The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1900-10-10
FEAR OF DEARER MONEY
AFFECTED LONDON MARKET.
NEW YORK DULL, BUT NOT
WEAK.
Uncertainty of Money Outlook Has
Seriously Checked Trading
Changers Hard.
RFPTPIIC SPECIAL.

EPEc1Al-
New York. Oct. e.-Fears OF dearer money
were generally expressed in London to-day.
and the whole list was more or less affect
ed. Consols at 9sss declined :. per cent. and
American stocks generally showed a decline
of I2QA per cent on the day. The gen
eral market was lower. Foreign bourses
were heavy. The Bank OF England during
the day lost 100000 in gold TO Germany,
tl,00o, 900 to Egypt and $500 withdrawn for
the United States. In the circumstances 1t
IL anticipated that the Bank OF England
may advance its rates on Thursday, and 1t
has already advanced the price of gold
eagles to protect itself against further with
drawals. 1t is expected that the settlement
commencing tomorrow will see higher con-
tangoes on American stocks.
The local market was dull but not weak.
although the uncertainty on the money out
look seriously checked trading. The gran
gers were hard, in spite OF selling by Bos-
ton and Chicago The latter center was
also the source Of sales In the steel stocks
and Peoples Gas. Boston sold Sugar, but
the buying was very good and considerable
strength was displayed
London was a seller to the extent OF some
1000 shares, principally Union Pacific. Bal
timore and Ohio. Northern Pacific and the
Ersngers. Pool interests were said 10 be
accommodating Manhattan stock. and the
ITAISdCllOns EeHeld!iN hbONeI very idi
strength. Money, 543i1 per cent.
The close was generally firm and the an
ticipated imports OF gold had allayed the
anxiety as to the money outlook. fractions
were firm on buying Of a good character,
and Sugar advanced on reported increasing
demand for refined. Missouri Pacific showed
considerable strength and activity on re-
yival OF dividend talk. Stocks in the loan
crowd, as a rule, were loaning below the
money rate.
The Chinese position is pretty much rs 1t
was, except that the removal of the Chi
nese seat of government to a point out Of
the reach of the foreign Powers IS not
taken as an indication of any real desire
to make a satisfactory arrangement with
the Powers. South African news is salts
factory, and Johannesburg IS getting into
working trim, while the last sparks of re-
~sistance are dying out. There was a weak
tendency in the Steel stocks, especially Fed
eral Steel, at the opening on the reported
Carnegie intention TO cut the price of steel
rails. There is considerable doubt cast
upon this rumor. and 1t is asserted on bet
ter authority that there will be a further
conference of the steel interests 10 reaf-
frm the fixed price of SIG a ton. The ten
dency of money is upward at present, and a
5 or 6 per cent rate is not improbable.
There is no reason to suppose with SO small
an account open In the street. that this
will much affect the market, especially as
the United States are now the largest cred
ttor nation and can draw gold to practical
The advance in the price of gold eagles
necessarily involves a further reduction in
the rate of exchange to at least 4.S3is for
demand before gold shipments will be prof
liable. An advance in the price of money
on the other side would entail a further
reduction. The banks have lost to the
Treasury $4,000 since Friday and as the
surplus reserve is now under 100000 the
market naturally views the course of the
money market with considerable interest.
New York Stock Quotation.
ST. Louis. Tuesday. Oct. .. 1900.
X6e following SHOWS the olenlng. highest. low