New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-03
Total c. co's.s7 1896 s7,lAsi7 Dec. s2'aioo ,
ON THE STOCK EXCHANGE.

ON THE STOCK EXCHANGE
The features Of the short week under review
the reduction of the Northwestern semi
annual dividend, Fries annual report the meet
ing of the coal sales agents. the declaration OF
the American Sugar Refining Company about
bad business and Judge Dundy's decision against
the Maximum Freight Rate law. Perhaps also,
the after effects OF the bond issue might be
called a feature; but they are best discussed in
connection with the monetary. situation At any
rate. the success OF the bond issue did not send
the stock market up. 1t was duh and heavy all
the week. and closed on Saturday at prices about
the same as a week previous. II was generally
conceded that the reduction of the Northwestern
dividend oy Y to 2i2 per cent @as wise. since
more than that was not earned. Probably the
directors expect revival OF prosperity as conf
IDENTIFY any else. and II the entire situa-
ton turned on this point, they might have dis
counted the future and declared the usual per
cent for when the country prospers North
western prOspers but they realize Wei as
any ihat the failure of the corn crop in GER
tain sections must directly and indirectly de-
lay their return 10 good times; hence the reduc-
ton. Yet Notwithstanding the lowered rate II
is hard to see why Northwestern stock on "A }
per cent basis Is not a good investment at pres
ent prces-at least for investors who can be con-
tent to own stock instead OF first mortgage guar
anteed gold bonds The members Of the Changers
group, in the opinion Of many observers are now
as low as they should be. admitting all the Diff
cuties OF their situation; yet 10 say TINS IL by no
means equivalent to advising their purchase II
may perhaps remarked with prOpriety that
the movement 10 have dividend rates announced
in the Stock Exchange officially Is Of doubtful
wisdom. A mistake" or misunderstanding on
the part Of the directors Of some corporation
might even mislead the chairman OF the Ex-
change. and then the situation would be worse
than If the brokers had depended upon their own
wits to secure correct informatlon-which is. in
deed. part OF their business. Judge Dundys de-
cisiOn against the Maximum Freight Rate law
of Nebraska was a point decidedly In favor OF the
Granger roads. and In due time it, good effects
Will doubtless be appreciated Taking the week
through while these properties showed small de-
clines II may correctly be said that they were
generally strong and resisted pressure WELL now
and then being helped To little rise tas yester-
day.. when the bears took to covering; and TINS
very timidity Of the bears goes to prove the un-
certainty OF their position.
The showing of the Erie annual report was
somewhat discOuraging; but the changing OH AT
their value. Of $i0OOO0O IN old contingent as
sets was decidedly step In the right direction.
The statement Of the company Will doubtless
cause the proposed plan Of reorganization 10 be
fecOnsldered but II will be much better to re-
consider IL now than later. At first Erie shares
went down. but natural reaction sent them up
again. on November 26 the quotation was 1885;
yesterday it ll%. The coal sales agents
struck out bravely 10 reconstruct the anthracite
situation by arranging a higher range Of prices
and limiting the December output. 1t remains
to be seen how they succeeded. Delaware ana
Hudson declared the usual dividend so that. alto
gether, the coal properties had better week than
for some time. Central Of New-Jersey closed at
S3la. against 1915 week ago; Lackawanna at
at 1855 against 1859 Reading was weak on
rumors in dissensons In the O.cott-Earle Com
mittee which were not confirmed. Yesterday IL
rose point In harmony with the tendency Inc
general list was quiet No tales were
started with effect concerning Manhattan or
Western Union. The last named. however, was
under attack by the bears.
The facility Of the managers Of the Sugar Trust
in starting tales of woe about their business
might well excite the envy Of Ananias. Perhaps
they will shut down their refineries. and perhaps
not No one believes a word they say. and specu-
lation in their stock is simple gambling. Quota
lions for II have been lower, but they are quite
as likely TO go higher again. and doubtless VIII
do so when their manpulators see ht-as on yes
terdav for instance. Other Industrials were
weak. some on rumors affecting them drectIy
and the others through "sympathy Distnng
and Cattle Feeding appears to be manipulated
with view to retrieving the broken fortunes OF
some Of its officials Just now they are WORKING
on the bear side. Manipulation may also be as
serted OF Chicago Gas. which returned 10 actiV-
ity during the week. after II period OF rest. APP
parently IL was not necessary 10 start favora-
BILE rumors to induce its fluctuations IL closed
the week at 1914. It's highest price having been
73la and its lowest G9%. American Tobacco AFTER
a season Of stability. took to tumbng. ana fell
10 80 on Friday. its lowest price. from ~ on Mon,
days its highest for the week There seemed
To be some curious business afoot In Nauoha'
Lead common. but IL Is iInposslpic 10 say 'N"''
Reference must be made to the fact that Con
press meets this week. While II Is certain that
the November elections, resulting In hepuphcdi'
Victories were a warning against certain legis-
Iation which this Congress may have had In con-
temptation yet 1t IL impossible to say that IL VIII,
dn no owl Its capacity for doing the worst
thing possible seems simply colossal. IL remains
10 bc seen whether II will heed the president
possible suggestions about reforming the cur
rency system. , a, go,
Government bonds advanced sharply. ana out
side the board large sales were made IN the ne"
issue State issues were neglec'eu' anu 'ne ~, ~
and Leather Bank incident discouraged dealings
in CITY bank stocks. Yet IT IL probably true that
no corporations in this country lose so h.te
money through dishonest employees as the Ma
,,nnsi hanks In railway bonds The market was
m,iet and the changes In price were In sympathy
With the shares. The following table SHOWS ine
Ale, ~ tho market go far as the most active
bonds were concerned. ~
Bonds. fiis"' ~, NIn sol 900
Atchison ISIS '..'.'''''''' los "a l17,Tn
do IDS .'.''''''''' ..ie NM
brooklyn FL LIST oar 80 W ~ 600
chic I n y ext 5s .lot '"s+ -; ~ Us,
NJ n t 2hs. .''''''''''' s3i.