The Washington times., 1901-09-13
WEAK TOWARD THE CLOSE.
st. Paul Dividend Announcement
Followed by a Decline.
Prices Throughout the Day Move in
Narrow Limits-Lond0n sells Early.
But Later Turns Ruyer-Ncney
MurE.et Conditions Become Firmer.

NEW YORK, SEPT 12.-General condi-
tions in today's stock market showed
small improvement in comparison win
those noted yesterday. Prices moved
within comparatively narrow limits in re-
sponse TO the in-and-out ventures of the
room traders, and. aside from a few stocks,
neither outside interest nor pool manipu-
lation could be detected.
1t is hardly nect ssary to say that as
regarded particular stocks. interest cen
tered almost exclusively upon the rate
OF dividend declared, but no definite in
formation was obtainabie in that respect
rntil late in the day. The rumors of one
Sort or another in regard to the rate of
dividend did indeed circulate persistently
but they were naturally wholly wanting
In authoritative sanction.
Price movements in st. Paul prior to
the announcement of the dividend were
extremely Irregular and the same descrip-
tion was indeed applicable to the re-
mainder of the railway list.
A few OF the usually inactive issues en-
joyed material advances in the earlier
part of the day, but none of them retained
the full measure of their improvement.
Conspicuous cases were Canada Southern,
the Nickel Plate shares, Evansville and
Tcrre Haute St Louis and San Fran
cisco and ST. Louis and Southwestern.
The forenoon dealings also witnessed sub
staEtial advances in Atch!son, Missouri
Pacific. and Union Pacific. but the market
was so narrow that these gains were
quickly shaded when attempts We're made
to realize profits. Little or nothing was
doing among the local traction issues, but
Manhattan was notably firm
More definite indications that the steel
strike was on the verge of final collapse
were contained in this mornings news
than have been ascertainable at any time
since the trouble began; but the United
States Steel issues while steady, were
comparatively dull. The industrial quar-
ter. ctht rwise, was neglected. Fairly ac-
tive dealings were conducted in num-
Der of the so-called spocialties. Without
any very particular explanation, apart
from the recent heavy selling of stock,
Amalgamated Copper was weak and
American Smelling also broke quite
badly. In a general way, the Republic
Iron and Steel stocks were disposed to
rally from their recent depression based
upon the poor results OF the years bust
ness as set forth in the statement pub
lished yesterday.
was reported heavy and al the opening OF
business foreign houses were moderate
sellers here Subs squently. however, they
reversed their course and on balance were
buyers of upward of 2Jet9 shares Tne
general market there was stimulated by
persistent but apparently unconilrmed re-
ports Of a decisive change for the better
in South African conditions No change
was made in the Bank of Englands s rate
of discount and the open market discount
rates were shade firmer
The local money market continued easy
around yesterdays level and sterling ex-
change was firm. The railway traffic
returns submitted today were nearly all
gratifying exhibits. particularly the re-
ports of the lines in Southern States. The
reports received from Buffalo setting
forth the state of the Presidents health
were all of a most highly encouraging
tenor but they seemed to play no particu-
lar part among the days speculative in
flEences.
With the announcement of a seTni-an-
niiaf dividend of per cent on st. Paul,
namely the same that was declared last
March. the stock broke quitely sharply,
although opinion had been about evenly
divided all morning between this rate and
3 per &c ut and / per cent extra
i he II maindcr Of the market was more
CT, less syrupat heticalIy affected by the
We akness in 81. Paul. although there was
no material Increase in activity. The chief
reason for the weakness in the market,
following the announcement of the divi-
dend seemed TO be that the action Of the
ma ma GO meHI was taken as indicating the
wishes of the largest financial interest in
the street that there should be no undue
buis speculation at this time Other nota-
big aseak features of the dealings in the
last hour were Atchison and the Republic |
Iron and Steel issues. which lost entirely
he steady tone that had characterized
them around the opening of business
The money market grew shade firmer |
with the course of the afternoon. which |
was another factor in the general deal |
iDgs.