The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-03-08
LONDON STOCK MARKET
GENERALLY STEADY.
CONSOLS RULED RATHER
HEAVY,
Much Realizing in New York on
Stocks Which Have Recently
Showed Great B~ullishness.
SPECIAL,

REPUBLIC SPECIAL.
New York, March 1.-The London market
was generally steady to-day and in the
American department some little strength
was shown in Northern Pacific issues and
other grangers, but beyond this there was
little feature. The Continent was to some
extent a buyer of American stocks. The
Bank of England rate was unchanged and
the return was a good one. showing a high
er proportion of reserve to liabilities and a
substantial gain of gold on the week. Con-
soils were rather heavy. There was no
change in any of the European discounts
or exchanges of sufficient Importance to az
feet the money market. The South African
news was rather reassuring and he'd a ia
vorable effect on Rand shares. The money
outlook was regarded as all right.
In the local market the opening was with
out q special feature, but with evidence OF
realizing in a number of stocks in which
this sentiment had recently been very bull
Va. Union Pacific, Louisville and Burling-
Abn declined from this cause. and Shelters
were conspicuously weak. Chesapeake aud
Ohio was bid up on the earnings and the
prospects for an increase in coal rates on
April i, as well as rumors of an increased
dividend and pending changes in the man
gement Atchisons showed strength, and
rImors were current of buying for control
" I'LL lld ool IA " ASSAh
ed in good quarters.
A great deal of interest was manifested
in Sugar, where 1t was believed the bull
and bear parties were each very powerful
and pretty well balanced, AND the tendency
was to await developments Father than to
trade either way except for very short
turns. Rumors were reiterated of settle
ment of the trade difficulty. ard although
surface indications would sustain this view
the bears confidently asserted that har-
mony had not been arrived at in the trade.
st. Paul was a feature of strength. the
advance being based or expectation of an
increase in the dividend. to be announced
within the next few days An effort was
made to depress Burlington, a prominent
Broad street operator being credited with
operations on the short side. but the stock
was well taken.
people in close touch with the company said
that on the earnings alone, without taking
account OF rights which will accrue TO
stockholders later, the value of the securi-
~ amply %justifies the present price. Man
haitian was advanced sharply on the near
approach Of electrical equipment and the
and Texas preferred. Shelters and Tennes-
see Coal and Iron were advanced on the
shorts. TIL last-named company Is said to
be doing n largely increased volume of bust
\ess. as we'll as receiving higher prices for
in product than was the case in January,
the month covered by the last statement.
AhClC was litaS oloppSitioi " bout- ~ liC
certificates OF the steel stocks, which have
been admitted to the unlisted department.
Republic Iron and Steel, however, which is
not in the combination. showed pronounced
strength.
The close was firm. with sentiment decfd-
eddy bullish. Amalgamated Copper con-
tinued an uncertain feature. traders SELL
ing freely whenever the stock approached
par. The advance in Republic Iron and
Steel was due to the belief that the com
pany might be taken into the United States
Steel Corporation. A similar rumor was
circulated in regard to Tennessee Coal and
Iron. but in the latter case. at least. 1t
would seem to be groundless. The market
for time money and commercial paper was
quiet, with no change in the rates. The
foreign exchange market was somewhat
weaker.