New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-09-12
WEEKS OPERATIONS IN WALL STREET

WEEKS OPERATIONS IN WALL STREET.
St Paul directors did not declare d" per
rent rni-annual dividend last week ana money
rates advanced TO higher level AROUND these
,ro factors centred speculative attention. Their
Significance as a market influence can be reauliE
understood when 1t is remembered that many
snecuIators made ventures on the assumption
,ha, O. Paul's rate would be Increased, ana
tho nrice Of money remain at a lower figure
than that which the quotation actually reacheu'
II is ridiculous however. TO assume that the &C
ton Of the ST. Paul directors and the advance
in money rates will permanently change 'he
course Of the security market professional SCI"
,iment is disappointed The idea that 81 faul
yould receive higher dividend has been care
fully nursed for the last fortnight, ana VISIONS
Of a speedy resumption of the bull movement
&C tho result of a higher dividend have been
general 1t is doubtful. however that an al
vance in 81. Paul's rate would have caused a
material change in prices. for the money mar
ket has been distinctly against active Dun
ejaculation and is likely to remain so until
GOLD ,rnnorts relieve the situation. 1t is nara 10
toll IN what extent a reaction based upon pro
fassional disappointment will run. In the pres
ant case the market has been pretty Thoroughly
cleared of weak accounts. stocks are IN suohe
hands and the short interest is large. sun
stantial operators who have important interests
o. staka are not worrying the monetary
situation. and investors and men with large
financial backing good buyers on all oe
clines. 80
The decision of the st. Paul directors is pu"
argument and as such ii Will soon he recoe
n,7ed 81 Paul is now regular per cent
stock and at It's present price Is not dear 1t
NAV not increase in popularity with SPECTATORS
roll c0rpOTdtiOn
annronriate all its available funds for the pay
mont NJ extrayagant dividends, but II certainly
viii grow in favor with investors who DO not
concern themselves with passing market hucou
ations The St Paul directors are not stocN
iohbers Fortunately for American investments
the men in control of the greater numoer oi
American railroads are not conducting 'he"
nroperties in the interest Of stock specula'oIS
who care little about the actual merit OF the
security in which they deal ST Paul sou d.
~ In the week. closing at l03is. 81. fauI d.
an investment has not declined in value opecu-
,otve sentiment alone has changed. This con-
dition of mind win not last for any length vi
time. and before the year is over SPECTATORS
who sold St Paul at 10 will doubtless be buy
tho Z, at 100 This is a period Of legitimate
dividend EXPANSION. of intelligence. honesty ana
ohu,,v in corporate management. as instanced
In tho ST Paul decision and the declaration OF
4 nor cent on the Atchison adjustment bonos III
the week.
The Treasury Department has planned meas
ures OF relief for the money market. which, with
gold imports will prevent stringency. NO Iegltl-
mate interests will suffer from the ADVANCE III
,oonev rates and the current situation IS not
serious or alarming enough TO fr1ghten conndeh'
holders Of stocks into selling Healthiul con-
ditions are responsible for the present money
market position. and the very fact that money
q, IN hotter demand should prove encourag-
INC tonic to sentiment and prices. heavy pay
,,,or,s IN the Treasury on war bonds and an In
creased demand for funds in connection with
N. crop movement have advanced rates for call
loans from 11aG2 per cent to 394 per cent. but
along with this advance sterling exchange has
-auan IN q point at which gold can be imported.
landau is we'll supplied with money at present,
ord on active money market here will, owing 10
,ba close financial relations between New-fork
ora Jondon receive relief from the last-named
ce,tre Foreign trade figures show the strength
NJ this country's financial resources, ana whlie
The Treasury has taken considerable part
from hank reserves the recuperating forces pack
~ the banks are too we'll understood TO ADMIT
q fear of stringent rates for money
The market for securities closed lower last
week Many operators took advantage OF the
ruling conditions to hammer prices, and were
successful in causing liquidation among weakly
margined holders. Holders of this class nave
been warned and cautioned against higher
money rates and have been frequently Informed
that a bull market has its setbacks and days OF
uncertainty. Foreigners were heavy buyers on
the decline also local investment interests SEN
timent is still optimistic over the future OF
values IL would be strange IL 1t were other
wise when the real factors underlying intrinsic
worth are taken into consideration. Trade re-
ports show larger volume Of business than ever
before recorded. Good stocks are worth holding.
Cheap stocks of merit Will be taken hold of
when the bull movement starts again. The pres
ent market requires patience on the part OF
holders
BANK EXCHANGES AND STOCK SALES
The bank exchanges OF the New-York Clear
ing House and the stocks sold at the New-York
Stock Exchange last week and for the same
week of the preceding two years compare as
follows:
Sept, ~ '96 Sept. II. '97 Sept. 10 '9s
Exchanges .sas0 2ss $40 S692 cal O3l $3.50 or
SnmSer shares sold s59isi 2e5e45 2l2se5,
GOVERNMENT BONDS.
Government bond quotations compare as fol-