The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-01-17
AMERICANS STRONGER
IN LONDON MARKET,
GENERAL LIST RULED FAIR
LY STEADY.
New York Opened Steady, Rallied
/but Weakened Toward the Close
Burlington Advanced.


New York. Jan. I6-The London market
was somewhat inactive to-day. but Ameri-
can stocks, after a rather heavy opening,
rallied and closed strong in sympathy with
higher New York prices. The general mar
ket was fairly steady and consols practi-
cally unchanged The settlement was con-
cluded without any of the anticipated fnan-
cial trouble, and only one firm was report
ed in difficulties, and that was helped over.
The open discount rate was easier In Lon
don, but unchanged Exchange
was steady In Paris and Berlin There was
no fresh news from China or South Afri-
ca The volume OF trading in London was
reported to be very much reduced In all
departments.
In the local market the opening was
rather heavy, but a sharp rally In the gran
ger stocks caused strength in the middle OF
the day. which. however, was lost later.
Burlington had a sharp advance on the an
nouncement OF the issue OF new stock with
Tigats to stockholders equivalent at the
present price Of about } per cent. The up
ward move in St Paul seemed TO be on tue
short interest, and when that was shaken
in the price, reacted almost aH quickly as
Il advanced. Erie issues were a little heavy
on the report that no immediate action
NCouid be taken on the FIRST preferred div,
faend. The steel stocks were heavy and
th&ke seemed to be persistent liquidation
for the West. A good deal of capital was
made out of possible competition and a fall
ting Off in the export and internal demand.
but the papers contained very little trade
news to warrant II, Sugar was hard and
the general impression seems to be for the
moment hat MIR. Havemeyers trip TO
Europe indicates the PRACTICAL settlement
OF the trade war.
The close was heavy IN all departments
and near the lowest OF the day. Burlington
lost some OF its advance. but as the rights
we're estimated equal 10 4 per cent. the
stock showed a net advance. Outside ira
ding was smaller ana there seemed n more
strongly organized bear party in the room
than tor soIne time past A large Dull
operator in federaI Steel was reported 10
be lquidating. MoneT continued easy at
217QS per cent The volume OF trading was
considerable. although not up TO the boom
level.
Gold shipments viii be made tomorrow
ana A.6<V.VOo have been arranged for. The
market can afford to lose considerably more
thsn this and. indeed, the condition of the
country Ia such now that the loss OF gold
has nothing ike the significance It mad a
lew years ago. 1t Is reported mat strong
interests have bought control or Chicago
Great Western, thus removing a disturbing
factor in the rate situation IN the North
west The road is 50 situated that any rate
agreement involving Chicago or st Paul
was AT Its mercy ana now that this dis
turplng influence Is removed, we may hear
further rumors OF closer union in the
Northwest. The road is so situated that
Yhy rate agreement involving Chicago or
St Paul was at its mercy and now that this
Influence is removed. we may
hear further rumors of closer union in the
Northwest Cincinnati, Hamilton and Day
tion Is in a somewhat analogous situation
And, sooner or later, II looks as II the Big
-Four would have TO absorb IL. The pur-
chase OF a controlling interest in St Joe
and Grand Island is credibly reported and
very generally believed, as the story comes
from Burlington people. Illinois Central de-
clared the regular dividend of ) per cent
on the stock Omaha declared the regular
3 per cent on the common and 81. per cent
eemiannual on the preferred.