The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-08-31

Bar silver, New York s:...s....6lA G1%
can money New York x.. 1A1k M
NEW YORK, Aug. 3O.-The early prom
Use of strength in the -stock market today
was not maintained, and after a brief
period Of some activity and ii aness
prices began to decline again. and the
trading tapered down to the insia nIficant
propol tons Wh1~h have become the recent
normal. The traders rightly concluded
that this indicated that yesterdays adj
vance was due to nothing more than a
covering of short contracts, pending the
approaching three days holiday. The
steel group especially disappointed the
hopes that a bull movement was under
way by developing a heavy Tone Steel
e1 Wire falling back over a point Amer
lean I'm Plate and the American Hoop
+ stocks were EXCEPTIONS and show good
gains Tor the day. There was no news
TO account for the relapse in the groups,
the reports at hand showing a growing
demand for many grades of iron prod
ucts. There was a dcsultory speculation
i'll Sugar, which lifted it at one time
over point after the announcement was
made of an advance in the price of re-
fined sugar. But the gain was almost
entirely wiped out by the time the mar
ket closed. Strength in the London mar
ket helped the opening here causing
sharp fractional gains in a number of the
International stocks, but London reacted
later In the day, and those stocks lost
their advantage in sympathy. The rail-
road statements for July. which appear
ed today, counteracted the favorable f.
feet of yesterdays showing by the st.
Paul company, the higher level OF cper-
ating expenses serving to bring down the
earnings i'll the cases. of Burlington,
Northern Pacific and Southern Railway.
while Cleveland. c.. c.. G. & ST. Louis
saved only a small part of its gross in
crease for net earnings The explana-
tons which were offered for the heaVi-
ness OF stocks formed substitutes for
news to some extent For instance, there
regarding the future of the money naf
ket The fact that the Bank of England
had again offered interest on gold in
transit gave ground for the expectation
shortly be renewed. Stetling exchange
rose q fraction in New York, and three
months bills in London Were advanced.
The London market apprehend5 some
stringency as an incidentf of the next
stock exchange settlement and the pay
ment of the next INSTRUMENT on the new
loan, which comes about the middle or
the month. In the peSSiniStic mood of
the local market the possibility was sug
gested that the treasury department
might be Obliged during the early fall to
draw on its deposits with the national
banks in order to meet the extraordinary
expenditures for military operations.
There was nothing in the days money
market to give color to any apprehension
Of higher rates I he banks have gained
upwards of $2,000,C0G from the subtreas-
try and another substantial increase In
reserves is indicated for the week The
market closed dull and heavy at a gener-
ally lower level of prices.
Bonds were dull and irregular. Total
sales, sDaF value. 81, ITS. 900 United States
refunding 2s when issued, and the new
as declined IA Der cent in the bid prices.
STOCK QUOTATIONS.
Furnished by Charles H. F. Smith &
Co, members of the New York Stock ex-
change, Pioneer Press building, who have
direct wires to Chicago and New York.
Closing prices are bid: .rs..