The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-07-20

NEW YORK, July 19.-The dullness OF
today's stock market was almost unre-
leVed by any feature OF interest until
the last hour, when a sharp upWa- mo- e.
ment developed in g. number Of special
ties. This was sufficient to reduce slug
gish general recovery in the market,
which had fell considerably from Last
night at some points. The closing was
therefore firm, but the changes were in
significant, except in handful of stocks.
Sugar led the advance, and moved up an
extreme 39s on the expectation of fur
Their rise in the price of the refined prod
uct, which Is now higher than for sew
eral years past. The price between the
raw and refined sugar is now sufficient,
according to the experts, to include a
large profit on refining.
Pacific mail rose sharply over Tuesday s
high level on renewed speculation over
the benefits to accrue from transport of
military forces to China.
The steel stocks were generally strong
on the encouraging view of the Iron Age
Of the trade outlook. Steel Hoop and
Tin Plate was especially affected on re-
ports of renewal Of buying demand from
their products.
Otherwise the market was barren of in
terest.
The growing seriousness of the situa-
ton in China must be ascribed as the
chief immediate cause of today's dullnesS.
The result most to be apprehended from
tho Chinese war seemed to be the effect
on lhe money markets of the world.
Today's advance from 8 to per cent
in the Bank Of England minimum rate
Of discount and the departure of a steam
er bearing over 100000 In gold from New
York were the impressive facts which
called attention to this feature of the
situation The Bank Of England in its
governmental capacity has used its
own and the government resources for
some time past to help the London money
market The continued demand for gold
from the Bank Of France apparently did
not affect this policy. But there are now
indications that the French institution
has about satisfied its recuperative needs
half centime today and the Bank Of
France has renewed its loan expansion
AS though 1t had been waiting for this
development, the Bank Of England puts
UP It's discount rate 1 per cent in spite
OF repayments to the bank by the open
market of loans to the extent Of S., 535, 900
during the week.
The reduction in the banks selling price
Of gold seems to have been made for its
effect on the open market for gold the
french demand showing relaxation. The
Bank OF England accordingly appeared
IN the market a 8 a purchaser Of gold to-
day. This seems to clearly foreshadow
a policy of retrenchment and recupera-
ton on the part of the English institu-
ton, If 1t IS to seek gold by special In
ducements the supply will almost certain
ly be drawn from New York Today's
sterling rate in fact advanced Il, and
there Is some expectation that gold will
steamer "' .
There is undoubtedly considerable ap-
EErehension that this net demand on New
YORK bank reserves may be joined to the
recall Of funds by interior institutions
iater on and deplete the available money
supply 1t IS fact that very little money
is offering for loans at four months or
over, and offerings are readily absorbed
at az, relatively high rate There is to be con-
SSidered, the prospective foreign demand
Tor gold. the demand for crop moving
purposes and the requirements for meet
ing the supply. In government revenue
tne latter is being considerably modified
at TN ms time by special causes.
me me ponG market was very dull and ir-
regular. Total sales. par value. 81 O35. 600
United States IS registered advanced IL
= NE rsfunding 2s when issued and the Is
and old as a In the bid price
STOCK QUOTATIONS.
FURNISHED ~ by Charles H. F. Smith 3.
cha champs members P5esa Of the New York Stock ex-
direct wires to Chicago and New wv Y 5,aTe
Closing prices are bid: H.