The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-08-28
SESSION TURNS
WEAK AT CLOSE
Final Prices of Market Are Ma
tcrial1y Lower Than Best
Figures.
BANK POSITION SOUND
Wester, Banks Forcing Farmers
to Rush Their Wheat to
Market.
BANK POSITION SOUND
Especial to Therimes-D Dispatch ]

Especial yll to rhe,r rt IS Dlspateh.l /,
trihe irmer In the early trading to-
day. but toward the middle Of tho
session turned weak. and at the be-
rally under the. best prices. Just be-
fore the close. however, a sharp rally
carried them up to nearly the. best
figures Of the day and the closing
best speculation was in Union Pacific.
Heading and Steel There has been
heavy accumulation Of these particular
issues In the last week Their spon-
sors seem willing to take chance
that the corn crop will not be seriously
injured by frost, and the presidential
speech making in the Middle West is
losing much of Its terror.
The. bank statement showed fur
ther loss of cash by the New York
Institutions and a loss of surplus re-
Serves The large increase of loans
suggested some transferring in loars
in the trust companies to the national
banks, but also some stock market
commitments bv the big people II
the banks are not increasing their
speculative Investments in stocks, and
that. therefore, the increased loan item
cannot be due to the speculative mar
ket by the banking institutions. The
accumulation Of stocks that has been
done has been for investment account
Mach apprehension.
Fire and frost Joined with the past
week in depressing the stock market
None OF these destructive elements
much apprehension. They disturbed
what might otherwise have been an
uneventful week But even with thes"
aisturbanees the market was very
quiet and no attempt was made to
advance 1t arbitrarily or to raid It..
:. Forest fires that have ragged in the
NoTthwsst are apparently under con-
be most severely hurt, but the damage
there was not enough to cause any loss
OF earnings. for these forests are
among the potential assets of the COM
panies. and do not figure in reports al
SO many dollars
No indication was seen In the week
of reduction of the Reading dividend
1n the immediate future.
Reports OF loss by the St Paul road
by the fire were contradicted. Travel
ers said bridges were burned dowr
but an official statement from the com
pany denies the burning of any brid-es
at all. the claim being made that all
bridges are of steel.
The Bank OF England failed to adj
vance its discount rate, as 1t had been
expected TO do but an advance Is surely
to come In the near future. London
will have to take about s3o0.00o0oo
worth of American cotton before jan
uary i. and this must be paid for In
cash
London bankers are demanding that
this is a't commerciai impossibiiity. and
the means that can result from this
situation is temporary hitch In the
exchange market. Because of this hitch
spot sales of exchange are not as free
rs usual at this time of year.
Situation Ts sound.
The banking situation In America liz
Secretary OF Treasury has, by reduc-
ing the reserve on call. made 1t easier
70 use this emergency currency should
IL be necessary. Western banks are
forcing. farmers TO rush their wheat
TO market and discount loans This
is unfair to the farmers. and to the
country In general. but at least. II will
conserve the banking situation and
check the nationwide speculation in
agricultural lands that is becoming
dangerous.
Rumors have been abundant the past
week Of bank to be established in
Russia by American tinanciers. Russo
Turkey has need OF countless millions
of new capital and will reward them
richly.
Earnings of the railroads continue TO
advance. but the operating expenses
are going faster than the gross earn
tngs, and each succeeding report makes
a progressively poorer showing of net
earnings. The immediate future of
the st ,s market depends SO much
that professionals and the banking
as to the probable trend.
On the Curb.
Active trading in International rub
Der stock was the feature of the curb
to-day. Sales of more than 200 shares
resulted in fractional decline. the
issue closing at the lowest level.
In the Street.
Number of shares. sold to-day, 10l.-
210; year ago. 56l,340.
Par value of bonds sold to-day, Sab
O0O a year go. s1,s02,000.
The report on idle car equipment
this week de-
Ths amount Il sSse ca pr Is per
cent. The total now idle is 1850.
Compared with $4,000 idle cars in the
Northwest year ago, there are now
grain and an increase demand for coal
has helped to draw down the total
number OF unemployed cars.
nlbw entsts24n$cla ?cmfwycmfwy
There Is talk of an impending adj
vance In Union Pacific. 1t is asserted
that the move will carry it above the
recent high level. The quarterly divi-
.be declared on September ~. The bears
continue to expect this disbursement
will be kept up not very much longer,
The average gain in all stocks dealt
loss since December 81. 1909, to S14.99.
Foreigners appeared again to-day as
buyers Of Mexican National. preferred,
two large traders, who have been fol-
lowing the advance. and the stock, in
consequence, made no important gains.
New York, n August 27.-Money
on call nominal; no loans. Time
loans very firm and dull; sixty days.
months, ga. Close: Prime mercan-
tile paper, 1-2 to 6 per cent Sterling
exchange steady, with actual business
In bankers bills, at s4,S355 @s4S375 for,
sixty-daye bills, and at $4.S665 for de-
mand Commercial bills, s4.S3 @s4Sa1-2
Bar silver. 525 Mexican dollars.
AZ.
RICHMOND sTooR MARKET.