The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-05-30
AMERICANS BETTER
IN LONDON MARKET.
RULED WEAK AND
MONEY EASIER.
Union Pacific Strong Under Buy
ing, Supposedly for Hartman
Interests-Steel Improved.
REPUBLIC SPECIAL

EEFUBIIC SPECIAL
New York. May 2s.-This was the first day
Of the London settlement. and the better
tone In American stocks Indicated that It
was progressing satisfactorily. There was
q substantial advance In most issues, which
was maintained up to the close. There was
a better and wider market and considerably
moro confidence in all departments. The
only k was in consols. which were
heavy at ssx. a decline Of Y per cent. Money
was rather easier In London, due to the re-
lease Of loans a In case Of any diflcul-
ties over the Northern Pacific squeeze. The
report that the English and Berlin shorts
would be allowed to settle at a price equal
to I'm here was confirmed and had an ex-
celleEt effect.
In the local market Union Pacific showed
good strength and was said to have been
bought for Hartman interests. The listing
OF the now issue Of bonds had q favorable
effect. The other granger stocks sympa-
thized. particularly good buying being notice.
able In st. Paul and Rock Island. All the
issues known or believed to be under the
control Of the Gould people were well bought
on any recession. Wabash was particularly
nrm In the early trading. although part Of
Its advance was lost during the duliness Of
the middle OF the day. The activity in the
a aGSaf it se srosk 70 % Wa ,b very iS.a apn pre- less:
" tnC iuChs tudt tfleEG mas
been q good deal Of profit-taking by the
pools. Sugar was firm. and it was generally
believed in the trade that the Supreme
Court decision in the matter Of Porto RI
definitely. All Az
A very appreciable Improvement was
SHOWN in the United States Steel issues.
nelped by buying apparently for Morgan IN
t%crests. There is good authority for say
ing ihss tna a there VII be nothing more than
dated Gas. Insiders regard their property
as an investment proposition and are pur.
suing a policy. OF Strengthening themselves
before advancing their dividend rate.
.Atchison issues are remarkably firm and
the rpmors of purchase for control by one
OF the large Eastern interests. possibly
pennsylvania. derived some color from the
relative positions of the common and pre-
ferred stocks. The common pays barely 4
per cent at the present price, while the pre-
It is. however. pointed out that a pur~
chaser for control would look at the fact
that the common Is 20 points cheaper than
me preleIred. ana has. OF course. equal
1t II suggested that part Of the strength
In Wabash and Lackawanna may be due to
terests on one hand and Eastern powers
who 90 not want to see Wabash extended
to Pfttsburg: Mr.: George Gould has gone
dent Loree Of Pennsylvania succeeds Presi-
dent Cowen OF B. & O.. Standard on brok-
ers have been considerable buyers OF
Talk OF a 5-per-cent dividend on the latter
Is very prevalent. There is good reason to
believe that Minneapolis and St. Louis win
get 5 per. cent. but there is no truth in the
stories Of absorption by Illinois Central.
President Newman of Lake Shore will
probably accept the presidency Of New
YORK Central. About $4.00o.c0o gold Is going
to Paris.
The close was generally firm. although in
some cases under the best prices Of the
DAY. Southern Pacific was remarkably
strong on reports that the stock was bainc
taken in hand by insiders to strengthen the
issue OF Union Pacific bonds. There was a
better feeling in the fractions. and insiders
said that two months dull markets had
fully discounted the bad weather. Money
Tor the most part loaned at 9 per cent and
was plentiful enough. There was no special
demand for stocks In the loan crowd. The
volume OF trading showed a marked i'm.
provement.