The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-03-01
LONDON STOCK MARKET
GENERALLY ACTIVE
AMERICANS CLOSED NEG
LECTED.
Sugar Again Active in New York,
but Sold Of-Steel and
Wire Weak.

REPUBLIC SPECIAL.
New York, Feb. 2S.-The London market
wal generally active and. In spite Of some
little investment buying in the better class
OF railroad stocks. American securities
; closed neglected and weak. Consols were
shade firmer, on the reported surrender of
General Botha to Lord Kitchener and the
GENERAL market was steady. Foreign
6ourses were rather heavy. The Bank of
. England did not change its rate from 4 per
cent and the return was only moderately
rood. The large gain in gold from the
Continent during the week was offset by a
!. SEDUCTION In the proportion OF reserve to
: liabilities. There was no feature in dis
counts or exchanges.
"a In the local market Sugar was again ac-
tive, but sold on somewhat. rallying, how
ever. on buying for a large Boston oper-
ator. This seemed to be the basis OF the
recent advance and no official confirmation
wa forthcoming Of the rumored advance in
the dividend. Some capital was made out
of the reduction of the duty on imports
Nom Cuba, but as this was likely to stimu-
hate new opposition the argument cut both
ways.
Steel and Wire and Steel Hoop were weak
on the expected opposition to the Morgan
steel combination. There is good reason to
believe that steel insiders have been hqui-
!, dating their holdings in other securities to
1 bring all their strength to bear for the
night which is threatened St. Paul was
arm in spite Of the heavy profit-taking and
It Is not doubted that there will be some
rights for stockholders in addition to the
advance in the dividend to 6 per cent. The
belief that the internal revenue tax on to-
e.sbacco would be reduced 3 cents on the
!; bound accounted for the recent buying.
The close was steady. in the railroad
stocks a 1t appeared that the LIQUIDATION
in Union Pacific by insiders in Steel and
heavy profit-taking for Washington oper-
Rtors VINO bought. yesterday. r
Rumors were freely current Of serious OPP
and checked outside trading in steel In
most departments. The total shares showed
some reduction from the previous day and
: crowd. The general railroad market has
suffered somewhat from neglect IN the alb
Uence Of any active commission buying and
: the dizziness in London. Hard coalers sold
on on reports of trouble at the miners
meeting on March 13.
The decision of Tennessee Coal and Iron not
10 issue their customary monthly statement
. u earnings in the future, in view Of the in
sight It would give into the nature of their
business In the new steel corporation. had
caused considerable selling by Western
holders 1t is very seriously doubted If
Mr.. Gates were deceived in the terms OF
to, be- no doubt that some large steel and
wire stockholders are disconnected and
there will probably be a good deal Of fric-
don before the deal goes through. This
Vas inevitable, and it is surprising that
there has not been more complaint in a deal
Of such magnitude. Erie stockholders have
voted favorably upon the proposed purchase
OF the stock OF the Pennsylvania Coal
Company. Continental Tobacco declared the
regular quarterly dividend of tx per cent
ON the preferred stock. Exchange conjn-
ues frm. alfaough still q good way from
! gold shipment point and the demand for
money IL only moderate.