The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-09-19
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STOCKS UNDERT0NE STRONG,
BUT TRADE is APATHET!c.
MONEY QUIETER, THOUGH
RATES ARE STIFF.
Reports of Steps Looking Toward
a Merger of Gould Interests
Excite Interest.

New York. Sept. 1S-The stock market
maintained its undertone of strength to-day,
out Its trading was extremely apathetic
OUTSIDE OF a spotty assortment of stocks,
whcse show of strength helped to sustain
the general list. The money market was
quieter. but rates were still stiff. Loans
were left undisturbed. however. and no
pressure OF liquidation was forced. The
level OF prices. therefore. was not disturbed
except as the sympathetic influence OF the
strong stocks helped TO harden the market.
The Gould group was the most conspicuous.
Reports of a plan were current with color
or official sanction for an exchange of ST.
Louis southwestern preferred for a Mis-
souri, Pacific bond. This was interpreted
by a speculative contingent as a forerunner
OF the i~ong-expected Gould consolidation
ment late in the day and took the leader
ship OF the whole market.
GOULD'S RETURN.
The return to New York of President
S9nid from a tour OF ~inspection served TO
stimulate the movement. Rock Island made
a much larger gain on a small volume of
9eaiings. The advance was based upon the
decision of the Iowa State authorities that
the Rock Island reorganization pian Is NOS
IN contravention OF the Iowa Law. There
was activity and strength in the curb mar
ket IN contracts for the new Rock Island
securities. The stocks of independent STEEL
companies were strong as a rule. because of
the reports of the extraordinary pressure of
ORDERS Tor all grades of iron and steel prod
ucts, and a degree of activity in production
which Is limited only by the available sun
ply OF material The freezing weather In
the northwest was ignored until the break
IN the corn and wheat market, which helpei
10 stifen stocks. The comparative hesvt-
ness OF some of the Southern railroads may
have heen due to the persistent unfavora,
Die reports from the cotton crop- The
money outlook continued the principal topic
OF discussion in the financial district. There
was nO T1Olcdl ChanRa in the cffrro~f0, -
day. An additional engagement OF half a
million dollars Australian gold was an
nounced to arrive several weeks hence.
BANKS LOSE CASH.
Inc banks continued to lose TO the Sub
treasury. notwithstanding the disbursement
9y that institution on account of October
government interest. the customs coliec-
lions and the deposits for transfer to the
etrest However. the loss TO the
Subtreasury since Friday has reached only
sagos co.; compared with $1,000 for the
thus reduced IT will be seen that nothing of
the needed recuperation of the banks re-
serves has been afforded by the Treasury's
measure OF relief. The fact that the Bank
OF England refrained from advancing its
discount rate to-day was fayorably inter-
preted- But sterling exchange here con-
tnued to harden to 8 full cent above the |
low level OF the week. carrying exchange
Wen away from the gold import point. The |
price OF gold in the. London market was |
ADVANCED. and something over a million dol |
,ars was withdrawn from the Bank of Eng |
ana Tor shipment TO points other than New |
ork. II Is evident that the quiet m1pey |
IN New York is due in no small mart \
TO the constraint upon the speculation at |
me stock Exchange. The market closed |
dull and steady.
Steady. Total sales. par value, s.. 2e0.OO. /
Cnited States r~efunding Is advanced y the
5 Z and the old As Il per cent. The new IS
Il on the last call.
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