Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-07-20
REVIEW OF MARKETS
FINANCIAL And COMMERCIAL
Stocks, Money, Exchange, Bonds, Gralu,
Cotton, Provisions, Etc.
Those Are Closing Sales
Each Day.

New York. July 19-The dullness of
to-dayS stock market was almost unre-
Heved by any feature of interest until
the last hour. when II sharp upward
movement developed i'll number Of
specialties. This was sufficient to in
duce sluggish general recovery in the
market, which had fallen considera bly,
below last night ut some points. The
closing was. therefore, firm but dull.
ana the net changes were insignificant,
except In q handful OF stocks. Sugar
led the late advance. and moved I'D an
extreme 3s on the expectation of Il
further rise in the price of the refined
product. which is now higher than for
several years past. The margin be-
tween the price of the raw and refined
sugar Is now sufficient. according to
the experts. to yield q large profit OH
refining. Pacific Mall rose sharply
over tuesdays high level on renewed
speculation over the benefits to accrue
from transport of military stores to
China. The steel stocks were generally
strong on the encouraging views of the
iron Age of the tradS outlook. Steel.
Hoop and Tin Plate were especially
affected on reports of renewal of buy
ing demand for their products. Other
wise the market was barren of inter-
est.
The growing seriousness of the stua-
ton In China must be ascribed as the
chief immediate cause of to-day's dull
ness. The result most to be apprehend-
ed from the Chinese war seems to be
the effect on the money markets of the
world. To-day's advance from to 4
per cent. In the Bank Of England min
imum rate of discount and the depar-
ture OF a steamer bearing over 81 000,-
600 In gold from New York were the
impressive facts which called attention
TO this feature of the situation. The
sank or England in It's seml-govern-
mental capacity has used It's own and
the government resources for some
time past to help the London money
market. The Bank of England appear
ed In the market as a purchaser OF
gold to-day. This seems to clearly
foreshadow policy of retrenchment
and recuperation on the part of the
English institution. If it is TO seek
gold by special inducements. the sup
ply VIII almost certainly be drawn
from New York. To-day's sterling rate
In fact advanced a cent, and there is
some expectation that gold will be
shipped to London on Saturdays
steamer.
There is undoubtedly considerable
apprehension that this new demand on
New York bnnk reserves may be Join
ed to the recall of funds by inferior
institutions later on, and deplete the
available money supply. 1t il a fact
that very little money is Offering for
loans at four months or over. and all
the offerings are absorbed at a rein
lively high rate. There is to he consiJ-
cred the prospective foreign demand
for gold. the demand for crop moving
purposes and the requirements for
meeting the surplus IN government
revenue, the latter being considera bly,
modified at this time by special causes.
The bond market was very duh and
irregular. Total sales per value 81 OBS,
600
United States SIS registered advanced
u, the refunding 2's when issued and
the 6's a. and old AS Is In the bid
price.
The total sales of stocks to-day were
193S00 shares
New York, July 1b-Standard OIL.