The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-03-10
MANHATTAN A STAR
PRICE CHANGES IN THE STOCK
THE FEATURE OF THE
MARKET.
DECLINE FOR THE DAY.
FALL SUFFICIENT TO XER AN
INFLUENCE ON THE GENERAL
LIST.
JERSEY CENTRAL ANOTHER DRAG.
The Railway Group Showed a Dispo-
sitiOn to Hold Out But Finally
Shared the Weakness.
JERSEY CENTRAL ANOTHER DRAG.

NEW YORK, March 9.-The special feature
OF today's stock market was the varying
movement In the price of Manhattan, due to
conflicting reports regarding the action Of the
executive committee on the rate Of dividend
to be declared. Before the meeting of the
committee the stock rose y to 86H, apparent
ly on the belief that the regular quarterly
dividend of ~ per cent would be declared.
The announcement that the rate had been
reduced to l per cent, caused a fall to "a;
then there was a rally, followed by a renewed
decline to SO, the close being at SSA, or a net
decline for the day Of 18 per cent. The stock
has been subject to considerable fluctuations
for some time past on anticipations of a re-
duction in the dividend rate, owing to the
decrease in earnings shown by recent reports
Of the company's business, so that the shares
had not been selling at a level commensurate
with 6 per cent dividends. The fall in price
was not. therefore, violent, but was sufi-
cient to exert a decided influence on a market
which was largely confined to professional
operations. Another declared drag on the
market was the continued liquidation in New
Jersey, which has continued ever since the
publication showing that the Lehigh &
Wilkesbarre Coal company had not been
earning its fixed charges. Although the price
Of New Jersey rose sc in the early dealings,
1t broke 2 per cent, thus exerting an unfavor-
AUG lIlluGIlC0 Oh the mdTheL AIT COulTIUuliuS
to the general fall of prices. The Manhattan
decline was reflected sympathetically In the
price Of Western Union. in spite Of the de-
cision to declare the usual quarterly dividend
of IL per cent, and in Missouri Pacific, which
had also an unfavorable annual report to con-
tend against. The anthracite coal group
dropped in sympathy with New Jersey en-
trail before the announcement of the agree
ment by which the control of Lehigh Valley
passes to the banking interests which already
enjoy the financial direction of the other an
thracite coalers. This has been attained by
the funding of the Indebtedness of the Pack
er estate, and the exercise of the voting
power of the stock of the railroad held by the
estate in return. New Jersey Central recov-
cred on the announcement of this operation,
the gain being IA per cent.
Besides these specific centers of depression
In the market for the inductrials suffered to
some extent from the recommendations con-
tanned in the report Of the committee to in
v~est!gate trusts which was presented at AL
bany. Sugar lost a ponit, Consolidated Gas
also down "a, and Tennessee Hcal and Iron
was depressed 1R per cent on an unfavorable
Interpretation of the annual report. The news
of hostilities in Crete and the doubt that the
actual accord Of the powers as to measures
for their suppression awakened renewed I'M
easiness here, and was conclusive In e~ffecting
the downward course OF prices.
There seemed to be a good inquiry develop
ing at one time during the day for railways,
Illinois Central leading an advance with a
rise of a point on the showing of an increase
in net earnings for January, though at the
expense of heavily reduced expenditures and
a material increase in gross earnings for Feb
ruary. The Vanderbilts and grangers were
favorably affected also, and advanced frac-
lions. OF the active stocks, Pullman, Lake
Shore and New Haven each advanced i; Cot
ton Oil preferred and st. Paul & Duluth each
gained 2; the former subsequently reacting l.
Tobacco also displayed a notable activity and
rose IA on Tumors of proposed action by the
company regarding its stock scrip. The sub
sequent reaction was i point. The depressing
causes above enumerated nullifes the i'm
provement, and the final dealings showed a
weak market, with slight fractional recover
les at the close. Louisville & Nashville, the
special of the London market, was
the most depressed of any Of the railway
list.
The bond market lacked feature, but prices
were generally a shade higher, with Pittsburg
& Western frsts exceptionally gaining 2 per
cent. The sales wer 81, 125, 600. Government
bonds were in demand and hardened, espe-
cially on purchases Of $169, 900.
The following were the fluctuations OF the
leading railway and industrial shares, fur
nished by c. H. F. Smith & Co., members
New York stock exchange and Chicago board
of trade.