The St. Louis Republic., 1901-01-25
LONDON PRICES SAGGED
NEAR MARKETS CLOSE.
TRADING WAS EXCEEDING.
LY NARROW.
Absence of Public Interest Caused
Heaviness in New York Mar
ket-Tractions Were Weak.
REPUBLIc sFECTAL


New York, Jan. 24.-London prices showed
scme recovery in the early trading on the
other side, but sagged later, although con-
soils maintained their rally very well. Amer
lean stocks were at one time rather above
parity. with special strength in St Paul,
but this was all lost before the close. Trad
ing was exceedingly narrow in all depart
ments. and it was anticipated that the
functions consequent on the demise of the
Qreen would seriously Interfere with busi
ness- There was no alteration in money or
exchange in any part of the European CEN
tiers. The Bank of England did not change
its rate from the 5-per-cent basis which has
been in force since the beginning of the
year. but the return was a strong one,
showing much improved proportion o. re-
serve to liabilities and larger gain in
gold on the week.
In the local market the opening was fair
ly hard, but prices Immediately commenced
to sag on the absence of any sign Of public
Interest and continued heavy, more or less,
al day. A little selling from brokers, sup
posed to be well informed, started the de-
cline In ST. Paul and Northern Pacific. and
its effect was felt all around. The action
Of the Steel stocks was disappointing, es-
pecially in view Of their strength Of the
previous day. Wire showed some little
strength, but the buying seemed to be pure
ly manipulation, probably with the object
Of getting proxies for the forthcoming
meeting. Mr.. Gates, however, was report
ed bGlllsh on stock.
The close was heavy, although not at low
est, and fair recovery was SHOWN IN me
gsErgers and steel stocks. Consolidated
stock Exchange interests were the most dc-
tive bears in Sugar The Brooklyn Transit
continued heavy and lower, ana II was per
Sistently denied that Pennsylvania would De
reported on the board There was sooo
buying Of Union Paclnc at the lowest ieNels.
but most of the rally came from traaers
covering shorts and the selling. upon the
whole, throughout the day was better thsh
the buying. -, 49,
The traction stocks were weak all oay.
and the reaction was accompanied "
stories that there would be no chanse IN
the directorate at fridays meeting, but this
is not believed By some OF the oesi PoStoo
>uen in the street. Tobacco rose and fell on
fhe prospects OF a reduction III the lhlernai
revenue tax. insiders did not profess theni-
selves very hopeful in the matter; missouri
Kansas and Texas preferred advanced on
pool purchases, and the belief that II had
been taken in hand by the insiders IN MIS-
souri, Pacific The low prices OF ledo III
Europe caused decline in NatfOnal LeaN.
and fears were expressed that the diFidebu
tinue noticeably good, and. from the appear
ance of the market, IL is believed that the
large interests are still on the bull side.
l. il their custom, however, TO snake ouL
q weak long interest now and then. ana IN
anticipation of strength and activity in the
stock at lower prices. The heaviness In
the market caused room operators to look
for soft spots, and they succeeded In Shak-
ing cut few weak bulls in Sugar.