The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-07-17
AMERICANS WERE STRONG
IN LONDON MARKET
RAIN REPORTS BULLED PA
CIFIC STOCKS IN NEW YORK.
Independent Steel Companies Have
Shown Some Strength-Money
Not a Serious Question.
REPUBLIC SPECIAL

REPUBLIC SPECIAL
New York. July 1e.-The London market
opened strong In all departments. and in
spite Of an early reaction the later tone was
firm and was maintained up to the close.
American stocks generally gained ground
with the exception Of the Steel issues.
which, however were we'll supported at the
lower levels. Consols rallied very nearly
point in twenty-four hours and the tone
Of the market was distinctly more conf
dent. The settlement was passing OF with
out a hitch Of any kind. There was no
feature In money or exchange in any of the
European centers.
l. In the local market some little strength
developed in the early trading. and, al
though there were moderate reactions, the
general tone was good. There was every
sign that liquidation had run its course,
and, although the recent decline on the I'M
certainty Of the crop and labor positions
discouraged outside speculation. the general
feeling was In favor Of irmer and quieter
market.
The Pacific stocks generally showed a
IN the corn belt and the favorable forecasts
In this respect OF the Weather Depart
ment. The feeling. was rather bullish on
which both gained ground. It was generally
thought that they had shown undue weak
ness on the report Of damage to the corn
crop. while the probable large yield Of the
steel stocks naturally felt the erect OF the
threatening labor position. but came in for
very GOOD support from what are generally
considered inside sources. The hard coalers
were brought IN strong quarters, but the
possibility Of large strike naturally caused
scattering liquidation.
a, Inc traction stocks have excited atten-
tion. and bulls In these naturally derive
encouragement from the strength they
nave shown throughout the recent decline
OF them are reported to be remarkably
good, the B. r. T. summer traffic in par
usnlar being especially large.
Inc Independent steel companies have
SHOWN some strength and naturally think
that labor difficulties in United States Steel
will throw good deal Of business their
way. Ihere was some attempt to stimulate
ouying IN Wisconsin Central and Chicago
Great Western on the idea that the recent
rate trouble would hasten their absorption
ny larger interests.
Money Is not likely to be serious factor
Tor some little time to come, although the
normal demand for moving the crops is
likely to keep the rate in the neighborhood
OF per cent throughout the fall. There is
plenty OF money In the country and IL is
possible this demand may have been ex-
aggerated. ~
The close was steady, rather under the
best or the day. There was an absence Of
ssnytMng more than investment business
the steel stocks and hard coaIers was sur
hcient to discourage traders raids. Money
was easily obtainable at ~ per cent at the
close. and the comparative weakness in ex
change gave tranquil feeling on that
score Sugar maintained its rally very we'll
and insiders were reported to be safRuine
OF a further recovery. The volume ar frad
Ing was not large.