The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-08-25
MARKET N Owe S
IN NARROW RANGE
London Is Closed and Trans
actions on y, Side
Are Few.
FIRM AT ALL TIMES
Attention OF Street Has Been
Largely Centred on
Politics

lSPe-ldi 20 Inc Times Dispatch.
New York. Angus, 2i-lt was an
idie stock market to-day. The London
market was closed aud In TINS market.
win the exception Of few speclaltics.
stocks moved lu a narrow range in a,-
'ordance with the dealings Of Profes-
sional traders. The market was firm
at an times. md in the late trading
rallied on short covering most Of the
profess ionai traders having been bear
isn ana many OF them. as usual. not
wishing 20 take commitments ia i'd
vance of the holidays In the special
'ies there were noteworthy movements
boo Canadian Pacific american Snun
ana MeAlcan Petroleum
Canadian porinc closed With net
10 Of n1fe than three points. at a7..
"hicA compares with ihe high price or
80 made gust before the plans for the
forthcoming Issue Of new stock were
announced some % tic selling. 1t was
ieported came from Berlin. but from
,ese' source IT was probably due
70 the uncertainty at tho price at
winch the new stock viii be offered
ana accordtnly over the value OF tho
subscription privilege and TO the on
position 20 the new stock issue that
mas developed IN the Western provinces
Of Canada.
American snun. which advanced nine
points on Friday. was again conspic-
Nolsiy strong and Mexican Petroleum
wac again active. Tno movements IA
none ~ incse speclaitles affected the
mHiHet as "a whole. Closing prices
were !n most cases the high prices OF
tNe aay' anu the general opinion In tho
brokerage houses was that the market
faa the support n much greater
sH'si Interest than at the close Of the
prcvl1uz week
From nc beginning o. the week to-
no fnd sentiment among professional
traders and most Of tho other CON
iiine1 sperulators Was bear!ah
i"e Fanara Canal BIN. WIKI its un-
i'ftlnai. provision restrict!nE thu
railroads from the use O: the canal
Tor their steamship !.nes offered
protest 10. ? attack on the railroad
hs, and the Acrimonious political
controversies diverted attention from
glowing reports OF trade Improvement
- politics and there was even an ef-
iort TO arouse Bull Moose scare The
'Hd % the week found q great r,a1-
hNeerlatoTs sun bearlsh on the pol.t!-
cal outlook. though tn. hearishness
M4s somew ma; tempered to-day by the
prospective Adjournment OF Congress
W. one respect the market has pronted
ron ne oearssA sen,!men, encouraged
~ legislation and politics The ag-
tressive attacks upon prices have
ftven out many weak or t!rnld lon-
counts and have built Up suhs,an
iial short interest on both OF which
counts th, technical positions mas
been improved
y was expected tina, the bank state
nent would show p loss In cash hold
iAEs. The banks having los, more than
S''tNlpN on operations with the SUBJ
treasury The cash loss in TIE actual
condition statement was greater thar,
anticipated. Tho surplus reserve d.
creased $5.206.oo0. AZ the end OF tn,
week the surplus stood at si5.735.0oo
compared with s3T5O0.OoO at the .nd
Of the corresponding week las, year.
Weekend trade report were gen
orally favorable. II was a week of
weather generally conductive 10 rand
progress In corn ara cotton. thu o5i,.
TWO important crops o. which any
doubt can be entertained. There IS no
doubt whatever that IN steel and ron
per. particularly WIKI copper. improve
9nent was decided and substantial Tha
feature IN these trades was the break
OF the deadlock existing for I'VE weeks
between the american producer ana
me ioreign consumer. and tho fact
mat when tho foreign Consumer vas
constrained to buy. he was oblires 70
buy al u S. cents. tho high price OF
the year. rather than at the conces-
tions on which he had been insisting.
Heavy buying OF equipment and rails
by the railroads, much OF II FOR lain.
delivery was the cause Of much OF the
Improvement IN tho steel trade The
fortnlgn'ly bulletin OF the American
j'ailway Association showed that the
railroads VIII need all the cars the.
can secure the net surplus OF idle cars
decreasing 1850 In the two weeks and
remaining at $4,000 as compared with
10000 in the corresponding date last
year.
Bank eiearings the country over
were 1872 per cont greater than in the
corresponding week last year and the
increases were more than ordinarily
uniform in tho big centres. amounting
20 more than ten per cent in New
York. Chicago. ST Louis. Boston and
Philadelphia. Tho figures OF bank
clearings supply ample confirmation OF
the conclusions reached by the trade
reviews that, In the words OF Dun 9
with crop prospects Increasingly bril-
liant. with the principal industries
working to fun capacity, with trade
distribution continuously expanding and
with business sentiment becoming
daily more and moro confident and
huoyant. the whole situation both in
fundamental conditions and in volume
o. transactions. is better than II has
been for years
New York. August 24.-Money on cali
nominal. Time loans steady. sixty
days 3 S4G9, ninety days per cent:
six months 4 1-4Q4 l-2 per cent close
Prime mercantile paper. to 5 IL per
cent Sterling exchange steady with
actual business in bankers bills at
siS450 for sixty day bills and at
$4S72O for demand. Commercial bills
$3.50 ga. Government bonds steady
RICHMOND STOCK MARKET.
BY Richard " Norrv
stook and Bond Broker. ioi5 z. Main Street
Richmond. Va August q. 1919.
SALES AT BOARD
Richmond Trust and savings Co.'S at 16s