The times. [volume] (Richmond, Va.) 1890-1903, 1900-07-20
MARKET CLOSED
FIRM AND DULL
There Was Sharp Upward Movement
in Closing Hours.
NET CHANGES INSIGNIFICANT
To the Growing Seriousness of the
Situation III China Is Ascribed
the Great Dizziness OF
the Market

NEW YORK, July I2.-The dullness of
So-days stock market was almost unIe-
5ieved by any feature OF interest 9nlli tie
last hour, when q sharp upward move
slnent developed in a number OF special
ties. This was Sufficientato induce
sluggish general recovery 5in= the market,
winch had fallen considerably below taSt
might at some points The closing was,
therefore, firm but duh, and the net
changes were Insignificant, except IN a
handful of stocks. Sugar led the late ad-
nance, and moved up an extreme 32s on
the expectation of further rise IN the
price OF refined product which is no"
higher than for several years past me
margin between the price OF the raw ana
refined sugar is now sufficient, according
TO the experts, to yield a large pront on
refining. Pacific Mail rose sharply over
Tuesdays high level on renewed specu-
lation over the benefits TO accrue over
transportation of military stores TO China
The steel stocks We're generally strong
on the encouraging views OF the iron
Age of the trade outlook. Steel Hoop and
Tin Plate We're especially affected on re-
ports of renewal OF buying demand ior
their products. Otherwise the market
was barren of interest
The growing seriousness of the situa-
ton IN China must he aScrlbed as the
chief immediate cause Of to-day's dull
ness The result most to be unprecedented
from the Chinese war seemed to be the
effect on the mony markets of the world
To-days advance from J to per cent
in the Bank OF England minimum rate
OF discount, and the departure OF a
steamer bearing over s2.0oo, 900 in gold
from New York We're the impressive facts
which called attention TO this feature OF
The situation. The Bank of England. in
its semi governmental capacity, has used
its own ana the Government resources
FOR some time past 10 help the Loondon
money market.
The Bank of England appeared in the
market as u purchaser of gold to-day
This seems 10 clearly foreshadow a policy
nj retrenchment and recuperation on the
part Df The English institution. If 1t is
10 seek gold by special inducements, the
supply Viii almost certainly be drawn
in fact, advanced &c, and there is some
expectation that gold will be shipped to
london on Saturdays steamer.
There is undoubtedly considerab Bile ar-
preheuSion that this new demand on New
York bank reserves may be joined to the
recall OF funds by interior institutions
later ON and deplete the available money
supply, IL is Il TACT that very little money
Is offering for loans at four months or
over. and all The offerings are rapidly
phSerhed at a relatively higher rate
There is to be considered the prospective
foreign demand for gold, the. demand for
Crop-moSlns purposes and the require
snents Tor meeting The surplus in Govern
fncni revenue, the latter being considera-
bly, modified at this time by special
auSes.
The bond market was Very dull and
Irregular. Total sales. par value. 81 .o55:-
boo United States SIS registered ad-
Sanced ~ the refundiQE rs Cwhen issued).
md the IS y and old As Is in the bid
price.
The total sales of stocks to-day We're
59S.$00 shares.
MONEY AND EXCHANGE.-M Money on
rall steady at 1A4ll2 per cent; prime
,nercantile paper 4a42s per cent. Sterl-
Ing exchange firm, with actual business
an bankers bills at S4.ST14 for demand
t4na Al s.. $50 tor sixty days; posted rates,
81 s834Q4 ~ and 81. IS. commercial bills.
"a -S.54 a.. S,Il5 Silver certificates, 6l4Q
t2li; bar silver. 613S; Mexican dollars.
aS4. Government bonds strong; State
bonds inactive railroad bonds steady.
STOCK QUOTATIONS.
Closing Bid.
Atehison 1880. ......... 25s4
Atchison pfd CESS
Baltimore and Ohio .....-. 75ia
Canadian Pacifc 1000. ..--- ssh