Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-09-09
FINANCE AND TRADE
St. Paul's Slump Continues to Affect
the List.
PRICES GO DOWN 2 10 6 Per Cent
Professional Element Losing It's
Optimistic Tendency
GENERAL MARKET REPORT
Special Dispatch to The Evening Star.

Special Dispatch TO The Evening Star
NEW YORK, September 9.-The failure
to add u of / per cent to St PauI's semi
annual dividend rate has within twenty
four hours. reduced prices throughout the
general list from to q per cent. An an
alysis of the company's statement shows IL
to have earned considerably more money
than would have been required to establish
a per cent rate.
There was an abundance Of money avail
able for dividends at an increased rate,
but the ulrra-conservative policy Of the
management counseled a boarding OF funds
against less fortunate Periods. While the
action receives the sanction OF the investor,
ii is none the less disappointing at this
jLncture, when the nsrket stood in need
OF an incentive equal TO the counteractIng
of the tight money scare. That such a
condition existed was OF itself menace To
higher prices, falling off in the public
demand alohe making it possible for the
aHalrs OF single corporation to dominate
the market course of hundred.
Several days ago it was evident that the
professional element Was losing much of
its optimism and was developing a bold
ness In dealing in the short account. Be
levers in better prices relied upon s.. Paul
TO lead the market back toward A higher
plane. 1t Goes not remedy matters now to
point out tie wisdom of per cent divi-
dends for many years in preference 10 6
per cent for a few.
There has been keen disappointment
among the owners of , per cent equities in
loEg stock and influential interests are
standing aside to allow this disappoini-
ment to run its full course. If recent prices
were at all deserved, and in some Instances
statements were submitted to Justify prices
the present tendency is leading up to some
desirable bargains.
The presence of stop orders was a fac
tor in several instances, and this fact fully
sustains the theory of weak margins. The
shaking out of weak holders cannot per-
msnently hurt the market, but sentiment
for the time being is largely a reversal Of
last weeks speculative mood. Ii would be
mere guesswork TO prescribe the limit OF
the decline, and shrewd inve3tors are
likely 10 wait for decided indications of i'm
provement before venturing back into the
general market.
New York Centrars monthly statement
was followed by some selling OF thos..
SHARES and helped to increase the pessimis-
tic feeling about the room. American to-
bacco sold OFF sharply during the day and
sugar continued 10 snow its extreme SEN
sltVeness to pressure. In all departments
CT the active list the market may be proper
ly described as weak. The net changes
for the week viii be Influenced largely ~
the figures of tomorrows bank statement
A further decrease in reserve will pro.
woke unfaVOrable comment for a time hut
IL should be remembered that heavy i'm
portations Of gold can be made in any
emergency. The banks in the west are
strong in money, and will handle their local
business without outside help The bond
a fraction, but the popular loan idea di-
vOrced of its sentimental phases has lost
many advocates during the recent change
in interest rates.