The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1900-08-24
LONDON STOCKS INACTIVE,
WITH LOWER TENDENCY.
AMERICANS RALLIED AT THE
CLOSE.
Trading Exceedingly Narrow in
New York Niarket-Money
Continued Easy.
RrprRILC SPECIAL.

}NEf ~ w III
New York, Aug. 13.-The London market
was again inactive and showed some ten
cency to sag for that reason. Consols de-
clined u to ISIS and the general market was
heavy. American stocks lost in the earlier
part Of the day, but recovered later. Quo
tations. how ever. were wide and very nomi-
nal. Money continued easy, although the
Bank of England did not zee fit TO change
its rate from 4 per cent. The return showed
the position OF the banks considerably
stronger. with an increased proportion of
reserve to liabilities and a gain in bullion
on the week. This, of course, was due to
the American gold shipments. Chinese news
was indefinite and there seemed to be some
signs of trouble in Eastern Europe.
In the local market, although there was a
little more activity than on Wednesday,
trading was exceedingly narrow and con-
fined to one or two specialties. The strength
In Jersey Central was worth noting, ana 1t
may be taken as certain that strong inter-
ests are buying for control. 1t Is quite OBJ
vious, however, that they do not intend that
the speculative end of Wall street shall take
q gratuitoua ride, as 1t Is noticeable that as
soon as anything like a bull account Il
opened the inside buying stops. The buying
in st. Louis Southwestern issues has been
OF q good character and there is fairly good
reason for believing in a dividend deciara-
tion for the preferred in the not far distant
future Granger stocks have been hard but
inactive. Peoples Gas shows evidence OF
pressure from Chicago. with support from
the Wormssr pool. The Ogden deal Is
blocked until the Chicago politicians can be
spared. Tho close was fa!rly narS; WIN ms a
issues and a rGnior current
that the preferred stock would be put on a
8 per cent dividend basis; Trading else
Tvhpra yvn NOT Ia rye. GIld lle fear Oh ELIshES
IN the anthracite coal trade checked the
buying of Readings and Jersey Central:
off on the absence Of the promised supple
nentary eporL The borrowing demand
showed a fair short interest. especially in
the Changers.
The Chinese situation is very little al
tered. but the decline In British consois
Is likely to cause some anxiety tnat lne
feeling among the Powers may not be very
Harmonious. While the rumored Russian
i5au in New York has been contraoicted'
there Is very little doubt that all the Eu-
ropcan Pow.rs will have to borrow money,
and the continuous pressure Of Russia 10
get troops to the Far East, in view OF the
occupation CT Pekin by the %allies,is ominous:
II Russia borrows money 1t is much more
likely to be in Paris than here, and such
security as she can offer is not likely 10
be very attractive to the American inFestor:
In this conn ection the renewed. outbreak OF
political unrest in southeastern europe, as
evidenced by the arrnirg Of Rouinania, Is
probably having a distur5ins effect on n E tbs
eteeI trade are. upon the whole, better.
Federal Steal, in particular. shows an m
nresent reduced scale the railroads are more
likely to buy structural iron and rails. Mr.,
Eupdngton's will Is expected on Friday at
~ o'clock. From the buying of Southern
Pacific IT has been forecast with reasonable
certainty, and It Is unlikely that any altera,
ton in his holdings will be made that VIII
AFFECT the market condition of the stock.
Ontario ant. Western has shared in some
measure the strength of the other hard-coai
GOOD character. There is little reason to
doubt that the splitting of the stock will
become an accomplished fact this FALL IN
such case the payment Of a small dividend
will probably be part Of the programme.