The age-herald., 1898-09-10
In Wal Street.

New York, September 9-There was fur ther drastic liquidation in the stock market today at an expense to price of stocks at between $1 and $2 per share in great many cases. Disappointment over the fix ing of the St. Paul dividend at only 2h per cent. continued the prevailing influence and no attention was paid to the favorable de- velopments or indications of an easier con- dition in money. The selling was evidently in the nature of profit-ta taking, and came from an element that has persisted in the confidence that prices were certain of a fur ther advance. A great part of this econfi- dence has been based on the supposition that the St. Paul dividend would be in- creased and would awake general activity and widespread outside interest as was the case in the increase in the B. SS Q. dividend. There was a short-lived period of firmness to prices early in the day on demand to cover some of the shorts put out yesterday. This movement was encouraged by the fall ure of the London market to reflect any vio- lent depression on account of the St. Paul dividend, but the advance in prices was met by the continued heavy offerings and by noon the movement to throw over stocks was in full force again and prices were tumbling throughout the list. Early gains in a few special cases were almost com pletely wiped out.
 Among those stocks which have recently been subject to attack on account of 1n- dividual cause of weakness, there was noticeable hesitancy on the part Of the bears about putting out short lines Man haitian and Brooklyn Transit were consplc- uous examples. It was in fact evident that fresh commitments the short or long side were not in order, and the activity or the market was almost entirely liquida- tion, pure and simple, due to the hardness of the money market. There was also some disposition to apply the ultra-conservative standard adopted by the St Paul directors to some other properties, which have made more liberal disbursements of expended earnings, and to question somewhat 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 covering by room traders. The bond market showed the effects Of liquidation. though to a less degree than in stocks. Total sales $4000,OOO. United States 2s advanced half and the new IS a quarter, while the 3s when issued de- clined one-eighth in the bid price. There were large dealings in the 3s at from 105R down to 105A at the close.
 New York, September 9.-Money on call firm at 21a@4 per cent; last loan 8. Prime merCdOtil0 pdpST 4u412 pSi SCht. oeciiihS exchange firm and with actual business in bankers bills at 4S44d d4S41s for demand and aS21a@4S2% for sixty days; posted rates 4S31A, 4S51s and 4S6. Commercial bills 4S1Q 4S1b. Silver certificates, 60H@61. Mexican dollars 46A. Government bonds irregular. State bonds dull. Railroad bonds easier.
 Financial
 New York, September 9.-Evening Posts London financial cablegram
 Except for Kaffirs and West Australian mining shares, which are booming, the stock markets here were quiet and gen. erally dull today The leading stocks were somewhat depressed by Cretan affairs. Americans were flat on the St. Paul divi- dend, closing 1 cent lower. It Is generally believed here that the St. Paul company could have paid much higher dividend and the policy of a large carry-forward Is re- garded as a not to hopeful omen for the fnture.