The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-08-04
Ne Y ork
Stock Market

New York, August 3.---,The stock mar.
yet to-day disclosed It's narrow limita-
lions under circumstances as they
exist. The sharp rebound of the dav
before seemed to exhaust the demand
from the shorts and there was none
forthcoming of more positive nature
While there was no renewal of the
urgent selling. which aroused the sus
picion OF forced liquidation from time
to time, there was pressure OF
stocks for sale to realize profits on the
rebound yesterday. Sales We're in mod
crate volume. but the demand had be.
come so feeble and languid that no
absorptive medium was provided ana
prices gave way. Here and there We're
strong special movements. but their
sustaining influence on the general list
was very moderate. Any measures of
support by the larger financial inter-
ests seemed to be withdrawn for a
time after the warning administered
to the bear party that they would not
be permitted to pursue aggressions on
market value without opposition. Be
fore the close of the day the require
ments of the shorts asserted themselves
again and caused a recovery of most OF
the days declines,
The news offered no striking change
in conditions bearing on values. the
attention, and their passage through
the critical period for their welfare
is the main factor of cons raint in
stock market at present. With the
government report on cotton condition
out of the way attention was diverted
10 the more immediate weather condi-
tions affecting that crop. These We're
reported more favorable in tae Atlan-
tic Coast States, where the greatest
deterioration was shown III tne so.
eminent report
Early reports of more high tempera-
lures in Texas We're succeeded BY as
IL IT, Il -.
weather had developed there. In the
field of the grain crops the govern
ment crop report based on condition
on August /, and to be published next
Monday, is coming into the circle of
calculated influences. The fears of the
showing in that document of damage
wrought by the drought to corn were
tempered to-day by the news of fur
Their moisture in the affected regions.
The money market offered nothing
to supply the Oppressive influence on
stocks. Movements of cash into New
York bank reserves continued on Z
s4,ls3,ooo on subtreasury operations is
helped by large deferred payments
from the assay Office for gold arriving
from London Additional shipments
ment of over 100000 in London re-
mains to go into account An existing
actual surplus reserve of upwards of
S50,000,000, computed from last oatur-
days actual surplus OF over 81 l,OO0,0oo,
seems a warrantable assumption from
these figures. The Withdrawals of gold
had the effect of hardening the private
discount rate in London to-day, but the
excess value of loans on time in New
York over London remains so wide
that continued movement of gold is IN
dicated. A good Impression was made
by the reported assertions OF Chicago
bankers that the balances OF country
banks in the Western reserve centres
are being largely replenished as a re-
suit of the liberal movement of wheat
TO market.
Study in detail of the national bank
returns to the Controller affords re-
of the country banks, which are re-
sponsible for the loan expansion of the
three months preceding June 80.
Rumors OF prosecuting OF steel
products by independents were accom-
panied by superstition that the
United States Steel Corporation would
meet the cuts The selling OF United
States Steel was a decisive sympathetic
in that stock AFFORDED corresponding
relief The dealings in it. Union Pa
cific and Reading accounted for over
half the days total business
Bonds were irregular. Total sales
par value s1.44i,000. United States
bonds were unchanged on call.
Total sales OF stocks for the day
were 51o,60o shares.
New York. August S-Mony on call
steady. ! l-2. Time loans firm; so days.
500 Ia; ninety days, 4 per cent; six
months. 5-SQ5. Prime mercantile
exchange steady. with actual business
in bankers bills at s4S335 20 Si.SB50 for
sixty days. and at s4.S5S0 for demand.
Commercial bills. S4.S39s4.SS SIS. Bar
silver. SO. Mexican dollars Al.
RIcHMoND STOCK MARKET.