The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-08-31
Ne w Y ork
Stock Market

New York, August Gothic demand
for stocks shrivelcd UP to-day and
prices were allowed to drift aimlessly.-
The party in the speculation which has
been attempting for several days past
to move prices. grew discouraged over
the lack of response TO these eronts.
The perfunctory character of the whole
movement was too obvious to attract
any outside following Last week
short selling, and this short interest
was made the fulcrum tor the short
uplift which has occurred since. me
reduction OF the shorts leaves no sus-
tanning force in a market otherwise
stagnant. The disposition TO await
events was emphasized by the unre-
sponsiveness of the market to aftih-
cia1 measures.
Some apprehension OF coming events
enters into the reactionary tone winch
developed The period of cash With
drawals from New York bank reserves
is not propitious to operations on the
the movement out of New YORK Is
gaining strength. Shipments to Can
ada and to the domestic interior are
on a large scale, and are proving gay
by day that the usual recourse Is oeins
made to New York supplies for me
purpose OF moving the crops me
rate of depletion of bank reserves
promises to be rand for time, the
apparently to over S4,000,0oo, including
the result of Subtreasury operations.
The foreign demand for securities mas
disappeared, and the movement OF lor-
eign trade has not been adjusted 10
the normal sufficiently To ptoDde the
usual supply of exchange at this INNS
of the year. kepienlsnile ~ On eaa.l
tor the banks by gold imports becomes
dependent, therefore, on credit opera
tions. The recent action of the Lon
don discount market implied some ops
position there to New York's apnllca-
tions. To-day there was an easier
tone in the London discount market:
and rise this week in the Bank OF
England discount rate was considered
The reserved attitude of foreign
money centres and the volume to which
the interior movement of currency is
attaining, serve to justify the provision
of New York banking authorities IN
building UP the heavy surplus, whlch
Is but slightly impaired as yet. AS
this need shapes itself there Is Ices
CONCERN over possible special REQUIRE
ment against which it was feared the
banks might be providing.
A firmer tone in the corn marKet
and weather forecasts of light t, frosts
had some influence on stocks. me ap
proach of the date for official monthly
reports of various kinds bearing, on
crop and Industrial conditions gives
rise TO coniectural estimates. These
were heard on the government crop re
ports, on the monthly statement of un-
filled tonnage as of September from
the United states steel Snce Gefp sssoca.
ton statistics as of the same date.
The actual appearance OF these iigures
is one to two weeks ahead Yet, but
this fact did not prevent , c9mpu'a-
tons on the showing to be MADE;
There was selling of stocks paseo
nm the conclusions thus drawn. lntl-
nations were heard also Of cotton tor.
market losses on the short SIDE Wnie ,
necessitated realizing In stock mold
ings. j. ,,,o aeer
interest and some concern over tne
progress of the hearings by the lht e, :
state Commerce Commission on the
rate advances proposed by the rail-
roads The matter has represslVe Ell
feet on speculation, even In the absence
of clear indications of the fnal ae-
eisions. There were brokers'. also, who
professed to have reliable forecasts OF
Colonel Roosevelt's coming addresses
the effect of which on stocks was
feared. The days business was con on
gested again in Reading, Union faclitS
and United States Steel.
Bonds were irregular. Total sales
par value s1,0SToOo. United state!
bonds were unchanged ;sl,s on cal can ths d.,
Total sales of stocks Tor the oaa
were 295,sO0 shares.
New York, August 30.-Money OF
call. highest, per cent; lowest. ! Il
ruling rate, Sd; closing bid, 3-4
offered at 2 per cent. Time loans
steady: sixty days. 3@s Ia per cent
and ninety days, 3 3-A94 per cent, 81,
months, 3-46p 5 per cent. Prime mer'
camille paper, 5 1-2G6 per cent; ster'
ling exchange firmer with actual Isl.
ness in bankers bills at s4.S33o@s 4,Ss5t
for sixty-day bills, and at S4.S6S0 fol
demand Commercial bills, s4.S3M
s4S326. Bar silver. 81 3-S. Mexican
dotfarc IA