The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-03-12
WALL STREET RELIEVED BY
STEADINESS AT LONDON.
BRITISH DISASTER HAS LESS
EFFECT THAN EXPECTED.
Shorts Cover Quickly and Rest of
the Day Is Devoted to Trad
ing in S~pecialties.

New York. March u.-WaIl street. senti-
ment experienced a sense of relief when the
reports of the early London market showed
that powerful support was accorded the
Kaflr market there, and that very little
damage had resulted elsewhere from the
shock OF the capture by the Beers of Cen
eral Methuen. The price of British consuis
yielded only a shade. which was probably
the most accurate index of the real gravity
OF the event in its influence upon British
financial affairs. The revised reports OF the
output of gold from the Witwaters and for
February is probably of more real impor-
lance at this stage Of the war. and its show
ing may help to explain the Indifference Of
the London market to the Methuen disas-
tar. According to this report by the Trans
vaal Chamber of Mines. 81. 405 ounces of gold
were taken out during February. with TO-
$40 in January, 5S.S97 in December and no
more than 3s.Gso In November.
Gold Output Is Increasing.
Ths rate of resumption of the gold output
means much to the foreign financial world
and Indirectly to New York. while it is
called upon to supply European deficiencies.
due to the cutting or the South African
supply Of gold. The calmness of the Lon
don market led to some covering by shorts
in this market. which were put out late yes
terday in hope Of covering at a profit on
London selling this morning. There was
renewed movement IN some OF the MINOR
epecialties which have been the favorites
for some time past The news of the de-
post at the Subtreasury Of Sl.25o,Oo IN gold
for transfer to San Francisco on account OF
the traction merger called renewed lt.cu-
tion to our own domestic money situation
= he selling movement which followed threw
the market into irregularity for the rest
Of the day. The earlier gains We're general
~ wiped out by the first selling on this
news, there were some subsequent recover
ies. but the market closed heavy N tone and
without animation
Market Loses to Su~btreasury.
Without counting to-day's transfer to
San Francisco. the markets loss to
the subtreasury since the last bank
ments Of gold for which aymen was
Z. %ao a.ss,.Soo ' The rate '1 for New snG Yors
exchange at Chicago. however. which
has been at. a discount. rose to
par. But foreign exchange rates. which
the question Of additional gold exports is
thereby ~reopened. OF the days special
movement that in the Colorado and South
ern stocks. continued notable. Manhattan
was firm on the report Of large earnings.
Unconfrmed rumors were still heard Of a
consolidation Of Mexican railroad inter-
ests. Chicago terminal stocks were ad.
venced on reports Of buying In the interest
Of Baltimore and Ohio. The Wisconsin
without specific explanation. The strength
in Peoples Gas was due to reports OF
measures to contest the 75-cent gas ordi-
nance in Chicago. There were a few other
which. were not fully maintained.
Bonds were rather dull and irregular.
Total sales. par value. $2.965.0o0. United
6fates honds were unchanged on call