The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-08-06
MARKET FOR BONDS DULL.
Prospect OF Gold Shipments and War
Influence the Market.

NEW YORK. Aug. 4-There was moth
ing important in today's dealings in
STOCKS and bonds. The undertone Of the
market was firm, owing to the scanty Of
IerlnSS OF stocks, out the efforts IN
arouse any speculative enthusiasm were
quite futile outside of moderate demand
for iron and steel shares, which general
ly advanced 101%, the latter fipiIre ren
resenting the extreme gain by Tennessee
Coal. The motive of the movement was
the encouraging opinion expressed bv the
commercial reviews of the week on the
CONDITIONS In the iron trade. The report
OF yellow fever in Florida caused heavi-
ness In one or two Southern railroad lines
ana Brooklyn Rapid Transit was affected
Dy reports OF labor disaffection Sugar
continued on Its course toward recoverv
and the upward movement in Union pa
cine was continued, the other transcon-
unental railroads showing some sym
pathy
The list yielded somewhat on the bank
statement, but nothing like Important
nquidatlon was in evidence. The closing
was dull and rather heavy, with the
steel industrials and d few other Special
ties showing the only notable nat
changes. The growth In bank reserves
was Tess than expected and the loan ex-
pahslon made increased reserve require
ments so that the increase in surplus
Ialled to meet anticipati tons. The reserve
item Of the bank gains additional impor-
lance from the fact that American sub
scrlptions to the new British war loan
are seen to insure an outward movement
or gold. Interested bankers estimate that
the demand for gold to export on this ac~
count may amount to from $40 900 900 70
$l5, 100000 The exchange market was nom
maj today. but posted rates were advanc-
The stream Of Alaskan gold IA hep,n
nlng to show its seasonable effects in the
country.s bank reserves and the receipt Of
australian gold is added to this. Mean
deferred and the policy adopted by the
Bank OF England leaves the period of its
beginning an open question. The failure
OF TINS institution to advance its mini
mum discount rate Is puzzling. The pri-
Vate rate rules we'll above the bank rate
ana the outside market has resorted to
the bank for loans during the week to
the extent of over 81. OOO. 900. Its accre-
tons Of gold by buying In the open mar
ket has been more than Offset by the
drain from other sources, so that its BULL
ion declines over 81, 100000
is already low proportion of reserve To
liabilities Is thus further reduced Yet
the bank not only refrained from advanc-
ing It's discount rate. but reduced its
1t Is evident. however. that when an ad-
vance Is made in the bank rate IL viii be
immediately effective on the open mar
k keI rate with quick response in
ravor OF London In the interna tional ex-
changes. Sterling exchange Is hardening
In New York, and the Bank of England
seems to feel confident that it will get
IT'S needed supply Of gold without offering
special Inducements The recuperation
or the reserves of New York banks dur
ing recent weeks makes them better
equipped to meet any drain and the ef
feet of gold exports is rot 80 much fear
ed as few weeks ago. Time money, in
fact has shown a distinctly easier ten
dency during the latter part of the week
Dullness In bonds is even more marked
than In stocks, the average volume OF
dealings being considerably less than hall
that at this time last year. United
States refund Is, with interest. have de-
cilned | and the IS. old As and 5s u in
the bid pric~ on call. -