The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1900-12-19
LONDON UNL0ADED
ON new YORK MARKET.
MARKET STRONG UNDER THE
PRESSURE.
In Many Instances Advances Were
Recorded - Steel Stocks
Active and Strong.
REPUBLIC SPECIAL.

New York, Dec. ls.-A decline q come
three-eighths Of a point in British conso!s
on the possibility of the Bank of England
rate being advanced on THURSDAY. md the
tiscoura cling news from South Africa. al
versely affected the market in LONDON. aud
even American stocks showed fractional de-
clines. The possible extension of guerrilla
warfare into Cape Colony was the only for
eign news of any Importance. Exchange
on London in both Paris anc Berlin was
very low. but there was no Changa in the
quoted discount rates in any OF he Euro
pean centers.
In the local market London was an mex
Spectedly large seller. probably &c the ex-
tent OF COCO shares or more. Ip view of
such pressure as this, the maIkes may he
4 considered TO have shown very fair
strength, and none of the railroad stocks
showed any serious decline. In many iE-
stances advances were recorded, noticeably
In Big -Four. New York Central aud the
ether Nanderbilts. The buying Of Northern
Pacific and st. Paul on the reaction was of
q good character, and, in spite OF the ac-
tivity of the last few days, the market Is
by no means full of stock. On the other
hand, quite a considerable short interest
has developed in Sugar. Brooklyn Transit
and Northern Pacific. That in Atchison
common is probably considerably reduced.
Dividend rurnors on the Nanderbilts are
sanguine. but there is no reason to expect
q change in anything but Lake Shore and
Nickel Plate. where It may be expected
that the dividend on the former will be in
creased. and that something will be paid on
the second preferred for the latter.
Steel stocks showed considerable activity
ana strength. and the public seems not I'M
Wiliing TO take hold of fractions and indus
trial stocks of undoubted value. The great
ttTe0Elh ghnWn I'm rha Erie stocks and
ponds. supposed To be due to Morgan buy
ing. strengthened the whole list. The public
demand for bonds was noticeably goOu. aad
mgher prices were in most cases recoroeL.
northern Pacific was firm, with an advan-
eng tendency and some appearance of a
renewal Of the buying which caused the re-
cent advance. Fries and the Atchisons were
IN demand in the loan crowd. and stocks
generally were not particularly plentiful.
III may naturally be expected that the
Ibank OF England will advance its discount
ste TO 4Hs per cent on Thursday, but il is
uY&kely that any higher rate will be record
90 London has been a somewhat erratic
stocks, but in spite of the heavy selling to-
Gay there is a distinct disposition there to
lake mold of them. In view of the continual
0lsappointments in kaffir mines and English
railways 1t is not surprising that speculat-
ors on the other side see a more tempting
outlook in America. Federal Steel was
strong on the report that the annual state
ment showed S14, voo,oO surplus, and that the
poard intended TO amend its charter to al
LOW payment of quarterly dividends after
me declaration of . per cent in one lump on
ne common stock for 1S92. All the coal
companies allied with Ontario and Western
hSaesptlng me scranton Coal Company have
ueen consolidated. This will include eleven
Soiieries with a capacity Of ZOO. 0S tons an
There has been quite a little buying of
AanaWha and Michigan on the belief that
me taking over Of Toledo and Ohio Central.
which owns the majority of its stock. by the
docking Valley will put the minority stock
~ a better basis. 1t is anticipated that steel
1oop next month will either declare a quar-
ts.rIy diSldend of IA or liz per cent. or a
lump dividend for the wear. Whatever NAV
ne the anticipations as to the course of
money before the 18th. its movements at
may check trading. less anxiety is felt abo,t
~ than in any December in years. 1t is
perfectly plain at any rate that large blocks
OF the best class of railroad securities have
oeen bought and taken off the street.