The Savannah morning news., 1900-07-20
STOCKS AND BONDS.
Near the Close the Dizziness Was
Greatly Relieved.

Near the Close the Dizziness Was
Greatly Relieved.
New York. July 19.-The dullness Of to-
days stock market was almost unrelieved
by any feature of interest until the last
hour when sharp upward movement de-
was sufficient to induce a sluggish general
recovery in the market. which had fallen
considerably below last night at some
points.
The closing was, therefore, firm but
dun, and the net changes were insignifl
cant except in a handful of stocks. Sugar
led the late advance and moved up an eX-
treme 35s on the expectation of a further
rise in the price Of the refined product
which is now higher than for several years
past. The margin between the price OF
the raw and refined sugar is now su1fi-
cient, according to the experts. TO yield
large profit on refining.
Pacific Mail rose sharply over Tuesday 5
high level on renewed speculation over the
benefits to accrue from transport of mill
tarY stores 10 China. The steel stocks
were generally strong on the encouraging
views of the Iron Age of the trade out
pecially affected on reports of renewal OF
buying demand for their products. Other
wise the market was barren of interest.
The growing seriousness of the situation
in China must be ascribed as the chief i'm
mediate cause OF to-days dullness. The
result most to be apprehended from the
Chinese war seemed to be the effect on
the money markets of the world To-days
advance from TO 1 per cent. in the Bank
L. faNgI
the departure of a steamer bearing over
S2000000 in gold from New York were the
impressive facts which called attention to
this feature Of the situation. The Bank OF
England, in its semi governmental capac-
ity, has used its own and the government
resources for some time past to help the
London money market. The Bank OF
England appeared in the market as a
purchaser of gold to-day. This seems TO
clearly foreshadoW a policy of retrencn-
ment and recuperation on the part of the
English institution. If it is to seek gold
by special inducements. the supply VIII
almost certainly be drawn from New York
To-day's sterling rate, in fact, advanced
14c and there is some expectation that Sold
Will be shipped to London on SATURDAY
steamer. There is undoubtedly consd-
cradle apprehension that this new demand
on New York bank reserves may be joined
to the recall of The funds by interior insu-
tutions later on and deplete the availaoie
money supply. 1t is fact that very NJ
tie money is Offering for loansJ at four
months or over and all offerings are read
lily absorbed at relatively high rate There
is to be considered the prospective foreign
demand for gold, the demand for crop
moving purposes and the requirements for
meeting the surplus in government rev
enue. the latter being considerably modl-
ned at this time by special causes.
The bond market was very dull and IT.
regular. Total sales, par value $l'O3o'-
GOO.
United States 3s registered advanced =,
the refuuding IS when issued and the %
4, and old Is "a in the bid price.
Total sales of stocks to-day were vs.
300 shares, including Atchison preferred
500; Baltimore and Ohio, 1926; Illinois
Central, $3.50; Manhattan. 5.175; Missouri
Pacific, 1860; ST. Paul, 500; Union Pa
ciflc, 1880; American Steel and WIRE
9,675; Brooklyn Transit, 1860; Federal
Steel 612O; Sugar, 41152.
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