The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-09-10
GOOD NEWS IGNORED
Flavor of the ST. Paul Dividend
Disappointment
LINGERS IN THE MARKE 7
Drastic Liquidation at the Ex-
penSe of Prices.

fSbSO " iSSOs
New York. Sept. s.-There was further
drastic liquidation n the stock market
today az az expense 10 prices OF stocks
Of between one and TWO dollars per share
in great many cases. disappointment
over the fixing OF TIE 81. Paul dividend
Al only 21z per cent continued the prevail
Ing influence and 10 attention was paid
to favorable developments or 20 the In
dlcattons Of Al easier condition in money.
This was evidently n the nature Of spec
ulaIive proit-taking. and came from an
element that has persisted II the con-
fdence that prices were N for further
advance 4 great part OF this confidence
has been based on the sUpp0s-tiOn that
the ST. Paul dividend would De increased
and would awaken general activity and
Widespread outside interest. as was the
case with the increase IN The Burlington
dividend There was q short-lived period
Of hrmness to prices early in the d4y.
This movement was encouraged by the
failure Of the London market TO reflect
any violent depression On account OF the
St Paul dividend. but tina advance IN
prices was met oy continued heavy o1er-
ings and by noon the movement 10 the
hold-over stocks was in full force again
and prices were tumbling throughout the
list. Early gains in a few special cases
were almost conn ie,eIy wiped out Among
these stocks which have recently been
subject 10 attack on account OF individual
causes Of weakness there was q notice
able hesitancy on the part OF the bears
tan and Brooklyn Transit were cOnspicu-
Gus examples and there was also some
disposition to apply the ultra-conservativs
standard adopted by the St Paul direc-
tors TO some other properties which have
made more liberal disbursements OF eX-
banded earnings. and 10 question some
what the integrity OF the dividends thus
established. The distinctly easier tone OF
money in the afternoon brought recovery
IN prices, aside from that due TO cover
ing by the room traders.
How far the easy tone OF money is due
10 the increase in new government bonds
available IS security 10 release cash from
the treasury and how far 10 the contrac-
ton OF loans incident 10 the stock mar
ket liquidation itself IS not clear. The
reduction Of the call loan rate 10 per
cent resulted IN the steadying Of the for
G4EilN cALA4dAA6C GAAA q NAAC'~e ~ N-@~ 60
vance of the London money rate. New
York banks continue TO lost cash very
heavily 10 the suh-treasury and the ship
rnents Of currency 20 the interior show
large increase over those OF last week.
Total sales OF stocks today were SO. 700
shares.
BONDS.
The bond market showed the effect OF
liquidation. though TO a less degree than
in stocks. Total sales were 100000.
United States twos advanced Il. and the
new fours u per cent, while the threes,
when issued, declined Il per cent IN the
bid price. There were large dealings in
the threes at from 1914 down 10 1854 at
the close. New fours. registered and cou-
pom, 127 tours, 1l014: coupon, Ills; twos,
ss1a; fives. registered and coupon. 11214;
threes, 1855; Pacific skies OF 'Se. l021z.
FOREIGN STOCK MARKETS.
New York eSpt s--The Evening Posts
London financial cablegran says:
Except for Kaffirs and West Austria
Ian mining shares, which are booming.
the stock markets here were quiet and
generally duh today. The leading stocks
we're somewhat depressed by Cretan az
fairs.
Americans were fat on the ST. Paul
dividend. closing near the lowest II is
generally believed here that the 81. Paul
company could have paid a much higher
dividend. and the policy Of a large carry
forward is regarded as a not too hopeful
omen for the future.
The London discount rate Is l 1I-1S1
"a. and decidedly firm on the New York
demand for gold. I; IS reported that gold
IS TO 20 to New York direct from aJpaa
IN addition to other shipments from Aus
tralia. but I cannot confirm this
London, Sept. s.-Spanish fours closed
at Az.
Paris. Sept. Spanish fours closed at
r5l Business on the bourse here today
consisted chiefly OF transactions in gold
mine shares. receiving the impulse from
the Lordon market. and the prices rose
RAPIDLY. Turkish securities reIapsed, ow-
ing 20 the disgusting news received from
Crete.
Berlin. Sept. s.-Foreign securities were
depressed on the boerse here today. This
was notably the case with Spanish f0urs.
which declined materially. IN view OF
the confusion existing in Spanish inter
nal politics. Industrial securities rallied
gua~.Iy on covering and there was lively
bidding FOR Canadian Pacific.
LOANS AND EXCHANGE.
Nav York. sept. 9.-Noney On call firm
A. 81 per cent; prime mercantile paper.
47rl. Sterling exchange heavy. with
actual business in bankers bills at q ~.
14Sr1 for demand and az 81 ~. 5zf7
for sixty days Posted rates. = sslz9 81
Commercial bills. s4s-G4siiz- silver Ger
t.Aca,es. go. ases. Bar silver, 90 Mex
lean dollars, ia
REVIEW OF THE WEEK
New York. sept s-Brafs-rset's auan-
cal review tomorrow XIII say
Speculation has again been -rregu. A. cu-
rig the week Just ended. and professional
iuarsrces zsrs apparent Throughout "a
contrast zlth the recent activity &C The
or-=55e pu5Hc TIE rss - tls money
make. has created caution, although the
feeling Is mat gold imports. or action
bv he government 20 c1sck Is accD a.
tor q funds. viii prevent s1y strirg=ncy.
The sharp decline o. foreign exchange -
~ ire with THIS v.sw as regards e. :
s-73o-ts and engagements q -2e~s for
American account have been Announced
N T,r-Eon - the amount q Jess t1a1
49, 80 bounds. Tzis IS considered t1e
asrsr-frz q what nay prove a 5eavF
Increment e god IN tnls direction Ire
ez-- tna- during tas early part q ere
-aek london Ezs large purchases x
an stocks was ASP a fzF5rshls factor.
.s--rs~e IL seer1s tHat some C tAs SaglzZ
zzs q s-ec1. stsFe = u. U1.c1 = sDt
~ change suddenly. T5eTs vas a. al
ss~ce 4 any untsro-s5le ce~sl0p-1ss g
r. -ss xs-a-zi stszztf01. apart from ire
-%.s ---- as -re- 2 2