The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-06-21
LONDON BELIEVES IN
THE ST. PAUL DEAL.
STOCK AND UNION PA
CIFIC SHOW STRENGTH.
New York Market Inactive, but
Very Strong-Higher Prices
Expected After July L.

REPUBLIC SPECIAL
New York. June 1.-American stocks in
London were firm early. with special
strength in st. Paul and Union Pacific on
a growing belief in the ultimate consum
nation Of the deal involving these roads.
The market declined later in sympathy with
New York. and the close was weak.
The general market closed heavy. n
consols were fairly steady. The Bank Of
England statement was a good one. and
there wa no change of Importance in dis
counts or exchanges The Paris Bourse was
rather heavy.
London was a buyer in the local market to
the extent Of about 10000 shares. of whcih
1900 shares were In st. Pau. Quite a num-
Der of buying orders were executed In Chi
cago Great Western for New York &C
count.
The local market opened fairly strong.
with St. Paul and Union Pacific quotations
showing an increasing tendency to believe
in q pending deal. No important news on
this head developed during the day. and
the course of prices in consequence was
somewhat erratic. although it IL confidently
believed that something Of Importance Is
pending. Matters have not yet advanced 10
a point where announcement can soon be
looked for.
There was considerable realizing In ANAL
gamated Copper on official announcement
Of completion OF the deal. but insiders re-
iterated confidence In materially higher
prices. The rumor that Iowa Central would
he exchanged for Annapolis and st. Louis
in the proportion OF two shares Tor one
then be guaranteed > per cent by Illinois
Central found believers In rather good quar-
terA
Soon after the opening fears as to the
money situation began to exert an influence.
and there were predictions Of q bad bank
statement on Saturday. The point was
made, however, that the statement might
not reflect true conditions. as 1t was claimed
that large sums OF money received from
other centers had been desposited with trust
companies and would not. therefore, appear
in the statement.
The report presented to the Car ana
Foundry stockholders was received with
satisfaction, and brought some good buying
of the stock. Notwithstanding the emphatic
denials that Tennessee Coal and Iron would
be taken into United States Steel, rumors
circulated. Colorado Fuel and Iron interests
say they do not seek absorption
The rumor that dividends on Southern Pa
cihc might be begun before the end of tho
that Chicago and Great Western and Wis
consin Central will be taken care OF by
some OF the great systems. Inside sentf-
ment IS rather bullish on the Vanierbilts.
particularly Big Foul and Lake Erie and
Western.
Peoples Gas may reject the city ordinance
and insist on better terms.
Wabash earnings were satisfactory and the
regular dividend on the debenture was de-
clared. Mr.. Ramsey was elected president.
succeeding Mr.. Ashley, who becomes chair
man of the board.
In the face of inactivity and lack of public
interest. the market was very strong. Few
stocks came out on declines and there was
a decided inclination to look for higher
prices after July 1. There was some realiz-
Ing In ST. Louis and San Francisco on the
ground that the price had discounted the
rights unless some further development was
pending.
Boston was a large seller Of Amalgamated
the sales being largely against the
new stock to be issued for Butte and Boston
and Boston and Montana Time money rates
were unchanged and money on cali ruled
around ( Der cent.