Show I FINANCIAL REVIEW Dullness Has Been the Rule in I Speculative Trade New York July Bradslrcets review re-view of tho stock market tomorrow will say Dullness has been the rule this week Speculative activity has shrunk to the narrowest proportions and a heavier tone is shown due to the increased in-creased attention the public Is giving to the Chinese situation The unsettled unset-tled security markets and the hardening harden-ing In money abroad have resulted in moderate but fairly steady selling of American stocks by foreigners At the same time the advance in open market of discount rates at London to above 1 per cent and tho hardening of exchange ex-change here created a feeling that heavy gold shipments from New York to London may be anticipated The movements of the markets abroad this week was favorable to London and adverse to Paris tho rise of sterling rates at the latter city In particular making the triangular markets mar-kets through which gold has been shipped from New York to Paris no longer profitable No gold was therefore there-fore sent on the French steamer sailing sail-ing on Thursday but as demand sterling ster-ling had been advanced to nearly 4SS as it was appreciated that only the direction of the gold outflow had been changed and that London would from now on be the probable destination of these shipments The foreign Influences were thus generally unfavorable to tho market here At the same time the local factors while not bearish did not encourage bullish demonstrations Time money gives indications of hardening under the prospect of gold shipments and a conservative fooling over Chinese complications has an effect ef-fect on the action of large Interests The investment demand for dividendpaying stocks noted early in the present month has subsided and tho public Is not Inclined to take pint In speculation specula-tion at present Floating supplies of most stocks are however small and there Is still no disposition on the part of the actual holders of securities to sell them themThe The situation as regards the corn crop Is considered satisfactory but while railroad earnings continue in the main to increase the fact that weekly returns of such an Important road as the St Paul have exhibited decreases since the beginning of the month exercises ex-ercises moro Influence than It Is entitled en-titled to do in vlow of the fact that the reduced spring wheat yield necessarily nffectsthe business of all Northwestern roads and those of the St Paul system In particular |