The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-06-05
DEALS CONDUCTED ON
CONSERVATIVE LINES.
USUAL RUMORS FAILED no
GIVE MARKET TONE.
Sugar and Tobacco Stocks Dull
Bright Outlook for Steel Is
sues - Hard COalers Active.
REPUBLIC

REPUBLIC SPECIAL
New York. June A.-The London market
was irregular and. after strength In the
early trading. American stocks lost ground
Closing rather weak. 1t was said that
Ar. Gates and his friends who had been On
the bull side there had been taking IN
profits The general market was heavy and
consOls lost y per cent at $3.50. The feel
Ing. however. was better than q fortnight
ago and there was more disposition In the
public to trade. Money was easy and 1t
seems probable that the Bank OF England
VIII reduce its rate to 3la per cent and pos
sibly to 3 per cent in the near future. b
plentiful supply OF American gold las
strengthened the position Of the British
banAs.
In the local wheat market there was very
heavy realizing and sppreciable recessions
In mcst Of the active stocks in the early
Part of the day. Later it was plain that
the sales had Veen merely to take profits
while there was good support in all Depart
ments from the important interests OF the
street. Southern Pacific had q marked ad-
ments which would place 1t upon a dividend
paying basis. The consolidation cumors
current were somewhat contradictory end
q story of the taking over Of Atchison by
Union Pacific and Southern Pacific did not
obtain much credence. The Gould stocks
were a little neglected and sasged on small
~Sp ~S S.AJ A,AeS Win RBoA
entity in the Wabash issues. The Vandsr-
bilt stocks were dull and nobody paid much
attention to the reported plans to CONSOLE
date the various roads controlled by This
interest.
The American Sugar dividend wa un-
changed. as all the authorities In touch
with the inside had predicted. There was,
however, a fairly large following, who had
bought stock on Mondays manipulation
with an expectation Of an advance In the
rate. and the realizing of this caused a.
marked recession.
Tobacco stocks were curiously dull, in
spite Of the reported consolidation Of the
various properties, under the universal to-
bacco company's control. There is talk Of
an exchange of bonds against the stock of
American and Continental Tobacco, but the
public seems disposed to hold OF until it
can be estimated how much additional
water will be injected into the new concern.
The steel stocks continued firm and were
We'll bought on any recession. The preferred
dividend should be declared the first week
in July. and. after the enormous clerical Ia
Dor involved in its distribution Is over, we'll
Informed authorities arc inclined to expect
q declaration on the common. By all ac-
counts the earnings are sufficient to tusti-
fy 4 and even s per cent
Tn Government crop report Il rather un-
reported. and in the States Of the Lower
Missouri Valley winter wheat has suffered
q good deal from drought and fly.
Remarkable strength in Southern Pacific,
Ontario and Western, and the hard coalers
led to q smart recovery all round, and the
There was particularly good buying in the
hard coalers. on which the Morgan follow
Ing was reported to be especially bullish.
The volume Of trading showed some reduc
ton. but continued very considerable, with
very tatr commission business.