The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-07-20
SHARP TURN UPWARD
In Specialties Late, After a
Time of Dizziness.
SOME SLUGGISH RESPONSE
In the General List--CloSe
Firm but Dull

New York, July 1s-The dizziness IN
the stock market today was without re-
deeming interest until the late hours.
when a sharp upward movement devel-
oped in a number of specialties. This
was sufficient TO induce sluggish gen
erai recovery in the market. which mad
fallen considerably below last night at
some points. The close was therefore
firm but dull and the net changes were
insignificant except in handful OF
stocks. Sugar led the late advance and
moved up an extreme 3Ss on the expecta-
ton of a further rise in the price of re-
fined product, which is now higher than
for several years past. The margin De-
tween the price OF the raw and refined
sugar is not sufficient. according TO the
experts, to yield a large profit on REIN
ing. Pacific Mail rose sharply over
Tuesdays high level on renewed specu-
lation over the benefit 10 accrue from the
transport OF military stores TO CHINA.
The Steel stocks were generally stronger
on the encouraging view of the Iron
Age of the trade outlook. Steel Hoop
and Tin Plat was especially affected on
reports OF renewal of buying demand
from their products. Otherwise the mar
ket was barren of interest. The cow
ing seriousness Of the situation in China
must be ascribed as the chief immediate
cause of today's dizziness. The result
most to be apprehended from the chi
nese war seemed to be the effect on the
money markets Of the world. Today's ad-
vance from to per cent IN the Bank
of England minimum rate OF discount
and the departure of steamers 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 seui-soV-
ernmental capacity has used its own and
the government resources for some tine
past to help the London money marked.
The continued demand for gold from the
Bank of France apparently did not al
feet this policy, but there are now indi-
cations that the French institution has
about satisfied its recuperative needs.
Sterling exchange at Paris arose another
y centime today and the Bank Of France
has renewed its loan expansion. As
though it had been waiting for this de-
yelopment. the Bank of England puts
up its discount rate l per cent. In spite
Of re-payments TO the bank by the open
market Of loans to the extent OF $,535,-
900 during the week. The reduction In
the banks selling price OF gold seems to
have been made for its erect on the
open market for gold, the French de-
mand showing relaxation. The Bank OF
England accordingly appeared in the
market as a purchaser Of gold today.
This seemed to clearly foreshadow pol
icy Of retrenchment and recuperati0n on
the part OF the English institution. II 1t
is TO seek gold by special inducements
the supply will aim 81 certainly lie drawn
from New York. Today's sterling rate
in fact advanced Ac and there IS some
expectation that gold vii be shipped 70
London on Saturdays steamer. There l.
undoubtedly some apprehension that this
new demand on New York's bank r.
serves may be joined to the recall Of
funds by interior Institutions later on,
and depiete the available money supply.
1t IS fact that very little money is
offering for loans at four months or over.
and all offerings are readily absorbed
at a relatively high rate. There is To
be considered the prospective foreign de-
mand for gold, the demand for crop
moving purposes and the requirements
for meeting the surplus in government
revenue, the latter being considerably
modified at this time by special causes.
Closing prices of stocks were as follows: