The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-09
QUICK BREAK In STOCKS
ST. PAUL SHARES DUMPED ON THE
MARKET AND QUOTATIONS FELL.
Declines Extended to Many other Ac-
tive Stocks in the Railway Group
Local Trade Brighter.

At New York yesterday money call was firm
at 2h0slz per cent; last loan. per cent.
Prime mercantile paper, 1914 per cent.
Sterling exchange was heavy, with actual bust
in bankers bills at s4.s4A @4.s41A for demand
and at s4.S2bQ4 s25s for sixty days; posted rates.
s4.SS1s04s4 and $4S51zG4se; commercial bills.
s4.S1k@4S1%.
Silver certificates. eoA@eOgc; bar silver. coo
6Ossc; Mexican dollars, 46asc. At London bar
silver closed steady at 277sd an ounce.
Total sales stocks, $50 500 shares, including $500
Atchison preferred 5.79S Baltimore & Ohio 1880
Canadian Pacific S1,75O Chicago, Burlington &
Quincy, 50S6 Illinois Central, $50 Louisville &
Nashville, 1920 Manhattan, $40 Metropolitan,
4ol5 Missouri Pacific, 2.517 Northern Pacific,
~ 020 Northern Pacific preferred, 1920 Rock
Island. $500 Union Pacific. 1913. $50 ST. Paul. 1850
Southern preferred, H. $50 Union Pacific preferred.
s.5i2 Union Pacific & Gulf. 1890 Cotton Oil.
.720 Tobacco 1925 Chicago Great Western,
sc, o2O Sugar. 1892 Tennessee Coal and Iron 4,42o
Leather preferred and 300 Rubber.
st. Paul made the stock market yesterday morn
ing and broke it in the afternoon. Trading
not on a large scale during the day and all inter-
est centered in the meeting of the ST. Paul d-
rectors to act on the dividend. The rumor
mongers fixed the dividend rate on the common
all the way from 2ls to Sls per cent Those who
said that it would be 21s per cent. found little
credence and the continued firmness of the stock
in face of the recent heavy tone of the market
and the confident and heavy buying of the early
hours seemed to justify this incredulity There
was large buying of st. Paul for London account
and there was very active trading the London
curb after the close there. according to cabed
reports. The price was rushed up to lis without
any attention being given to the warning state
ment that very powerful interests in the director
ate were opposed to anything than the 21s
per cent rate. The eager bulls pointed out that
the recent increase in the Burlington dividend
kept enskrouded in the same mystery up to
the moment of it's declaration, when the stock led
a violent upward movement. The showing of the
company for the last fiscal year cited
confirming the confidence in an increased dividend
disbursement, the earnings applicable to the COM
stock having amounted to 8 $40 per cent.
after extraordinarily heavy expenditures for i'm
provements charged to operating expenses When
the announcement at about 2:2O o'clock that
the directors had made the semi-annual dividend
only 2A per cent the price dropped without check,
except for a momentary pause at each even num-
ber 11Oa4, which AZ below the best.
Numerous blocks of many thousand shares were
thrown the market with precipitate eager
and the market speedily took on panicky
conditions. Rock Island fell in sympathy points.
Burlington points, Peoples Gas 2A, Northern
Pacific preferred 2b and numerous other stocks,
both in the railroad and industrial lists, between
1 and points. There quick rally of 1Q11a
per cent. in those stocks which suffered most
severely. but st. Paul kept back by appar-
emily endless offerings at about Ill and closed
only "a above the lowest, with very weak tone.
The decentralization caused by the break in st.
Paul came on a market showing considerable
strength and at level materially above Wednes-
days 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 points from the lowest in Metropolitan
Street-raway also factors.
The rate for call money, after going to per
cent, again eased off to per cent. under the
influence of the engagements of $4,000 gold for
import and the prospective measures for relieving
the money market by the Treasury Department.
The heavy increases in the amount of government
bonds deposited to secure public money showed
measures of relief from the constant absorption
by the treasury of cash for bond subscriptions.
The dullness of the local New York time money
market indicates the conviction that the present
stiffness of rates will not long continue. On the
other hand discounts hardened in London. None
tary conditions, however, were entirely lost sight
Of in the late Generalization in the stock market.
Bonds dull and firm for most of the day.
but yielded in sympathy with stocks in the late
trading. Total sales, 81 900 000 United States old
issued, advanced "A per cent. in the bid price.
The following table, prepared by L. w. Louis.
Room H. Board of Trade. shows the range of
quotations: