The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1900-07-20
ADVANCED BANK RATE
AFFECTED LONDON MARKET.
CAUSED GENERAL DEPRES-
SION.
Steel Stocks Showed Fair Strength
in New Y0rk-B. & .. Com
mon Rather Heavy.
RrPT7LTC sPErTsL.


New York, July Is,-The advance in the
London bank rate from 90 ps- cent was
the most important Incident on the other
side ard depressed the market generally.
American stocks were lower. but closed fair
" steady. FOREIGN bourses and the general
market IN London were heavy. Tho bank
return Indicated a steady outflow OF gold TO
European centsrs from London. The adj
vance IN the price Of money IN the open dis
count market was also noticeable, and was
taken here to be sn indication of further
gold shipments and Of gradually harden
ing the money rates.
In the local market London was an urex-
pectedly small seller ana such stock al
came out in Union Pacific at any rate was
wei taken. It looked a. II inside interests
were the principal buyers. The general LIST
was necessarily lower IN sympathy with
London. but showed. upon the whole. fair
strength in a dull and narrow market. Some
attempt was rnade to bring pressure to bear
upon the grangers. with renewal OF tho
story OF drought In the corn belt. but II was
rather a failure. TIE steel stocks showed
very fair strength on the rumoEs Of an IN
tsrnational Arrangement between German,
British and American producers 10 arrange
mutually favorable terms OF working The
Sugar dividend. although still good way
of. was discussed pretty freely. and it was
generally believed that the common stock
would be restored to tho Old basis.
3. & o. common was reather heavy. and
the best information ohtainabie cid not
point to more than n per cent dividend
fat. Ontario and Western was firm and it
was generally believed that the voting trust
would be dissolved IN tho fall and the ques-
ton Of a dividend seriously considered.
The loan crowd operations showed consider
able less scarcity OF stock and looked as IL
the fair dearer money bad brought out
stocks. Rails closed inactive. but hard. and
ali the interest conferred in the industrial
stocks.
Sugar was bid rp in the shorts on the ex-
pectation of further advance 1T the price
of refined and on the present earning, Of
the company. Steel Hoop was the strongest
of steel stocks on dividend talk and the
possibility of an agreement among the
companies TO fix prices had a very favorable
effect. The transactions on the day were
not large and the foreign outlook checked
outside interest.
The most serious part Of the Chinese
situation is tho danger that the real
or alleged attack upon Russian ter
ritory may be made an excuse Tor ildepend-
ent action by thar Power and 50 Increase
the possibility Of "A disc greement with the
other nations Interested, particularly ia
pan. The decline in German Imperial bonds
and consolS indicates that the position IS
regarded in london and Berlin with serious
anxiety, but i. by no means follows that IL
should exercise Il very adverse effect upon
American railroad stock. War in the Far
East at any rate will mean additional
trade TO the shipping company on tie fac-lc
Coast and transportation Of troors, fuel
and stores of all kinds Will easily stimulate
activity in the West. The strength OF the
coal roads is probable due 10 the increas-
ing demand for Europe and the production
Of bituminous coal in England for various
reasons seems 10 tie seriously checked.
The first cargo Of Pennsylvania soft coal
from Philadelphia to London leaves in 4
few days. Louisville earnings show an In
crease of E,sS5 for the second week in
July.
A further advance IN the price Of refined
sugar Is freely talked about and the
ton OF the German Sugar Trust in forcing
up the price OF beet sugar reacts taNorably
Upon this market. Iron reports seem to in
dicate that the low prices row reached
tend rather TO frighten purchasers than to
attract them. Crop reports from the West
and Southwest. in spite of talk Of rain
damage, are upon the whole. favorable. and
the movement In the granger stocks rather
give the idea that the price OF corn has been
manipulated by operators who sold the
granger stocks against their operations IN
the bull side in corn.