticipation
Z y
cover. Reports Of grain crop condi-
tons also were rather unfavorablc, low
temperatures in the Northwest calling
attention to the independence of de
laHcd frosts for a crop that is late.
Not much was accomplished by the
days operations in stoc:is. The price
olthe early part Of the day was about
all lost at one time, and then recovered
In the dealings.
Bonds IRREGULAR. Total ga ma I,
value, $63S,000. United States bonds
unchanged on call. Total safes stocks.
2sS,6o0 shares.
NEW YORK. August Mooney on
call easier, az @3 per cent ruling rate,
az; closing bid, 21a offered at 2A I.
Time loans firm; sixty days, 5@5A;
ninety days, 5A @51a six months.
s@6H. Prime mercantile papers x G6.
Sterling exchange, steady on decline,
with actual business IN bankers bills
at s4.S67o@s4.ss75 for demand, and at
Si.S335 s4S340 for sxty-da bills
Commercial bills. s4.s3H. Bar silver,
ssG. Mexican dollars, 54is Givern-
msnt bonds steady; railroad bonds ir-
regular.