The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-09-09
81. Paul DIVIDEND
Is the Center of Interest in the
Stock Market.
MAKES IT AND BREAKS IT
Disappointing Announcement
Is the Unloading Signal.

New York, Sept. S-st Paul made the
market this morning and broke *. TIE
| trading wss not on a Large scale during
the day an dali interest conferred in the
meeting Of csie ST. Paul directors to act
on the dividend. The ..uusor fixed the div
| i6ead rate or the common all the way
from "a to 81 per cent. Those who said
It would be ~ found little credence and
| t h continued firmness Of the stock in
| the face OF the recent heavy tone OF the
market and the confidence and heavy buy
| ing OF the early hours Of today seemed to
! Justify this incredibly. There was large
! buying Of St Paul here for London ac-
count and there was very active trading
| on the London curb after the close there,
according to ca,bled reports. The price
was rushed up TO lis without any atten-
| ton being given TO warning statements
1 that very powerful interests in the direc-
! torate were opposed TO anything more
| than the IL per cent rate The eager
| bulls pointed out that the recent increase
in the Burlington dividend was kept en-
/ shrouded in the same mystery up 10 the
moment Of its declaration, when the stock
| led violent upward movement. The
showing of the company R,r the last fiscal
| year was cited as confirming the conf
dence in an increased dividend disburse-
meut the earnings applicable TO the COM
mon stock having amounted 20 $40 per
cent, as to extraordinary heavy expendi-
! lures for improvements charged 60 oper-
ating expenses When the announcement
came at about 2:2o p. m, that the direc-
tors had made the semi-annual dividend
only Pr per cent the price dropped with
out check. except for monetary pause at
each even number, 10 I10A, which was 44a
per cent below the best. Numerous
blocks of many thousand shares were
thrown on the market with precipitate
eagerness, and the market speedily took
on a panicky condition. Rock Island fell
in sympathy three points, Burlington
points, Peoples Gas 21a points, Northern
Pacific preferred 21s points and nuuler-
Gus other stocks, both IN the railroad and
industrial lists. between l and points.
There was quick rally of I TO II per cen
in these stocks, which suffered most Sc
verely. but st. Paul was kept bavk by
apparently endless offerings about II and
closed only rs above the lowest with a
very weak tone The Generalization
caused by the break in St. Paul came on
a market showing considerable strength
and at a level materially above yester-
days close. Most OF this strength, to be
sure, was due 10 the early advance in ST.
Paul but a sharp recovery in Sugar and
some other stocks which had shown early
weakness, and an advance Of nearly
points from the lowest in Metropolitan
street railway, were also factors.
The rate for call money, after going to
per cent, eased of to 3 per cent. under
the influence of the engagements of $500
600 gold for import and the prospective
measures for relieving the money mar
ket by the treasury department. The
heavy increases in the amount of the gov
eminent bonds deposited to secure public
money showed measures Of relief from
the constant absorption by the treasury
o fcash for bond subscriptions. The
duilnesss Of the local time money mar
ket indicates the conviction that the pres
ent stiffness Of rates will not long con-
tinue. On theother hand, discounts hard
ened today in London. Monetary condi-
tons. however. were entirely lost sight
OF in the late Generalization of the stock
market.
Total sales Of stocks today SIS, 500 shares.
BONDS.
Bonds were dull and firm for most Of
the day. but yielded in sympathy with
stocks in the late trading. Total sales
were 81. 900 900.
United States old fours registered, the
ffves and threes, when issued. advanced
4 per cent in the bid price. Threes 1854
new tours registered and coupon III; tours
10 coupon III II: twos registered sS: fves
registered and coupon 10; Pacific skies Of
SO, 102 -.
FOREIGN STOCK MARKET.
New York. Sept. s.-The Exening Posts
London financial cablegram says:
The stock market here opened At to F.
day. Consols and most other stocks were
offered. but the fall was most market in
Americans. which were freely sold on the
decline in New York exchange and on the
belief that dearer money is at hand in
New York. The decline. however, was
short lived and the general smart recov- .
cry which mas taken place al around
confirms yesterdays cabled statements
as 70 the strong undertone OF the mar
kets.
panied by rumors that the s.. Paul CON- .
pany viii declare go didident and DO f
nus. Mainly on this report and the big
arbitrage holders picking Up stocks, 4
prices closed firm.
a sharp drop in Portuguese securities .
on the Delagoa Bay report IS stil be- 4
Heved in many quarters and tire upward +
movement n Kaffrs we're again features. /
Berlin. Sept. S-Apart from the srmaess I
Of Spanish foUrs. international securities +
were duh being unfavorSbly Influenced .
by the rioting in the island OF Crete.
Local securities declined on reaUzadoas.
Canadian Pacific securities were IL good .
demand early in the day. owing % TIE
sttlement OF the rate var. but they az
forwards reacted on profit taking. North
e-n Pacific securities we're weak