Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-09-08
FINANCE AND TRADE
Lower London Quotations Adversely
Affected Prices.
BUT An ADVANCE CAME LATER
Good Effect of St. PauTs Annual
Statement.
GENERAL MARKET REPORTS
'pecinl Dispatch to The Evening Star.

special Dispatch to The Evening Star.
NEW YORK, September S-The course Of
prices during the initial trading In today's
STOCK market was adversely influenced by
lower London quotations and the celebra-
ton of the Hebrew new year The latter
event was reflected by a general contraction
IN the volume of business. 1.-The Arkansas
election, while exertiRg a sentimental in
nuence, was scarcely a factor
No significant concessions were recorded
during the period in which these factors
were especially pronounced, the selling
being entirely by the room. Later devel-
opments were of a decidedly encouraging
character. St Paul's annual report TO June
30 being especially significant. A SURPLUS
OF s2,6ls.92 IS reported over all CHARGES
ana dividends, against a deficit of S4u2 .3k
TOT the same period in 1885. The earnings
on The common stock of the company are
shown by the figures submitted TO have
been 49, per cent.
The next semi-annual dividend disburse-
ntent is likely to he = per cent although
some sentiment favorable to a rlor,. lib,
efal distributor rs known to exist. The
declaration OF the regular quarterly diyi.
uehd on Manhattan, payable Oct Dber l.
was announced during The morning and
fcrced sharp covering of short contracts
The action of the stock for the past ten
DAYS furnished almost conclusive evidence
OF determination 10 continue the per
cent basis notwithsta nding the uafayorable
statement previously submitted.
The recommendation for the regular dis
bursement on Western Union was made ny
the executive committee. ana will likely be
confirmed by the directory tomorrow
These announcements are expected to have
continTilg influence for good on the
main situation
The policy of continuing fixed dividend
rates through periods of decreased earnings
may be questioned perhaps, but Tn the pres
ent instance such a continuation of es-
tablished rates IS taken to mean renewed
confidence in future prosperity. II the fu-
ture holds out encouraging assurances of
success, dividends earned in the past may
De drawn upon to cover the deficiencies of
the present without prejudice to the prom
erty interests Of the shareholders in cor
porationS controlled by SuCh a policy AT
time when depression and stagnation
dominate all business circles, owing to The
paralytfc influence of a monetary revolu-
ton, the confidence of large corporations
in the outcome of present disturbances Is
particularly gratifying.
Inc foreign exchange market was re-
ported to be dull and void of noteworthy
feature The resumption of gold imports
Is considered probable in the Very near
future, however and Will exert its usual
influence on prices.
The best prices Of the day were those
IecoFded during the first hour of business.
IL is hoped that London will respond TO the
favorable st. Paul report by becoming a
buyer OF its fayorite security during the
early trading tomorrow morning
Traders, conceding this prospect prohsbla
covered outstanding short contracts. and
We're disposed TO buy moderately for a
quick turn The renewed strength of Sugar
had good effect on the general market.
ana contributed materially to the success
of the upward movement during tbs lata
aitrnoon. The professional character of
the market continues to be the greatest
argument against continued Improvement.