The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-04-06
CENTRAL STOCK ABSORBED THE
INTEREST OF THE NEW YORK
TRADERS.
ITS FLUCTUATIONS ERRATIC
SYMPATHY OVER NARROW
RANGE.
Declines for the Day Most Marked
In the Granger GrOOps-Indus-
trials Largely Neglected.

NEW YORK, April 5.-The traders In stocks
made a plaything of New Jersey Central to-
day and worked their will with it. So invit-
ing subject for speculation was 1t that 1t
absorbed a large share of attention In a
very narrow market Its wide and erratic
fluctuations making it specially available for
the purposes of the traders, There seemed to
be an extraordinary degree Of doubt and
lack of reliable information as to the exact
intentions of the directors at the meeting
today regarding the dividend That the rate
was to be reduced was taken for granted
and stories had even found credence of late
that it was to be passed. The opening de-
cline in the stock today seemed to be based
on a belief that the dividend would be re-
duced to a 3 per cent basis. The price sold
off rs to 76A on this. When 1t was an
nounced that a quarterly dividend Of l per
cent had been declared a rally of AZ to SOA
ensued, but this was followed by reaction of
32s to IT'S, due in part to disappointment at
the absence of a statement Of the COM
pany's financial condition and to fears as to
the earnings not having been up to the divi-
dend rate decided on. Delaware & Hudson
was actively in sympathy with New Jersey
Central, falling ~, after initial gain of
fraction, ralIying to 1885 as the best Of the
day, and reacting to 1929. Lackawanna was
dealt in ex-dividend of ~ per cent and
moved in sympathy with the other coalers
In narrower range.
The absorption Of the professional element
in the coalers left the market decidedly dull
and the transactions were small. There were
however, a large number of odd lots of shares
traded In, supposed to be for outside account
and to Indicate attractiv eness to the outside
public, of the present low level Of prices
There was some slight stiffening of prices
about midday on covering of shorts and in
sympathy with the short-lived upward move
ment in the coalers. Leather preferred showed
the extreme gain of rs. Later the market
succumbed to a number of adverse infiu-
ences, Of what were interpreted as such bv
the dealers. The principal of these was the
news that the supreme court had refused to
advance the appeal of the Joint Traffic
association to a hearing at the present term
OF the court and had set the second Monday
IN October as the date Of hearing The re-
sumption of the Cuban question as a sub
Ject OF debate in the senate also worked on
the fears OF dealers to some extent Disap-
polntment was felt that the prices of Ameri-
cans In London did not respond more favor
ably to the presence in London of several
american nnanc!ers, supposed to have in hand
plans to benefit the properties in which they
are interested. The decline in the market
became general on somewhat increased
volume OF dealings, due to realizing and to
some liquidation of long stock, especially in
coaiers Chicago Gas was affected by asser-
lions that the result of tomorrow's municipal
election in Chicago might result in the 70
turn OF elements unfriendly to the company
The losses In the railways generally ranged
as hlgh as ~ in Burlington, the decline in the
grangers being marked. The industrials vera
not much traded in, aside from Sugar and
Leather preferred
Railway bonds were dull and mainly feature
Tess. The Iron Noun tain issues were freely
dealt in, but lacked notable change. The
general market held firm with business very
. !ignt, government bonds displayed an easier
tendency with sales restricted to Sc. eco.
me total sales of stocks today were 143. 12e
snares including: Sugar, 11OOO Burlington
1890; Chicago Gas, 1900; Delaware & Hud.
SON. 900; L. & n, 51OO; N. Y. Central,
$500 n: p; pfd. 300; Omaha, 4,1OO; Read
Ing, T. 400; Rock Island, $500: St Paul is 700.
W; .. Tel, $500; N. J, Central, &c, 800
, Ine foLoWing 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 "a