The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1900-05-10
LONDON STOCK MARKET
GENERALLY WEAK.
CHECK ON SLUMP IN NEW
YORK.
Labor Situation May Cause SOM"
Anxiety Liquidation
in Railroads.
REPUBLIC SPECIAL.

New York, May 9.-The L.ondnH market
showed weakness all day although the close
As above the worst. The selling aEpar-
<.ntly came from New York, but some pres
SIRE was felt from Germany as well. The
market was heavy and consols showed a de-
cline Of * per cent on the day closing at
1@i2 after touching par. Money coRdi-
tons were unchanged both in London and
on the Continent and the war news con-
tinued favorable. The heaviness in the
london market was probably due TO the
weakness here as the strength in Ameri-
cans had given a sympathetic strength to
the rest of the market ever since the COM
pencement Of tie war In South Africa.
In the local market there was a check af-
ter yesterdays break and quite a little
rally in some cases. y good deal Of short
covering took place in :he morning with the
effect Of improving the position Of sugar
and the other iudustriils materially. The
liquidation in most Of the railroad stocks
seemed to have ceased. but It WAS still ap-
parent in Baltimore aud Ohio issues. At
Gibson, Missouri Pacific and possibly South
ern Pacific. 1t is doubtful If the Tea. reason
for the sharp decline has been made mani
fest, but # looks as if an attempt TO realize
in a limited market by the bull pools was
mainly responsible.
A good deal of capital has been made out
of the shipment of gold, but the ease in
the money marhet shows that this cannot
an important factor.
Nlle labor situation may cause some ann-
lety. but no Developments yesterday or to-
day would have found so sharp d break.
1t WIS the more significant as the selling
seemed TO he mostly long stock. The close
was firmer and the tone more confident.
The market looked as IL liquidation for the
present was finished. and there WAS good
buying Of tho bettsr-class securities, suca
a. the srangers. New York Central. Penn
SyiVania aUu AtchiSon preferred. II was
reported OF. good authority that the latte.
Nouid pay pa per cent in June. sugar closed
strong under the influence OF pool buying
ard covering OF shorts.
About S2,SsO,0Q0 Is ordered for shipment by
Thursdays steamer, but 50 far the export
of gold has had NJ effect on the price of
money. 1t is unlikely that anything but Il
large sum viii have the effect Of Tightening
tne moAey market, hut some o: the eX-
Change houses are inclined TO think that
about S4p,Vs,erp viii be withdrawn before
the current changes.
The trial of Mr.. Gates seems 10 be peter
ing out into a number Of Ineffective charges.
and has ceased to have any influence upon
the market. No steps have been taken so
far by the steel and wire directorate to
I'll the places Of Seiignan and Stratus. Ii
Is expected, however. that these vacancies
Will be filled as soon as the trial is over.
Reports from The Pacific Coast indicate an
early harvest, and the price of the grain
gives hope OF an unusual yield. Even with
no more rains. n good crop is assured. The |
earnings of the railroads continue good.
s:Sty-eight roads for the month OF April |
showing an increase of Isl per cent. In
View OF these facts the rally in the more
stable OF the railroad properties is looked
for. 1t is reported in the West that Great
Nxthern VIII next week ~inaugUrate "A |
e{ible transcontinental train service.