New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-09-10
BONDS.
TUE DAYS OPERATIONS IN STOCKS.

Rear traders arc taking advantage of the pres
ent pause in speculative activity 10 nrrls doo"'
a lower range Of values 1t is well fOr 'her III
tercsts that they are alive 10 the current poS''
biu-ies Of bear success, for they arc not ihe'H ~
enjoy many occasions his year when prices ca"
~ ,oo,oriouv decreased Conditions underlying
the stock market have not changed. me ac'ua
worth OF securities is greater to-day imam II was
a month ago decline in market Values al
,his time represents in great part technlca
condtious and a temporary change in specula-
five sentiment caused by passing incidents o'
,,t,Ia real importance An advance in money
rates and the failure Of the ST. PAU directors
e. declare a & per cent dividend are insignificant
as factors IN relation to the actual value o. secu
,i;ias When the market s ripe for another
advance the action Of the St Paul companys
directors will doubtless be construed as DUH
argument And II ought to he so interrreteo
nov The company paid per cent last year
regularly With extra dividends for the hail-
yearly periods so that placing the company on
a regular = per cent basis IL practically an IN
crease in the dividend rate Owing to the posi-
nifty NJ had wears in the future, the decision
not 10 pay OUT its entire surplus IN GOOD years
should he bull rather than a bear argument
on the stock Later on IT will probably he CON
sidered in this light. and II is not unlikely mat
the conservative action Of the directors VIII oe
the beginning Of ST. Paul's probable decline as
speculative issue. The stock Is eligible FOR IN
vestors. boxes St Paul should grow az scarce
as Lake Shore.
Prices declined again Yesterday People who
cannot carry stocks over periods OF market un-
certainty ought never to speculate. Small trad
ers have been warned and cautioned. Higher
money rates are bear arguments. and their
,0oroocb has hee0 dulv advertised. Gold I'M
ports and efforts by the Secretary Of the Treas
ury to place certain available funds at the dis
posal of the banks will relieve the situation
Of danger. but pending easier monetary condi-
tons stock market operations should be engaged
IN with great caution The decline yesterday
was due 70 further selling for the short account
and liquidation among frightened holders and
others who were disappointed over St. Pauls
dividend ST. Paul sold down TO 1885, and closed
at 1884, The rest Of the Granger shares were
CORRESPONDENCE weak. while the Industrials
were very soft and easily depressed. Trading in
ST Paul amounted 10 $1,000 shares. out Of a
total in all issues Of 5I73l6 This stock, with
the other leading Changers, Sugar Refining
American Tobacco Manhattan and the Northern
and Union Pacific stocks furnished the hulk OF
the days dealings
The fear OF a heavy loss in bank holdings In
to-day's weekly statement increased the selling
pressure in the afternoon. last prices, rule,
being near the lowest Of the day. Manhattan
and Metropolitan Street Railway excep-
lions at net gains. The banks marked up call
loans to PEI cent. but the greater part Of the
days business was done at 81 per cent, offer
ines from trust companies being made at that
rate. London reports further shipments of gold
from Australia TO this country