The St. Louis Republic., 1900-08-03
AMERICANS STRONG
IN LONDON MARKET.
FURTHER DECLINE IN CON
SOILS.
Brooklyn Transit Opened Strong
Continental Tobacco Sold Off
-Anaconda's Strength.
SEPuBIIG SPECIAL

EEPCBIJG SPECIAL.
New York, Aug. 2.-American stocks IN
the London market showed quite q little
strength at the opening, but eased off later
in sympathy with further decline OF 4
per cent IN consois. The close was steady
and about New York parity prices. The de-
Cline in consols was probably due to the
expected new war loan. Exchange in Paris
and Berlin was rather harder and seemed
TO indicate that these centers had got all
the gold they needed at Paris. The Bank
Of England did not change its rate, which
semains at per cent, hut the bank return
was not good one and indicated a lower
proportion Of reserve to liabilities than the
money market Is at all likely to care
about. Money was in good demand without
important change
In the local market the interest was con-
fined to q few specialues and the trading
elsewhere was almost nominal: b. o.
higher London price, but the dividend had
evidently leaked out for the stock declined
and did not recover on the declaration.
there was, as there always is, plenty of
floating stocks TOR sale. they were We'll
taken.
Brooklyn Transit showed some strength
at the opening on sanguine forecasts tor
the forthcoming statement, but on the post
ponement Of the issue of that document it
reacted quite a little. The Wormser fol-
lowing bid UP sugar, but the buying was
of no interest elsewhere. 1t was denied
had covered shorts. Continental Tobacco
sold Off on gloomy forecasts OF the forth
coming dividend, but the support was good
ON the decline.
The close was dull and very inactive. but
Union Pacific showed conspicuous strength.
To judge. by the trading in Continental To-
Forthcoming dividend, although the buying
on the decline was fair. The b. & o. divi-
dent fell quite fat and the stock was dis
tinct1y heavy under scattering selling The
borrowing demand showed no change from
the previous day
Information supplied by the London
Times correspondent in Pekin proves clear
1y the completely of the Chinese Govern
ment In the attack upon the legations The
advance on the capital has apparently be-
Consols indicates that the result is awaited
With some anxiety. South African news
bodies OF Beers will soon put q period to
that campaign. While the Bank of Eng
3and did not change Its rate, Its low re-
serve and the continual drain of gold from
london point to dearer money IN Europe
In the near future. Baltimore and Ohio
directors declared dividend at the rate of
now and per cent in six months' time.
This leaves 1t open to them to declare
further dividend at the beginning of next
company in the immediate future practic-
ally still in doubt. 1t is denied that the
question of reducing dividends on Cont
mental Tobacco preferred has been consid-
cred by the directors.
Anaconda showed considerable strength
In to-day's market and trading gave the
Impression that the short interest both in
Europe and here was for the moment cor
nered. The cut in the price Of steel bars
by the steel hoop company is confirmed by
Philadelphia advices. A semi-annual divi-
dend Of l per cent on st. Louis and San
Francisco second preferred has been de-
clared. There will be no meeting to-mor-
row OF Brooklyn Transit, and the secre-
tary does not know when the reports viii
be made public. Business is reported as
improving In the iron trade. but further
reduction In prices is considered imperative.
Money continues easy.