The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-08-26
IN w Y 0rk
Stock Market

New York, August 25,--Stocks open
ed with smart gains in this market
to-day. responding in full measure to
the higher level for American III Lon
don, but before the end of the. first
hour the list suddenly turned. all the
was concurred with reports telling of
serious damage by frost to the corn
crop In Nebraska and surrounding ter
ritory. Apart from this no specific
reason was advanced to account for
the break. The short interest, which
at the outset felt impclled to cover It's
contracts. found that this could be
done easily, and with the first signs of
weakening renewed its attacks for the
decline,
In addition to the crop Developments
the days news vas Il tumble of finance,
politics and trade conditions. Weekly
returns from the leading financial In
situations of Europe We're interesting
In that all were favorable. The Bank
of England maintained Its minimum
discount rate and its total reserves
were larger by S2,o00,o0o than the pre-
vious week, even though its proper
tton of reserves to liabilities was lower.
Bank cleariugs for the week at the
British metropolis increased about $685.
600, 900, compared with the same week
last year. indicating keen demand
for money at that centre. The German
Bank showed further large gains IN
gold and even larger gain in cash on
hand q substantial reduction In loans.
The Bank of France reported very
large increase in circulation and
moderate increase in its gold holdings
Europe was something of a f1ctor here
throughout, reports creditins London.
Paris and Amsterdam with moderate
sales.
Politically the outlook had become
more confused according to the Wall
Street viewpoint, by reason of the pro-
posed tariff revision and forecasts OF
the early actions in New England,
which are believed to be generally un :
favorable to the dominant party. Decli-
nations by the Illinois coal operators
of the wage scale offered by the miners
In the field of labor. The grain mar
Nets were strong, following the rise
in corn, and reports of unsettled
weather in England and France.
Foreign exchange showed no change
from the previous day, but the under
tone was firm, with small supply
Of bills offered. Local banks report a
further loss of cash to interior points,
the gain by the Subtreasury since last
Friday aggreEating s1,316,000 Time
money worked harder for medium Pc
RODS, ana no Importance would attach
to this development, but for the un-
certainty over the political situation.
OF the days railroad returns that of
!, Atchison for July was most satisfac-
'tory, for while operating expenses IN
creased S226,000 the net gain was al
most $4,000.
Gross returns from almost two-score
roads for the second week of this
month show an increase of about l-S
per cent. while for the third week
seven roads have already reported
gains. indicating a gross increase OF
fully III per cent. Chesapeake and Ohio
directors declared the regular quar-
terIy dividend, thereby dispelling GER
tain misgivings in that quarter, and
authorized denial of rumors of a
Il dc
The bond market was heavy ir
sympathy with stocks, Total sales. pa,
value. aggregated s1,266,00o.
Total sales for the day, 4S3,30s