The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-08-30
Ne w Y 0rk
Stock Market

New York, August 2o.--The ground
work for the rise in prices of stocks
which occurred to-day was laid last
week in the overselling by a group
of professional operators prompted by
the false alarm of frost damage to the
corn crop. rhe disapproval of this re-
port. and the later advices of over
Sunday of favorable weather for tile
corn crop, Quoted apprehension and
had the effect of reviving confidence
In the Improvement that has been go
Ing on in the condition of the crop
since the date of the last government
monthly report. The very large move
ment OF wheat to market last week
was another element of greater con-
fdence felt in the crop prospect.
Sales of cotton at the New York Cot
ton Exchange for August delivery for
20 cents n pound were treated as mere
ly a sensational market episode, due
to the imperative requirements of an
uncovered short interest. The cross
Ing of the record price made in the
Sully corner, and the. establishment of
new high record since the Civil War,
were demonstration of successful
manipulation and skilful market
manoeuvring, with very little bearing
on the problem of crop yield or in
trtnsic value. The approach of the
end of the month, and of the period
for delivery on untitled contracts, made
the explanation and the indifference
of other options to the excitement
marked The limitations of its influ-
ence
The weekly interviews with traffic
managers of the g.eat railroad systems
n,1f Ia nrf <,ft IA,
ment of grain to markets. The taking
up of the idle surplus of freight cars
in progress as consequence had its
effect in encouraging the hopes of
railroad equipment companies. The
traffic reports pointed to large pro-
lportion Of agricultural implements in
the traffic movement This was re-
garded as a favorable harbinger of ag.
tricultural prospects and sign of the
present prosperity of the farming COM
munity. Reports of some Increased
influences In giving a cheerful tone
to the speculation.
The rapid movement of grain to
market carries with It the corollary Of
need for currency to effect this move-
ment. The demand on tho interior
banks at the reserve centres for this
purpose is said to be large and is re-
Elected from then, on the New York
banks. Shipments of currency to the
interior and to Canada from
here continue actively by express. and
/ there were deposits at the Subtreasury
to-day for transfer to New Orleans
These forces of depletion of bank re-
serves may have accounted for
Slightly tirmer return of call loans to-
day. The rate opening 11-2 per cent
and rising to per cent The higher
rate is effective in bringing out funds
that have been kept idle. A firmer
tone characterized the money markets
in London and Berlin as well. where
preparations for tho monthly settle
.ments are in progress. Foreign ex-
change rates here yielded quite sharp
1y, apparently in response to the
frmer tone of the money market The
tenacity with which three or four of
the largest New York banks are hold
Ing TO excessive surplus reserves in
face of the high rates and meagre de-
mand for commercial paper is the &C.
casion of some uneasy discussion as
possible indication CT expected un-
favorable developments of some kind.
The demand for stocks to-day SEEM
ed to he professional in it's origin, buy
Ing by shorts being supplemented by
the opposing tactics of bull party
on the floor OF tho Stock Exchange
OF the days aggregate sale of 337,7bO
shares. United states Steel. Reading
and Union Pacific made up 252,3OO
shares.
Bonds were firm. Total sales, par
value, SI45.000. United States As ad-
vanced Is cent on call. Total sales
of stocks fo- the day, $4,000 shares.
New York. August 29.--Money on
call easy; highest 2 per cent; lowest,
i IL per cent; ruling rate. 1-2; last
loan, IL; closing bid. 81; offered
at rs per cent. Time loans dull and
firm; sixty days. 3@31-4 per cent. and
ninety days, S-a14 per cent; six
months lending at 4S-4 per cent,
Prime mercsrrile paper, Sig to 6 per
cent s:erlipg. exchange weak. with
actual business, in bankers bills at
f4sS40 @S4s360 for slxty-day bills, and
ct s4.S620 for demand, Commercial
Ellis. S4s3@s4.s3 IL. Bar silver, 521-2.
"A