The daily morning journal and courier., 1894-11-28
Ftnancral.
During the Morning Hours Speculation
 was at n Standstill.

Wut " othHu"tth
 New York, Nov. 27.-During the morn ing hours speculation at the stock eX- change was practically at a standstill, except Erie and Northwest. which were effected by special causes. Erie was pressed for sale on the general belief that the statement for the year would be unfavorable, and Northwest was in- clined to weakness because of sales by professional traders and others who were confident that the dividend would have to be reduced. Subsequent events proved the correctness of both theories, There was a new and commendable departure in the method of making pub lie the Northwest dividend, the railroad officials having communicated the de- cision to the chairman of the stock eX- change, who made public announce ment from the rostrum.
 Just previous to 12:30 p. m., the time agreed upon for the announcement, brokers gathered around the chairman and everybody was on the qui vive to learn the decision of the directors. A rumor was then afloat that the regular rate had been declared. This started nervous short into covering, and the purchases for this account led to rise from 96% to 99. Burlington and Quincy, St. Paul and other stocks, which are heavily oversold, also moved up at this time. Then came the official announce ment of the declaration of 1A per cent. quarterly on the preferred and 2% per cent. semi-annually on the common, the latter a reduction of # per cent. for the six months. Many brokers mis- understood the chairman, and thinking tRat the common dividend had been ,re- duced to 1% per cent. sold the stock. They quickly realized their mistake and bought back their stock. AS a re- suit the common recovered to 9S. St.. Paul in the meantime sold down to 58s, Rock Island to 61ss and Burlington and Quincy to 70. The amount of long stock sold after the cut in the North west dividend out was disappointment lo LAC Utdt6 WlO iloNC bCCAi pA SuiSeih5 heavy ]iquidations to follow this action by the Northwest directors.
 This disturbed the shorts and in the last hour of business a general covering movement set in. Sugar moved up from STA to 895s, Lackawanna from 153 to 16O1a, Delaware and Hudson from 127h to 129A, New Jersey Central from 941a to 95A, Reading from 15% to 16A, Man. hattan from 105 to 106h and Big Four from STA to 3S1s. The upward move- ment was stimulated by reports that the anthracite coal companies had de- cided to reduce the output for December and restore prices for broken egg, stove, etc.
 Other favorable factors were heavy re- ceipts of gold by the sub-treasury for the new bond issue, s9,0OOOOO having been turned in to-day, making the total thus far $20,000.000; the decision of Judge Dundy in the Nebraska Maxi mum freight law in favor of the rail- roads, and more favorable railway re- turns for the third week in November. Erie was heavy throughout and sold down to 10%, with @ rally to 11h. The annual report was very unfavorable, l showing decrease in gross earnings of $2,1S4,597, and deficit of $1, 1,167,4O7. | Speculation closed strong with the active issues anywhere from # to 2K per cent. higher than on yesterday. Northwest gained % on the day. New York Central lost 4, Northern Pacific preferred $ and Erie 1H per cent. Railway bonds were irregular. Total sales were $1,0s4,000.
 Following are the closing prices re- ported by Prince & Whitely, bankers and brokers, 4e Broadway, New York, and 15 Center street. New Haven: