The St. Louis Republic., 1901-02-02
LONDON STOCKS LOWER
UNDER REALIZING.
NEW YORK MARKET FAIRLY
STRONG.
Sugar Advanced on Good Buying
General List Closed Firm
Trading Very Large.
REPUBLIC SPECIAL

6h1<fOb1dC SPEClAk
New York. Feb. L-After showing very
fair strength at the opening to-day the Lon
don market sold Off under pressure Of heavy
realizing In Southern Pacific. and American
stocks closed near the lowest OF the day.
Consols were steady at 96s4c. Discount rates
in all the European centers were lower and
exchange showed a hardening tendency In
Paris. The reduction in the Bank of Eng
lands price for gold eagles was understood
TO put New York gold shipment point
further on. Both London and New York
Will close tomorrow.
In the local market the opening was strong.
and. in spite Of heavy realizing. prices were
fairly well maintained. Tho very heavy
foreign selling of Southern Pacific tended to
drag the market down. but an announce
ment on fairly good authority that con-
solidation of steel interests. including the
Carnegie company under Morgan auspices
was In progress stiffened the whole list
missouri. Kansas and Texas common and
preferred buying came from the pool in the
STOCK. and was accompanied BY the Gus
tomary consolidation runiors Southern
hanway was strong on the belief that its
position would be greatly helped by the
requirement Of Monon.
sugar advanced on purchases probably
the sugar war had been arranged to allow
Mr. Havemeyer to take his trip to Europe.
inere was not a great deal Of speculative
commission house business but there was
very good investment demand, partic-
uiariy In Louisville the trunk stocks and
tne grangers. An advance in the ST. Paul
oiVioeno In March Is confidently looked for.
put any change In Rock Island is doubtful.
IN consequence of the holiday tomorrow
the bank statement cuts very little figure.
put the return should be a very good one.
as as there IN is gaia 10 the banks of come s.. :
6Vo000 In spite of the weeks gold shipments.
Inere mas been very good buying Tor some
time past In Tennessee Coal and Iron. and
unoer the new management great things
are hoped for the stock insiders profess
themselves bullisn
Southern Pacific is said to be doing very
Wen on us coast road and the new MANAGE
ment seems to be success. Beyond This,
tnere Is well authenticated rumor that
interests connected with Union Pacific have
movement along consolidation lines of The
nrst Importance and practically places the
o,a Gays OF rate cutting and competition
The arrangements between Union Pacific
mo the other roads contributing to its
H1nsconunental trade are notoriously eat-
Z evidently intended to extend over all the
xacano system. Against such q combina-
uoa 5 Atchison must necessarily make terms:
Gno THESE are likely to be favorable to all
three roads. The new British war .oan
may be expected early this month. and II is
probable that the London bank rate will
issue. Money everywhere else, however.
tends easier and Is no sort of factor in the
traofng In Wall street. 1t goes a-begging
at per cent. and even on time loans the
banks are not insisting on anything like
their accustomed proportions Of railroad
and industrial stocks as coIlaterals and are
glad to lend on anything.
The market closed firm and the only reac-
uon was caused by the traders evening up
OF accounts over the holiday. There was