The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-03-11
FINANCIAL.
STOCKS AND BONDS.

New York, March 9.-The special fea-
ture of today's stock market was the va
rying movement in the price of Manhat-
tan, due to conflicting reports regarding
the action of the executive committee on
the rate of dividend to be declared. Be
fore the meeting of the committee the
stock rose to SO IA, probably on the be-
cent would be decided on. The announce
ment that rate of 1 per cent had been
decided on caused Il fall to 81, followed
by decline to SO, the close being at S3
"a, or a net decline for the day of l 5-S.
The stock has been subjected to con-
tinual fluctuations for some time past on
anticipations of reduction in the divi-
dend rate, owing to the decrease in earn
ings shown by recent reports of the COM
pany's business, and for some time the
shares had not been selling at level COM
mensurate with a per cent dividend.
The fall in the shares, therefore, was not
sufficient to start a general decline in the
market, which was largely confined to
professional operations. Another noted
decline in the market was the continued
| liquidation in New Jersey Central, which
has kept up since the publication showing
the Lehigh and Wilkesbarre Coal com.
pany had not been earning its fixed
charges. Although the price of New Jer-
| it fell per cent, thus causing reduc-
| ton on the market and bringing about
defines. The decline in Manhattan was
| reflected in Western Union, despite the
decision to declare the regular annual div.
| idend of / IL per cent, and in Missouri
| Pacific, which had an unfavorable an
nual repOrt.to contend against. The an
thracite coal group also dropped in SYM
pathy with New Jersey Central before
l a., -, T.,
which control of the Lehigh Valley passes
to the banking interest which already en-
| joys the financial direction of other an
| thracte coalers. New Jersey Central re-
covered 1 IA per cent.
Besides these specific centersS of depres-
sion in the market the Industrials suf-
| fered to some extent from the recommends
atoms contained in the report of the eX-
| ecutve committee to investigate trusts,
| which will be presented at Albany. To
| bacco lost almost a point; Consolidated
Gas was down 2 IA, and Tennessee Coal
| and iron was depressed l IL per cent
on an unfavorable Interpretation of the
annual report. The news of hostilities in
| Crete and the doubt of the actual accord
of the powers as to measures for their
suppression awakened renewed uneasi-
| ness here and was followed by a down
| fall of prices. 1t seems that an inquiry
ueVelOpeu Ut one time during tne udy Ill
railways, Illinois Central leading an adj
vance with a rise of point on the show
ing of an increased earning for January.
| though at the expense of heavily reduced
expenditures, and a material increase in
gross earnings for February. The Van
derbilts and Changers were favorably af-
fected also, and advanced fractonally.
OF the other stocks, Pullman, Lake
Shore and New Haven each advanced l
per cent; Cotton Oil preferred / IL, and
st. Paul and Duluth 2 each, the former
subsequently reacting per cent. Tobac-
co rallied and rose 1 II on rumors of
probable action by the company regarding
its stock. The subsequent reaction was
1 point. The depressing causes above
enumerated nullifed the improvement,
and the final figures showed a reaction
with slight rallies towards the close.
Louisville and Nashville, the special ba-
rOmeter of the London market. was the
most depressed of any of the railway list.
The bond market lacked feature, but
prices were generally shade higher.
Sales, SLIPS, 900.