The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-09-10
The Stock MARKETS.

NEW YORK, Sept. 9.-There was further
drastic liquidation in the stock market today
at an expense to prices of stocks of between
81 and ~ per share in IA great many cases
disappointment over the fixing of the St. Paul
dividend at only 2h continued the prevailing
influence. and no attention was paid to the
favorable developments or to the indications
OF an easier condition in money. The selling
was evidently in the nature of speculative
profit-taking and came from an element that
mas persisted in the confidence that prices
were certain OF further advance A great
part or this confidence has been based on
the supposition that the st. Paul dividend
would be increased and would awaken gen.
eral activity and widespread outside interest
as as was the case with the increase in the Bur-
nhsuon dividend. There was a short-lived
PERIOD or nrmness to prices early in the day
on demand to cover some of the shorts put
OUT Yesterday. This movement was encour-
aged by the failure of the London market to
Tehect any violent depression on account of
the 81 Paul dividend, but the advance in
prices was met by continued heavy offerings
ana by noon the movement to throw over
stock was in full force again. and prices were
tumbilng throughout the list. Early gains
IN lew special cases were almost completely
Wipeo out Among those stocks which have
recently been subject to attack on account of
lndiVldual causes Of weakness there was q
noticeable hesitancy on the part of the bears
ABOUT putting out short lines. Manhattan
and Brooklyn Transit were conspicuous ex-
aoples. 1t was, in fact, evident that fresh
commitments either on the short or
the long sides were not in order, and
the activity of the market was almost en-
tirely liquidation, pure and simple, due to the
hardness OF the money market.
There was also some disposition to apply
the ultra-conservative standard adopted by
the St.Paul directors to some other properties
which nave made more liberal disburse-
ments OF expanded earnings, and to question
somewhat the integrity of the dividends thus
established.
The distinctly easier tone of money in
the afternoon brought recovery in prices
aside from that due to covering by the room
traders. How far the easier tone in money
is due to the increase in new government
bonds available as security to release cash
from the treasury and how fr to the contrc-
ton of loans incident to the weak market
liquidation Itself is not clear.
The reduction Of the call loan rate to 21s
per cent resulted in the steadying of foreign
exchange and advance In the London money
rate. Banks continue to lose cash very heav-
NY to the subtresury, and the shipments Of
over those of last week.
The bond market showed the affects Of
liquidation, though to less degree than in
Is advanced " and the new As a. while the
IS, when issued declined Is in the bid price
There were large dealings in the IS at from
1852 down to 1851 at the close.
Total sales stocks today 570, 700 shares in
GLIDING: Ia, 100 Atchison pfd: $3.50 II. o. $780,
G. & o; $40 Burlington; 3,947, 1. C; $50, L.
s ~ i4754 Man; $50 Met $3.50 Reading a;
ern Pacific; 8O15o do pfd: 1890 r. I; Is, S95
Union Pacific; s4,s44, st. Paul; 3,443 Southern
& G; 5000 Cotton Oil; S7,945 Tobacco; 9240 c.
G. w; 1850 Peoples Gas; 1900 General Elec-
trio; 6S. 420 Sugar; 1870 T. G. & l. 1920 Leath-
er pfd; 1915 Rubber; 1890 Western Union pfd.
The following were the fluctuations Of the
leading railway and industrial shares fur
nished by G. H. F. Smith & Co., members
New York stock exchange and Chicago board
of trade: