The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-09-09
The Stock Markets.


NEW YORK, Sept ST. Paul made the
market this morning and broke it this after
noon trading was not ON a large scale dur
ing the day, and all interest conferred in tie
matter or the St Paul directors to act on the
DIVISION The rumor mongers fixed the divi-
uehd rate on the common all the way from
Z39 to S'4 per cent. Those who said that it
continued frmness of the stock in face of
the recent heavy tone OF the market and the
confident and heavy buying of the early
hours or today seemed to justify this in
credulty. TEere was large buying Of ST.
raul mere for London account aid there was
very active trading 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 in the direc ,orate
were opposed to anything more than the 211
per cent rate. The regular bulls pointed out
that the recent Increase in the Burlington
dividend rate was kept enshrouded in the
same mystery up to the moment of its
declaration vixen the stock had a violent up
ward movement. The showing Of the COM
pany Tor the last fiscal year was regarded as
confirming the confidence in an increased di-
Vldend disbursement, the earnings applicable
to the common stock having amounted to 8A
per cent after extraordinary heavy expendi-
lures for improvements charged to operating
expenses. When the announcement came at
about 2:2O p m. that the directors had made
the semi-annual dividend only 212 per cent
the price dropped without check, except for
momentary pauses at each even number to
1OH, which was Az below the BEST. Numer-
Gus blocks Of many English shares were
thrown on the market with precipitate east
ness, and the market speedily took on pam
icky feelings. Rock Island fell In sympathy
points; Burlington points; Peoples Gas,
numerous other stocks, both in the railroad
and industrial lists between 1 and 2 points
There was quick rally of 1 to IL per cent
in those stocks which suffered most severely,
but St. Paul was kept back by apparently
endless offerings about Ill and closed only
2sc above the lowest, with very weak tone.
The decentralization caused by the break in
ST. Paul came on market showing consid
cradle strength and at level materially above
yesterdays close, Most Of this strength to
be sure was due to the early advance in st.
some other stocks which had shown early
weakness and anradvance Of nearly points
from the lowest in metropolitan Street Rail-
way We're also factors.
The rate for call money after going to 4
per cent eased off to under the influence
OF the engagements Of 100000 gold for i'm
port, and the prospective measures for reliev-
ing the money market by the treasury de-
partment. The heavy increase in the amount
of government bonds deposited to secure pub
lie deposits showed measures of relief from
the constant absorption of cash by the treas
ury through bond subscriptions. The easier
feeling in the money market indicates that
long continue. On the other hand discounts
hardened today in London. Monetary condi-
tons, however were entirely lost sight of
in the late decentralization of the stock mar
ket.
Bonds were dull and firm for most of the
day, but yielded in sympathy with stocks in
the late trading. Total sales, 81, coo, 900.
United States old fours registered, the fves
and the threes when issued advanced Il per
cent in the bid price.
Total sales of stocks today $50, 800 shares
including 6.961 Atchison pfd 5,749 B. & O.;
1880 Canadian Pacific; 31,75O Burlington
6,OS6 Illinois Central; 1870 L. NJ; 15120
Manhattan; 6,420 Metropolitan; 4016 Mo. Pa
cific;. 1920 Northern Pacific; 26,O2O do pfd;
q, $50 Rock Island:1 s. $40 Union Pacific; i53 :
254 st. Paul; 1850 South pfd; 1880 Union
Oil; 14,72O Tobacco 1O,125 c. G. W.; 12 220
Peoples Gas; ,O2O Sugar; 1922 T. G. & l.;
APO Leather pfd; 3,100 Rubber.
The. following were the fluctuations of the
leading railway and industrial shares, fur
nished by G. H. F. Smith & Co., members
Of the New York stock exchange and Chicago
board Of trade: