New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-09-16
'D0 dividend.
BONDS
THE DAYS OPERATIONS IN STOCKS.

The stock market was again under bear press
ure hut declines were important in a few stocks
orlv Sneculative interest was centred upon
BrookIvn Rand Transit and the rest Of the So
called Flower group the greater part IF the
dav declines in these issues represented no
unfavorahle DEVELOPMENT I'm the affairs Of the
corpauIes concerned hut an aggressive specu-
letIve movement on the part Of the professional
element which succeeded IN inducing liquidation
by timid holders. Money market conditions
have made liquidation of lightly held stocks i'm
perative and professional operators are merely
taking advantage ~ this condition n secure
profits on the short side Of speculation. Good
Judges Of the situation see no reason. however.
for permanent decline I'm securities. Money
IL holding the market back. but with the end Of
current monetary conditions and the beginning
Of gold imports factors governing actual values
should again assert themselves as influences
upon speculation. Further uneasiness in Lon
don over the Transvaal situation exerted de-
ressIng effect on tho local market and the In
nuence Of the unchanged st. Paul dividend was
responsible for liquidation in the granger shares
The granger shares have been adversely af-
fected by the refusal NJ the directors OF ST.
Paul to make an increased dividend distribution
Of the ST Paul directors in the matter Of divi-
dends Is reflected in the decision TO keep the
rate at per cent, then stockholders may we'll
have cause for discomfort But the articles of
corporation state that after payment Of per
cent on the common and per cent on the pre-
ferred both stocks are 10 share alike. and. bear
ing this IN mind stockholders will see that the
founders OF the property intended that I per
cent dividends should be paid II earnings per-
mitted Stockholders may therefore look for
ward 10 higher dividend returns at another day.
II would seem, however, that conservatism has
been little stretched in the present dividend
declaration and that with a record Of per
cent earned on both classes OF stock in the last
fiscal year 6 per cent might be made the regu-
lar rate without departing from the policy that
has for its object the welfare Of the pronerty.
After total dividends in 1895 the company had
a surplus Of 81 292 9W. against 50 ,939,31S in the
fiscal year ended in June, and Ss55.s51 in 1897.
In three years. therefore. 81. Paul has shown
a surplus after all charges and dividends Of
S.. 0sS DOB, or nearly per cent on both classes
Of stocks above the amount paid
Speculation in the granger shares except for
a decline ls not likely 10 he heavy for a time.
but the best judges Of the market do not believe
that important holders will sell that intending
buyers will long remain out OF ST. Paul Rock
Island and Burlington. The current decline In
these issues has brought forward investment
orders in the stocks and 1t Is likely that more
st. Paul, Rock Island and Burlington are held
on investment account to-day than ever before
in their history Rock Island is n , per cent
stock, and at its present price It appeals to
investors. St. Paul will be absorbed by inves
tors on It's merits and Will Burlington Rock
Island IS held by OF the strongest interests
in the Street, and It's earning power Will carry il
higher.