The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-09-12

NEW YORK, Sept 1.-THE street"
experienced a genuine surprise today
when the directors Of the st. Paul road
placed the common stock on a per
cent basis. This was better by half OF
l per cent than had been expected,
and the market, which had been I'M
settled all day as a result OF CONNECT
ing rumors regarding st. Paul ana an
advance in call money to IL per cent,
closed very active, but weak. The list
opened with considerable strength, re-
ceiving encouragement from London,
where Americans alone were firm. 9th
er factors which made for higher prices
were the governments monthly crop
report and the wedding out on the pre-
vious day of a number of weak ac-
counts.
The most noteworthy movement at
the opening was Baltimore & Ohio, the
strength of which was explained later
when it became known that the dlrec-
tors had authorized an issue of extra
common stock to the amount of $42,-
500, 900, the issue carrying with 1t the
right to subscribe at par. In the same
early movement there were gains in
Missouri Pacific, Louisville & Nash
vile, Denver & Rio Grande, Southern
Railway Reading, Chesapeake & Ohio
and other coalers. Rumors, later
a rise in Colorado Fuel, which soon lost
it's improvement. Initial dealings also
showed better prices for American
Hide and Leather (newly listed), Amer
lean Smelling, the local fractions, Chi
cago Union Traction and Tennessee
Coal and Iron.
Profit Taking in st. Paul.
Following this movement, st. Paul,
which had been comparatively incon-
Spicuous, began to show marked heavi-
ness on profit taking, followed by ru-
mors of a dividend disappointment.
Traders seized the opportunity to sell
the list and further uncertainty was
occasioned by rumors that the banks
contemplated a campaign against GER
tain high-priced industrials and pool
stocks as a whole. Business fell off
materially and conservative commits
sion houses advised their clients to
hold off for decline.
To add to the general feeling of
alarm, money on call was then being
nominally quoted at as high as Is per
cent and was actually loaning at II
per cent. The knowing ones seemed
altogether in the dark regarding St.
Paul, and that stock was in the throes
of a selling movement. The afternoon
session brought a slightly better tone,
but all hands were waiting on st. Paul,
and supporting orders in Western
Union, Baltimore & Ohio and several
other stocks helped to steady the list.
Announcement of the dividend action
in st. Paul caused rally of more than
2 points in that stock, and the balance
of the list was strengthened, but not
to any great degree.
Sixty Thousand St. Paul Shares.
st. Paul, on transactions in excess Of
$4,000 shares, registered a net loss of
IL points. The days business was
rather narrow, though total operations
amounted to over 100000 shares. Lon
don was again a moderate trader,
transactions approximating $4,000
shares and a gain on the selling side.
There was no demand for Baltimore &
Ohio shares from that center. The
money outlook was unsatisfactory, with
a further loss of cash by the banks to
the subtreasury. The latter institu-
ton transferred 100000 for the banks
to New Orleans and paid out 100000
for Seattle gold received at San Fran
cisco. There was no further word as to
gold imports and sterling exchange,
fell off II per cent.
Railroad bonds were very irregular
today, but movements generally were
narrow. Total sales par value, $685.
600. United States new As declined
n and the 3s Is and the old As Il per
cent on the last call.
Stocks.