The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-08-06
MARKET FOR BONDS DULL.
Prospect of Gold Shipments and War
Influence the Market.

NEW YORK. Aug 4-There was moth.
ing important in today's DEALINGS in
stocks and bonds. The undertone Of the
market was firm. owing to the scanty Of
arouse any speculative enthusiasm were
quite futile outside Of moderate demand
FOR iron and steel shares, which general
~ advanced 1Q1%, the latter figure rep
resentlng the extreme gain by Tennessee
Coal. The motive of the movement was
the encouraging opinion expressed by the
commercial reviews of the week on the
conditions in the iron trade The report
OF yellow fever in Florida caused heavi
ness In one or two Southern railroad lines
and Brooklyn Rapid Transit was affected
by reports OF labor disaffection Sugar
continued on Its course toward recovery
and the upward movement in Union pa
cine was continued the other transcon-
pathy.
The list yielded somewhat on the bank
statement, but nothing like Important
nQuldauon was In evidence. The closing
was dull and rather heavy, with the
steel industrials and d few other special
ties showing the only notable NET
changes. The growth In bank reserves
was less than expected and the loan ex-
panslon made increased reserve reullfre-
nents so that the increase in surplus
ialled to meet anticipaions. The reserve
item of the bank gains additional innor-
lance from the fact that American sub
scrlptions to the new British war loan
are seen to insure an outward movement
OF OF s9lo. interested bankers estimate that
the demand for gold to export on this aC-
count may amount to from $10.0OOOOO to
SD OO0.OOO. The exchange market was NOM
MAJ today. but posted rates were advanc-
The stream of Alaskan gold IS begin
nln9 TO show its seasonable effects in the
countrX.s bank reserves and the receipt OF
Australian gold IS added to this Mean
time, the expected movement OF gold ia
deferred and the policy adopted bv the
IlIih % England leaves the period of it's
oeeginnlng an open question The failure
OF this, institution to advance its mini
mum discount rate is puzzling. The pri-
vate rate rules well above the bank rate
ana the outside market has resorted to
the bank for loans during the week to
the extent of over 81 100000 It's accre-
tons of gold by buying In the open mar
set mas been more than Offset by the
drain from other sources, so that its BULL
ion declines over $1,3O0O0O.
Its already low proportion Of reserve 10
liabilities Is thus further reduced Yet
the pank not only refrained from advance
ing Its discount rate. but reduced its
price for gold bars I'd and for eagles 1ad
1t Is evident. however. that when an adj
vance Is made in the bank rate 1t will be
ket rate with quick response in
favor of London in the interna tional ex-
changes. Sterling exchange Is hardening
In New York, and the Bank of England
seems to feel confident that II will GET
us needed supply Of gold without offering
special Inducements. The recupera ton
u the reserves or New YORK banks dur
ing recent weeks makes them better
equipped to meet any drain and the eff
feet of gold exports is rot so much fear-
ed as a few weeks ago. Time money. in
fact. has shown a distinctly easier ten
dency during the latter part of the week
Dullness In bonds is even more marked
than In stocks, the average volume of
dealings being considerably less than half
that at this time last year United
! states refund %, with interest, have de-
ellned ! and the IS. old As and 5s Il in
| the bid Dricu on call.