The daily morning journal and courier., 1898-09-09
Einamcrnl.
The stnels N,nrIsot.

New York, Sept, S.--St Paul made the market this morning and broke it this afternoon. Trading was not on a large scale during the day and all in- terest centered in the meeting of the St, Paul directors to act on the divi- dend. The rumor mongers fixed the dividend rate on the common all the way from 21a to Sh per cent. Those who said 1t would be 21@ found little credence and the continued firmness of the stock in face of the recent heavy tone of the market and the confident heavy buying of the early hours of to- day seemed to justify this incredul- ity. There was large buying of St. Paul here for London account and there was very active trading on the London curb after the close there &C., cording to cabled reports. The price was rushed up to 115 without any at tention being given to warning state ments that very powerful interests in the directorate were opposed to any thing more than the 21a per cent. rate. The eager bulls pointed out that the recent increase in the Burlington divi- dend was kept enshrouded in the same mystery up to the moment of it's dec laration when the stock led a violent upward 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 per cent after extraordinarily heavy expendi- lures for Improvements charged to op- erating expenses. When the announce ment came at about 2:30 p. m. that the directors had made the semi-annual dividend only 21a per cent the price dropped without check, except for mo- mentary pause at each even number to 11OA, which was 4% below the best. Numerous blocks of many thousand shares were thrown on the market with precipitate eagerness and the market speedily took on panicky condition. Rock Island fell in sympathy 3 points, Burlington points, Peoples Gas 213, Northern Pacific preferred 2B and nu- merous other stocks, both in the rail- road and industrial list between 1 and 3 points. There was a quick rally of 1 to 11a per cent, in those stocks which suffered most severely, but St. Paul was kept back by apparently endless offerings about Ill and closed only 5s above the lowest with a very weak tone The demoralization caused by the break in St. Paul came on mark ct showing considerable strength and at level materially above yesterdays close. Most of this strength, to be sure, was due to the early advance in St. Paul, but sharp recovery in Sugar and some other stocks which had shown early weakness and an advance of nearly five points from the lowest in Metropolitan Street railway were al- so firm The rate for call money after going to 4 per cent again, eased to per cent. under the influence of the en- gagement of $40e000 gold for import, and the prospective measures for re- leaving the money market by the treas ury department. The heavy increase in the amount of government bonds deposited to secure public money show ed measures of relief from the con- stant absorption by the treasury ot cash for bond subscriptions. The dull ness of the local time money market indicates the conviction that the pres ent stiffness of rates will not long con- tinue On the other hand discounts hardened to-day in London. Monetary conditions, however, were entirely lost sight of in the late demoraIization of the stock market.
 Bonds were dull and firm for most of the day, but yielded in sympathy with stocks in the late trading. Total sales 2,96O,O00.
 U. $. old fours registered, the five and the threes when issued, advanced A per cent. in the bid price.
 NEU YORE STOCK MIRREr.