New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-03-09
CLOSING PRICES OF PHILADELPHIA STOCKS.
WHAT WAS DONE IN STOCKS.

Tuesday, March S-p. IN.
Liquidation by the professional element in the
stock market broke out III a new spot to-day.
As other stocks have recently been selling "cN-
deal" st. Paul achieved prominence by selling
EEK" the imaginative dividend which was de-
clared upon it some time ago by II house with
London cable connections. ST. Paul ranked next
TO Reading in poin0 Of activity, and the price
steadily declined to 76 3-4a77 against 70 IA last
night. The Street has at last agreed that no
dividend will be declared on the common stock
at Thursdays meeting Of the board of directors.
and doubtless there may be more disappointed hold
ers. who bought in expectation OF dividend, who
may have to close out their accounts. As a mat
ter Of fact there has never been any official in
timation that would justify the belief that ~.
Paul was 70 be placed Immediately in the dividend
PAYING list 1t is probably true that the earn
ings, specifically, showed a sufficient margin for
a distribution of profits to shareholders, but TIN,
managers are best acquainted with the necessity
Of using net receipts for bettements and i'm
provcments until the company is on sufficiently
tirm ground 10 warrant faith that declaration Of
dividends would not he temporary affair.
Philadelphia and Reading continued actfFe, and
after selling at 80 IL, ended per cent lower At
So The speculative element is now beginning
to discover that the tremendous rse In the middle
Of February meant an excellent opportunity for
been burdened with stock for which profitable
market existed. But Reading at 90 on February /
may be differently situated than Reading at %
tonight so far as the market l. concerned. even
though a test is at last TO he made Of the famous
leases-a test which ought to throw light OH the
real value Of the leases no matter how the legal
question is decided Probably the fall of nearly
per cent in Lackawanna had little significance
in view of the tritiing business done.
Interesting fluctuations were presented by New
York and New-England, which opened down per
cent at A. -2. rallied TO AZ 3-S and then recedcd
10 46 Isaac IL There were no significant
changes in the directory at the annual meeting
but the change in the presidency means a great
deal for tue future Of the property. The new
president represents an interest which is more con-
ccrncd In ultimate values than In temporary iiuc-
tuations The creation of mortgage OF undo
fined limits and the establishment OF an executive
committee with complete powers may prove 10
Ire measures Of more importance To the property
than the placing at the head OF the company Of
a name with seemingly brilliant but unreal con-
ncctions would have proved
The three stocks mentioned nonopolZed nearly
three-ffths Of the entire business. Their com
cident weakness forced lquidatons in the general
list. No other influence was OF moment not even
the action Of the Western Union executive com
mittee in recommending the usual quarterly divi-
Gend Of IA per cent 1t is understood that
thc quarters statement tomorrow Will show earn
ings in excess Of this rate and the quarter Is the
Iightest of the year. The average declines IN
the market are moderate bat the close was weak.
TIE DAY IN THE BOND MARKET
Government bonds continued neglected, but the
bids for some of the currency issues were raised
n trife. Annexed are the final quotations: