St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-09-22
FINANCIAL.
New York.

NEW YORK. Sept. 2l.-Rock Island
was the feature of speculation on the
stock exchange today. There has been
a question DIS to the action of directors
to the dividend of the current quarter
which was regarded as settled this
morning in favor of the usual l per
cent. As it proved, there was no basis
existing for this belief, but the short
interest which had sold on the basis of
a reduced rate of dividend fastened to
cover. The room traders also bought
and the combined purchases caused an
advance of y to 30 s. When the stock
had reached this point there were
rumors that tine director $ meeting
would 90 over until tomorrow, and the
price Sagged Oft fraction. Soon after
noon the announcement that a dividend
of p of per cent had been declared
reached the exchange, and final de-
termlned assault WAS made Oh the
shares. Tha buyers of the morning
threw their stock on the market, and
bears put out fresh lines of shorts. A
steady and at times sharp decline re-
suited, which continued up to the close.
the last being the lowest price of the
day,5 per cent from the highest figure of
the morning and s. below yesterdays
closing sale. The scale of the dividend
rate should not have been regarded as
unexpected, President Cable having
only a short while ago made state
ment in which he set forth the unfavur-
able business prospects of the COM
pany, and while making no reference to
the dividend, clearly foreshadowed
today's action, which is in full accord
with the uniform policy of the Rock
Island company, not 70 declare divi-
ponds that are not earned. Three years
ago the rate of dividend was reduced
to % per cent for two sue
cessive quarters without any break
II the stock, which soon followed
the first reduction, and there was a
steady recovery thereafter. The other
grangers in today's market followed the
course of Rock Island as a sympathetic
movement. for there would be develop.
ment to affect them; possibly fear lest
precedent should he established might
have caused the selling of these shares.
st. Paul opened g lower, rose g, de-
clined "a. Baltimore q Ohio rose 3
and sold down 2S; Northwest advanced
"a and fell of ~, ali three closing at
the lowest of the day. Sugar, as usual,
was most active in the dealings, but
only participated moderately in the
speculative movement, making de-.
cline of "A per cent on the days trans
actions, the preferred recording a
decline. Chicago Gas tiuctuated within
a range of l Is per cent, declining % in
the early deallngs, selling no rs and
reactng Is, scoring net loss OF 4 per
cent. There was a firm undertone to
the trading in this stock, and this was
well supported during the break in the
general list. The market at large was
firm at the opening, but became de-
pressed in sympathy with the break in
the grangers, and closed heavy at or
near the lowest of the day. The prin-
cipal declines are:
st. Paul IL Duluth. National Linseed,
q; Union Pacific, Missouri Pacific,
Northern Pacific preferred. e, and
American District Telegraph, 4. Some
of the specialties moved Independently
of the active list and showed gaius on
the day, including Toledo Il Ohio Cen.
trail 5s, Adams Express, n; Oregon
Navigation. ~; Lake Shore, Is. and
Pittsburg. G., g., Z. IL ST. l.. preferred
and Louisville 81 New Albany preferred,
per cent.
Tine bond market was not affected by
the depression existing in the short list,
but was firm throughout the day. In
most of The securities traded in advances
were recorded. -otably in New England
6s, So per cent; Louisville IL Nashville,
New orleans ~ MODlle nrStS. l.; South
ern q Northern Alabama consoi guar
anted 5s. 81; Toledo, Peoria u Western
| iirsts, u; Toledo IL Aun Arbor tirsts,
| 15s; National Starch trsts, IL; Erie
second cansols, Seattle, Lake Shore &
! Eastern tirsts trust receipts. per cent.
| Declines Chesapeake IL Ohio IS and
San Antonio d Arkansas Pass 4s, |;
Minneapolis & st. Louis firsts, l. South.
western EXte isiUn sou at l5S, against
149 on Aug. 20. That sale being also at
an advance OF 9 per cent.
The Total Sales Of Stocks
today were 230.212 shares, including
| American Sugar, 1880; Burlington.
1850; Chicago Gas, 27.7OO; ID. c. f.
ESQ; Gcnefal Electric. $500; Louis.
| Vile IL Nashville, 1900; Northwest.
erp. 2.400; Reading. 1900; Rock Island
$4,000; 81. Paul, 27,4OO; Western Union
$500.
MICHAEL DoRAN. JAMES poRAN
M. DORIAN & CO..
Bankers snd Brokers,
| 3Il Jackson ST.. st. Paul, MINI,