New-York tribune., 1910-01-15
FINANCIAL MARKET
ST. PAUL STOCK WEAK
Call Money Rules at 8 1-e Per
Cent, and Banks Gain IN
Cash HOLDINGS.

Weakness in the standard railway
stocks marked the course of trading in
securities yesterday, st. Paul being ex-
ceptionally heavy on selling that was ac-
oompanied by reports that the next divi-
dend would be reduced. The company
placed It's common stock on per cent
annual basis in 1902 and has paid that
amount since that time, but the Street
now appears to believe the directors will
be Influenced by the heavy expenditures
made upon the roads Pacific Coast eX-
tension, which naturally has not yet
added heavily to the income of the sys-
tenn, TO make a cut in the dividends dis
bursed TO stockholders. The idea is not
confirmed in official quarters. For the
year ended June 80, 1909, the Chicago,
Milwaukee & st. Paul showed a surplus
after dividends of Z per cent on its COM
mon and preferred stock OF only S3l2,-
$50, against S3,264. .413 in the preceding
year and S4,193,712 in 1907. the pay
ments in the last year being increased to
the amount Of $3.4S6,745 as result of
the dividends paid on the 500. 100000
stock issued to acquire the securities Of
the Chicago, Milwaukee & Puget Sound
Railway. The actual balance available
for dividends in the year ended June 80.
1909, was upward of 5000, 900 in excess
of the same item the year before, while 1t
is estimated that the balance at the end
of the current fiscal period will be well
above that of 1909. Actual liquidation
in the stock was moderately heavy yes
terday and traders took advantage of the
selling TO hammer its price, which
showed a maximum loss of 3s and a
net loss of 33s.
Substantial interests We're compelled
TO take q large amount of stock in the
five hours Of business. especially in st.
Paul, Reading, Union Pacific and United
States Steel, the last named being among
the worst acting issues on the list-that
is, from the bull point Of view. Rock
Island maintained a fair degree OF
strength. but it's influence on the general
market was negligible. The market has
not yet recovered from the effects OF the
Rock Island scandal, and it will req uire
something more than passing advances
in Rock Island securities TO restore con-
fidence in the public mind. Excellent
buying is reported in the copper issues
on the decline as a result of the marked
improvement in copper trade conditions.
Followers of speculative movements be-
neve that when bull activity is resumed
the copper shares will be features, as
current indications point to an increas-
ing demand from consumers Of copper
for the metal at higher prices. Sellers
report a brisk inquiry for electrolytic
at il cents q pound for future delivery.
and they state that most producers are
well sold into April anG that consum-
ers show an inclination to purchase even
further ahead at prevailing quotations.
Liquidation in stocks is helping the
money market, while heavy receipts OF
currency from the interior promise to be
reflected In large increase In cash hold
ings In to-day's Clearing House state
n1ent. The movement Of money TO New
York in the current week has been heav-
ier than ever before recorded, amounting
10 more than $21 100000 with a net
gain to the banks of S11 ,6IS,O00. The
gain by the banks in cash holdings was
not effective in bringing support TO the
stock market, which in the last hour
was weaker than at any time in the
day, maximum declines running from .
TO 4 points in the active issues. Coinci-
dent with the liquidation in stocks heavy
speculative selling was reported in wheat
and cotton. There is nothing novel or
surprising about the current downward
tendency in stocks, grain and cotton to
people who have followed the exagger-
ated bull speculation in the various
markets since the early part of 1903.
The Wabash issues and the local gas
stocks were especially weak features in
the final operations. Liquidation by the
mi-professional element was heavy.
Call money ruled at 31a per cent.