The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1900-07-06
CHINESE SITUATION
AFFECTED LONDON MARKET.
AMERICAN STOCKS SHOWED
DECLINES.
Bearishness Reflected in the New
York Pit-Money Con
finues Easy. -
REPUBLIC SPECIAL.

REPUBLIC SFEt-tAI.
New York, July 5.-The London market
was very weak this morning on the disquiet-
ing Chinese news and good deal Of pres
sure from Berlin. American stocks showed
a decline in the two days of y to liz and
consoIs were 1 per cent lower. Money in
London was easy and the Bank OF England
did not change It's rate. The return was not
SO favorable showing a considerable de-
crease in the proportion Of reserve TO liza
bflities The Berlin market was panicky
on the Fourth. with a very heavy fall
in coal and iron shares The close to-day
was little frmer. Exchange in both Paris
and Berlin continued low and London APP
peared TO be losing gold TO those centers.
The local market naturally felt the effect
OF the weakness In London TO some extent.
but showed quite unexpected strength. Hard
coal roads were especially firm and the best
informed theory current was that Wander
bill, interests were buying control. but had
no intention of changing the constitution of
either Jersey Central OF Reading. The for
eigr demand for bituminous coal gave some
strength to the soft coal roads and advan-
tage was taken OF the lower levels 10 cover
shorts in the granGers. lrQustriais Were
firm. Sugar in particular advancing on buy
ing based on Il belief that a further ad-
vance in the price Of refined sugar would
be made IN the near future. Steel stocks
were hard and the general belief was that
the weakness in Germany was based upon
the increasing American export trade. The
fractions were a little neglected, but showed
very fair strength.
Politically. the room seemed to be hopins
for very definite pronouncenent on free
silver at the Democratic convention. Money
continued very easy. The market closed firm
and about best. the buying having been con-
spicuousiy good ali day. The railroad
stocks ali round We're strong, and consider
able short covering took place in the gran
gers.
l Jne belief in a definite f-ee-siver plat
Alrm at Kansas City gave the best hope TO
Ia market all day. Inc borrowing demand
showed some reduction Of the short interest,
but the inquiry tor stocks WAS still con-
siderable.
The Chinese position continues about as
serious as ii can be, and, TO judge from
the success of the allies SO far, a long and
expensive campaign will be necessary before
the punishment for the murder of the Eu-
ropean ENJOYS is completed. The effect has
been very serious in Berlin, which is the
largest holder OF the Chinese 5 per cent
loans OF las5-ls9S. These have declined all
together some ten points in the last few
days. and broke four during to-day. This
started further stump in the al
ready weak industrial market and, TO Judge
by the selling Of Northern Pacific, hquida- |
tion was pretty general. Both London and |
this market are in a position strong /!
enough to take care of themselves, but the I
unsettlins condition has naturally been re- &!
fiected in the absence of public interest on \
either side. Rock Island crop reports are /
very favorable The iron trade reports are /
not very encouraging. and indicate further /
reduction in the price of both raw material 4
and the manufactured products The fire !
the Standard on Conpanys plant at Con- |
stable Hook had the effect of driving down
shares some ten or twelve points, and the |
damage is expected 10 be very serious.