St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-03
FINANCIAL.
New York.

New YORK. July 2-The Bank OF Eng
land this morning further reduced It's mini
mum rate of discount to zig per cent but the
action, even in the absence OF news OF an
unfavorable character, failed TO stimulate
trading III the stock market here, for either
domestic or foreign operators, and 1t seems
to have again fallen into rut or extreme
dullness and stagnation. "he opening to-day
was slightly lower on account OF some sell
ing, which was apparently for foreign ac-
count but the stocks, with an international
market were equally as dull as the remainder,
and the downward movement made no fur'
Their progress. Throughout the day the III
dustrials attracted most attention. the uncer-
tainties over the dividends on Sugar ana
Chicago Gas weakening these stocks llttle,
and manipulation of dtstillers advanced IL
per cent but Immediately let itoh more than
ii had gained.
Among the railroad stocks st. Paul, Atehi-
son Il Louisville led in the dealings, but in
neither of them were the tuctua ions OF any
importance and only in North American was
there any movement whatever in the railroad
stocks which called for comment. The APP
proach of the holiday of course aided in
making the market narrow to-day, but the
railroad situation promises an early ana Gle.
eided improvement especially IN the way OF
earnings. The announcement that the 4S2
per cents will be extended at 2 per cent IN
Sures large increase in the national bank
circulation which will come TO prevent any
stringency in money during the movement or
the crops.
The industrials and North American with
Tennessee Coal were the only stocks record
ing movements of Importance and only III the
last named was the final change for the day
for material amount. The market dis
played a dropping tendency among the
leading shares toward the close, but the
close was generally steady and decidedly
dull to first prices. The final changes, ow-
ing to the opening losses, are generally small
losses, and Tennessee Coal is down lie per
cent. Railroad bonds were little more ami
mated. and the sales of all issues reaching
$50. 900, while no special activity was TO be
seen in any one bond The tone of the
dealings closely followed the share list, and
most changes are in the direction OF lower
figures.
The Post says: The reductions in the
Bank of England's rate has been practically
forced upon the directors. In London's
money market the conditions are similar 70
those prevailing here. There is not by any
means an actual scarcity of money, but there
is absolutely no demand for speculative pur-
poses This has fixed the open market rates
for loans below per cent, and recently even
three months bills have been freely discount
ed at He or less. To maintain the minimum
bank rate at twice this figure would merely
give an imaginary protection to London at
the actual expense of the country banks,
which ore now beginning their busy season,
and which usually follow the Official money
rates of their London depository. In other
words. the directors of the Bank of England
have learned that there are elements IN the
situation which must be considered, other
than the frightened London bankers with
their foreign entanglements.