The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-08-06
New Y 0rk
Stock Market

New York, August 5.--The stock
market while still narrow and pro-
fessional to-day, reflected a more ag-
gressive mood on the part of that
element in the speculation. Their po-
sition was adhered TO with more de-
termination. and was not changed until
the end of the day. The attitude as
sunled by the professional traders was
based on a conviction that large
short interest remained uncovered, and
was in a Vulnerable position through
the cessation of urgent liquidation
The borrowing demand for stocks con
stituted the evidence on which the
traders relied for the relief on the
overextended short interest. although
the borrowing OF stocks for delivery
in recent markets has been under sus-
picion OF device . OF sellers OF ion a
not until the last half hour that an
attempt to take profits demonstrated the
hollowness of the market and wiped
opnaents failed to show any markea
alteration in conditions from those
recently prevailing. Regarding the
corn crop. there has been marked
decline of apprehension in view OF the
amount of damage done by the drohsht
AT first this took the form of assumed
relief from previous check to grown
by the rains of this week. which Woula
warrant disregard of a poor snow
ing of condition in next Monday gov
eminent report based on August re
turns. The nature of some of the pri-
vate estimates when usuailg pasee .he
the government report has changed the
expectation of that document. ana mas
| led to the superstition that reports OF
damage done by the dry weather mas
been exaggerated. Buyers of stocks
to-day on the floor of the Stock EN-
change protested the belief that the
government crop report on Monday
will prove to be favorable Weather
advices to-day showed good conditions,
both for corn and cotton. and the bulls
made use of the news to push the ao-
vance in stocks.
| The rise in the private discount rates
In the London market raises the ques-
tion whether opposition will be made
to a further movement of gold from
there to New York. The London
statist says Of the situation on. r,or.,
to the United States at the present
time. In fact, If we are not, some
| what severe reaction In trade may oc-
cur. in the United States. and the re-
power to import gold than may be com
Portable for other markets"
That financial authority in an elabo-
rate argument attr Neu yor she s iois
market to the very large exports or
gold in the last eighteen months, not
withstanding the expansion Of trade
naore, appreciably assisted London to
get over difficult situations, and now
that London is strong, 1t can very we'll
he'll, New York out of the bog in which
the gold exports have involved It
Whatever the additional movement
of gold from London may be, another
enormous accretion of cash to New
York reserves is indicated by the pre-
liminary estimates of the weeks cur
rency movement. Subtreasury opera
tions. which include payments for I'M
ported gold. have supplied to the bank!
Sc, 900, while the inflow of casl
from the interior will swell the ag
gregate to from s15,000,000 to $4,000.
900. There have been rumors OF FUR
Their private settlements of stock mar
ket accounts during the week. which
may affect the loan item, but Their
is no expectation that the deposit item
will be sufficiently expanded to pre-
vent large increase in the surplu
plus in last Saturdays bank statemen
already stood at upwards of $4,000.
000
Bonds were firm Total sales. pa
value, s146T,0O0. United States bond
We're unchanged on call.
Total sales of stocks for the da
were $4,000 shares
New York. August 5.-Money on ca
1-2: closing bid ars offered at J.
sixty days, 3@a Ia, and ninety day
3 3-494: six months. 1896.
Close: Prime mercantile paper. l.
as per cent. Sterling exchange firm
with actual business in bankers bill
at S4.S335 q s4S345 for siXty-day bill
and at s4.S575 for demand. Commel
cial bills, S4.S2 3-4ds4.s3 Ia. Bar si
= 11a,,