The age-herald., 1898-09-09
m Wal Sfrea'

New York, September S.-St. Paul made the market this morning and broke it this afternoon. Trading was a small scale during the day and all interest centered in the meeting of the St. Paul directors to act on the dividend Rumors fixed the dividend rate on the common all the way from 21a to 3R per cent. There was large buying of St. Paul here for London &C., count and there was very active trade on the London curb after the close there according to cabled reports. The price was rushed up to 115 without any attention being given to warning statements that very powerful interests and directors rate were opposed to anything more than the 2b per cent rate. The eager bulls pointed out that the recent increased Burlington dividend as kept enshrouded in the same mystery up 10 the moment of its oec- laration when the stock led a violent up- ward movement. The showing of the company for the last fiscal year was cited as confirming the confidence in an increased dividend disbursement, the earnings applicable to the common stock, having amounted to SID per cent. after extraordinary heavy eX- penditures for improvements charged to operati ting expenses. When the announce ment came at about 2:30 p. m. that the oi- rectors had made the sem-annual dlvl- dend only 2A per cent. the price dropped except for momentary pauses at eacn even numoer to 110A, which was 4% below the best Numerous blocks of many thousand shares were thrown on the market With precpitate eagerness and the marhel speedily took on panicky conditions ROCK Island fell in sympathy points, Burllng- ton points, Peoples Gas 21a, then Paclhc preferred 21s and numerous other stocks, both in the railroad and industrial lsts De-
 
 quick rally of 1 to 1hz per cent. in those stocks which suffered most severely, put St. Paul was kept back by apparently end less offerings about Ill and closed nomln- ally B above the lowest with very "eaA tone-
 1he decentralization caused by the break in St Paul came on a market showing con siderable strength and at lev materially above s-yesterdays close. Most or tn's strength, however, was due to the carry advance in St. Paul, but sharp recovery in sugar and some other stocks which had shown early weakness was an advance or nearly 5 points from the lowest in Metro politan Street Railway were also factors. The rate for call money after going to per cent. again eased off to per cent. under the influence of the engagement or $40O, 900 gold for import and the prospective measures for relieving the money market by the treasury department. The heavy ln- crease in the amount of government bonos deposited to secure public money showed measures of relief from the constant ab- sorption by the treasury of cash for bond subscriptions.
 The dulne $ of the local money market shows the conviction that the present stin- ness of rates will not long continue. On the other hand discounts hardened today Tn London Monetary conditit a. however, were entirely lost sight of on the late de- moralization of the stock market.
 Bonds were dull most of the day, but yielded in sympathy with stocks in the late trading Total sales $2,9OO,0Oo United States C, 4s registered, the 5s and the 3s when issued advanced A per cent. bid.
 Money on call firm, 21ac631s per cent; last loan, 3 per cent; prime mercantile paper, 4d4h per cent; sterling exchange heavy, with actual business in bankers bills at $4s4A6D4. .S415 for demand and at $4.S2tag4.S29 for sixty days; posted rates, &.S31a@4.S4 and S4s51a@4 S6; commercial bills, $4.S1s@4. Sl& ; silver certificates, 60Ac@60%c; bar silver 603sc; Mexican dollars, 40%c. Government bonds strong.
 State bonds dull.
 Railroad bonds firm.