The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-08-02
STOCK MARKET Is DEAD
NOT MUCH EXPECTATION FOR A
CHANGE FOR SOME
TIME
CHINA IS THE PROBLEM
General Firm Tone Was In Sympathy
With Special stocks-SterIIng Ex-
change and London Discounts
Failed to Advance.

NEW YORK, Aug. Except for the
dealings in handful Of stocks the list
of stock exchange securities was stag
nant, inert mass today Many usually
active stocks dropped out of the dealings
entirely, and transactions in other proInl-
nent stocks fell to Insignificant proper
tons. Sugar, Union Pacific, Baltimore
& Ohio, and Brooklyn Transit made the
market, and all the rest of the bearings
might have been dropped out of pubic
notice for any significance they had on
current conditions.
There is not much expectation that con-
ditions will change in the stock market
for some time to come. The world of
capital awaits the solution of the prob
lem in China and the resulting require
ments in the worlds money markets; the
ultimate fate of the crops in the United
States, the settlement on the basis on
which future business in the iron and
steel industry is to be done, and the set
Ting down Of political conditions. The
future of the money market is especially
confusing and complex, and expert opin-
ions differ widely as to the course to be
expected. The influence of European
war loans prompts on set Of prophets to
argue a drain and resulting stringency,
while another school urges that the crea-
ton of credits and their prompt outlay
would be relief rather than a deter
rent to the business Of the financial
world.
States is hating, and 1t is not expected
now that gold will go out this week.
Sterling exchange and London discounts
faifed to advance teday and London ex-
change in Paris jumped a full centime.
The Bank Of England also reduced It's
price for American eagles I'D. Whether
this policy indicates a confidence on the
part of the English institution that it will
secure gold ultimately without offering
special inducements remain to be seen.
The benefits which the money market has
had from the government deficit for July
cannot be expected to continue In August
Even for July the 100000 deficit was
only about han that for July last year
The redemption of the old 2 per cents.
interest on which ceases on Aug. IS, will
De feature of the month. But of the
$l9, 100000 of those outstanding, over 3d.
100000 are on deposit in Washington to
secure circulation and government de-
posts In order to avoid contraction
in circulation and withdrawal of deposits
In the banks these bonds must therefore
be replaced by other government bonds
for deposit: The net result to the money
market will therefore be small.
The generally firm underto1le of the
stock market today was in sympathy with
the strength in special stocks.
Yesterdays dividend action in Union
declara ion tomorrow on Baltimore &
Ohio, hefped these stocks The early
bears in Sugar became skeptical of the
aIleged removal Of the trade war and COW
stocks and Steel Hoop declined on stories
or pending labor troubles. but the other
steel stocks were rather firm. Other
stocks played unimportant parts in the
trading.
The bond market continued dull and r.
gITTnI ,a Iotal sales. par vafue. 1851, 900.
STOCK QUOTATIONS..
Furnished by Charles H F. Smith e.
Co. members Of the New York Stock ex-
direct wires to Chicago and New York,
closing prices are bid: