New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-03-10
CLOSING PRICES OF BOSTON STOCKS.
Tuesday. March 9-p. !

The favorable action Of the directors OF the
Manhattan Company in reducing the dividend
from 6 to 4 per cent and the important official
announ cement that readjustment Of the fnan-
cial affairs Of the Lehigh Valley Railroad had
been decided upon. were the chief developments
in financial circles to-day. although not favor
ably reflected in stock market movements. The
Importance OF the Lehgh Valley announcement
LEG in the influence which 1t should exert upon
the anthracite coal trade. as the readjustment Is
to be accomplished under the supervision Of
banking interests already closely identified with
the other anthracite companies. The anthracite
shares showed no disposition to move toward a
HIGHER level however and though the reduction
of Manhattan's dividend was conceded among
financial men to be the best thing which could
banpen TO the company under present conditions.
tho st ock was sold down by traders. making a net
loss OF more than ~ per cent. while transactions
in u amounted to figures which indicated some
I,ouidation by people who doubtless did not APP
preciate the real meaning Of the dividend reduc-
ton Irreguarity and dulness marked the course
of trading. and final prices were at net declines
in the majority Of stocks the uncertainty abroad
over the Cretan situation continuing the con-
trolling factor in speculation Prices near the
close showed a tendency to rally. and though
carly losses were not recovered, last sales were al
advancing figures In the railway list Missouri
Pacific lost per cent on the increased deficit
shown in its annual report. but elsewhere, with
the exception of Manhattan, losses were confined
TO fractions Among other stocks Consolidated
Gas and Tennessee Coal were the principal weak
features
Exports Of merchandise from this port for the
week ended to-day were the largest Of any week
this year except in the third week in January.
when they were 4 trihe heavier. and for the
year to date the total now exceeds by about
$4,000 the very favorable exhibit for the same
time last year. In which exports exceeded those
in the corresponding time in 1880 by about
S1O.UO.00O The imports of merchandise at ms
port from January ! show smaller total than
in the same time in 1896 or 1897. and. although
last weeks exhibit reflected the beginning of an
import movement 10 anticipate the higher duties
under new tariff law. there Is little reason to
believe that the export trade will not continue
to keep the balance OF trade in this country's
favor for a considerable period 10 come. The
higher rates I'm the foreign exchange market In
the last few days have been due to demand
for remittance induced by the sale by Europeans
Of American securities demand created by
such sales IL likely to be offset In the spring by
q good supply OF exchange Furnished by proDa-
BILE purchases OF securities for foreign account In
this market. for It is not improbable that the
change in industrial conditions which Will be
brought about by the change OF Administration
will attract foreign buying movement In the
stock market Of no mean proportions Euro
pean demand for American securities is likely
10 appear at any moment, despite war clouds
now floating around the European capitals.
The current rates Of exchange have brought
ON the market a fair amount Of long sterling
bills which have been carried during the winter,
and il rates hold at their present level or go
higher IL is likely that the chance viii he taken
10 dispose OF large amounts Of sterling which
natures in the near future Considerable buy
ing OF long sterling was done In the market last
week and II Is estimated that the supply now
hold In reserve amounts to above S3O,OO0,OOO.
and possibly 10 as much az &O.OOO.OOO. so that
with the continued large export trade the mar
ket stands In no danger OF gold exports Count
ing upon higher rates In the exchange market
from Increased lamentations "f mar6han"'ss