The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-01-30

NEW YORK, Jan 29.-The New York
stock market continued to view with
equanimity the disturbance in the Lon
don market on account of the misfortune
to the British military campaign in South
Africa. In spite of drop of full point
in British consols in London and condi-
lions on the exchange there which ca
bles to Wall street described as panicky,
the opening declines here in international
stocks did not exceed fractions, and
there was no pressure to sell outside that
for foreign account. The buying by the
local traders proved sufficient to absorb
this and to advance prices to Saturday s
closing level. The course of the market
during the rest of the day was exceed
ing sluggish, and dealings were narrow
and professional.
The industrial specialties continued to
lead in point of activity. The spec
ulation In Sugar showed some strength,
the stock rising an extreme two points
on a demand from the shorts, who cover
ed on the announcement of further adj
vance in the price of refined sugar. Part
of the gain was lost There was con-
tinued movement in the local traction
group, but it's compass was small on ac-
count of the paucity of news develop
mentS.
The session of the directors of the
American Steel and Wire company seem
ed to be the ground for the strength
in the company's stocks, but no authentic
news was received regarding dividend
action before the close. Other metal
stocks were firm in sympathy. Glucose
Sugar made a show of strength on the
judicial decision against the conStltu-
tionality of the Illinois antitrust law.
A drop of two points in Denver & Rio
Grande preferred was unexplained by any
news of the day. With the exception of
these special movements the market coh-
tinued near the level of stagnatlon.
Several incidents of the day point to
the financial outlook as the true ground
of hesitation in the speculative world.
Spectators do not forget that 1t was
the industrial and commercial activity OF
the country which encroached on the
funds they had embarked in speculation
in December and they are watching Ior
the future rate of activity OF business
to define itself before awaiting themselves
of the present ease of money, which, II
is feared. may prove ephemeral anu II
lusory.
Offerings of mercantile paper at pres
emf are light but this IS explained as DC
ing due to the employment by large mer-
camille houses OF the year pIon.s as
working capital The sharp upward
course of sterling exchange today gives
noint to the apprehension that gold viii
again go out to help supply England $
need for war expenditures. An oillclai
If the Imperial Bank of Germany quoted
+odav attributes the ease In the German
market to an artificial maneuyer made
to prepare the market for municipal
loans, and they also assert that d RnsSla
Is to raise a loan. The future GU. -.
esencies in the money market thus lore
Swallowed may help to explain the per
sistent Indifference of spectators to the
present abundance of funds. a,,,ness
The bond market lapsed into guinness s
todav and price changes were mixed;
T 1%day sales i bar value, s1,s65,ooo. United
States new tours and old tours .I:o cou u ~
advanced u, and the threes decilneo "a -
the bid price.
STOCK QUOTATIONS.
4,rn,shed by Charles H. F. Smith q
Co. members Of the New ey,, I9rk So have
change. Pioneer Press nul and New @o York.
Closing prices are p1d: