The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-03-10
DRAG ON STOCK MARKET
LIQUIDATION IN COALERS AND IN.
FRIENDLY RUMORS FOLLOW.
DtscOuraging War News Helped in the
Local Markets Quiet.


was easy at 1lzG2 per cent; last loan. Ia;
closed. 111a2 per cent.
Prime mercantile paper. 3a4 per cent.
Sterling exchange was steady. with act
uaI business in bankers bills at S4.S7AQ
ASIA for demand. and $4.S612d4s624 for sixty
days; posted rates. si.ss12q4ss12; CONNER
cial bills. $i.Al@.
Silver certificates. 63s4G64; bar silver. 655s;
Mexican dollars. 1870. At London bar sill
Yer closed at % 3-16d per ounce.
Total sales of stocks yesterday. 1889
shares, including the following: American
Tobacco, 1890: American Sugar Refining.
2S.OOO; Burlington & Quincy. 1890; Louisville
q Nashville, 41O0; Manhattan consolidated,
1850; Omaha, 500; Reading, $500; st.
Paul. 1900; Union Pacific. $500; New Jer>
sey Central, 5000
The special feature of yesterdays New
York market was the varying movement in
the price OF Manhattan, due to conflicting
reports regarding the action of the execu-
tive committee on the rate of dividend to
be declared. Before the meeting of the
committee the stock rose q, TO S6ls, appar-
emily on the belief that the regular quar-
terly dividend of 1l2 per cent. would be
decided on. The announcement that the
rate had been reduced to l per cent. caused
a fall to 81. There was rally, followed
by a renewed decline TO So the close being
at 1874. a net decline for the day of Us.
The stock has been subject TO continual
fluctuations for some time past on antlci-
pationS of reduction in the dividend rate,
owing to the decrease in earnings, shown
by recent reports of the cOmpany'S bust
ness. so that the shares had not been sell
ing at level commensurate with per
cent. dividend. The fall in price was not,
therefore, violent, but was sufficient TO
ert a decided influence on a market which
was largely confined TO professional opera
tions. Another decided drag on the mar
ket was the continued liquidation in New
Jersey Central. which has continued ever
since the publication showing that the Lee
high * WlikeSbarre Coal Company had not
been earning its fixed charges. Although
the prices of New Jersey Central rose -
in the early dealings, it broke per cent.
thus eXerting an unfavorabe influence on
the market and contributing TO the general
fall of prices. The Manhattan decline
reflected alphabetically in the price OF
Western Union in spite of the decision TO
declare the usual quarterly dividend of
1l2 per cent, and in Missouri Pacific, which
had also the unfavorable annual report to
contend against. The anthracite coal
group also dropped in sympathy with Jer-
sey Central. before the announcement of
the agreement by which control of Lehigh
Valley passes TO the banking interests
which already enjoy the financial direction
of the other anthracite coalerS This has
been attained by the funding of the in
debtedness of the Packer estate and the
of the railroad held by the estate in re-
turn. New Jersey Central recovered on
the announcement or this operation, the
gain being IA per cent. Besides these spe-
cific centers of depression in the market
the industrialS suffered TO some extent
from the recommendations contained in the
report of the executive committee 10 inves-
tigate trusts. which was presented at AL
bany. Sugar lost point. Consolidated
Gas was also down q. and Tennessee Coal
and Iron was depressed liz per cent.
an unfayorable Interpretation of the an
nual report. The news of hostilties i'm
Crete and the doubt of the accord of pow
ers as TO measures for their suppression
awakened renewed uneasiness here and
was conclusive in effecting a downward
course OF prices. There seemed to be "A
good inquiry developing at one time during
the day for railways, Illinois Central lead
ing an advance with a raise of point
the showing of an increase in net earn
ings for January, though at the expense
of heavily reduced expenditures and a ma
terial increase in gross earnings for Feb
ruary. The Vanderbilts and grangers were
favorably affected also and advanced frac-
tions. OF the active stocks. Pullman, Lake
Shore and New Haven each advanced l;
Cotton Oil preferred and st. Paul * Du-
luth each gained ?. the former subsequent
" reacting 1. Tobacco also displayed a
table activity and rose Ia on rumOr OF pro-
posed action by the company regarding its
stock scrip. The Subsequent reaction was
/ point. The depressing causes above
enumerated utilities the Improvement and
the final dealings showed a weak market
with slight fractional recovery at the close.
Louisville < Nashville, the special barom-
eter OF the London market, was the most
depressed of any. of the railway lists.
The bond market lacked feature, but
prices were generally a. shade higher, with
Pittsburg & Western frsts exceptionally.
gaining per cent The sales were
81, 900.
Government bonds were in demand and
hardened especially on purchases OF
Sl69.Oo0.
The following table. prepared by l.. W. Louis.
Room IL Board of Trade. shows the range OF
quotations: