The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-07-20
STOCKS AND BONDS.

New York, July 19.-The dullness CT to-
days stock market was almost unrelieyec
by any feature of interest until the last
hour, when a sharp upward movement
developed in a number of specalties.
This was sufficient to induce q sluggish
general recovery in the market when
had fallen considerably below last night
at some points. The closing was th"'e'ore
ARM but dull and the net changes were
insignificant except in handful of stocks.
American Sugar led the late advance and
moved up an extreme 35s on the expecta-
ton Of further rise in the price of the
refined product, which is now higher than
for several years past The margin be-
tween the price of the raw and refined
sugar is now sufficient, according to the
experts, to yield large profit on rein
ing Pacific Mail rose sharply over Tues
days high level on renewed speculation
over the benefits to accrue from transport
of military stores to China. The Steel
stocks were generally strong on the en-
couraging views of the Iron Age OF the
trade outlook American Steel Hoop and
American Tin Plate were especially AFFECT
ed on reports of renewal of buying de-
mand for their products. Otherwise the
market was barren of interest.
The growing seriousness of the situa-
ton in China must be ascribed as the
chief immediate cause of today's dullness,
The result most to be apprehended from
the Chinese war seemed to be the effect
on tn money nlarkts of the world. To-Day s
advance from three to four per cent in
the Bank of England minimum rate OF
discount and the departure of q steamer
bearing over $2,000000 in gold from New
York were the impressive facts which
called attention to this feature OF the
situation. The Bank Of England in it's
semi governmental capacity has used its
own and the government resources for
some time past to help the London money,
market. The Bank of England appeared
in the market as purchaser OF gold
today. This seems to clearly foreshadow
a policy of retrenchment and recuperation
on the part OF the English institution. II
It is to seek gold by special Inducements,
the supply will almost certainly be drawn
from New York. Today's sterling rate in
fact advanced NC and there is some ex-
pectation that gold will be shipped to
London on Saturdays steamer.
There is undoubtedly considerable APP
prehension that this new demand on New
York bank reserves may be joined to the
recall of funds by interior institutions Ia
ter on and deplete the available money
supply. 1t is a fact that very little money
is offering for loans at four months or
over ard all the offerings are readily alb
sorbed at q relatively high rate. There
is to be considered the prospective foreign
demand 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.
The bond market was very dull and ir-
regular Total sales (par value) $1,035, 600.
United States 3's, registered, advanced
u, the refunding 2s (when issued and
the SIS and old As 1s in the bid price.
The total sales of stocks today were
1893 300 shares, including the following:
Atchison preferred, 5,296; Baltimore and
Ohio 1926; Illinois Central $3.50; Man
haitian Elevated, 5,T75; Missouri Pacific,
1885,. Chicago, Milwaukee and st. Paul.
6,1OO; Union Pacific, $4,000; mercan Steel
and Wire, 1875; Brooklyn Rapid Transit,
10, eco; Federal Steel, 6,120; American
Sugar al 1872