The Washington times., 1908-03-18

NEW YORK, March 1s.-Close-The
volume of business in the last hour of
the day was enormous. Stock was sold
right and left, 1,0O0-share lots being more
frequent than at any time for months.
The leaders in the decline were in the
best stocks or the list, Northern and
Union Pacific, Great Northern, Reading,
Pennsylvania. New York Central. and
Delaware and Hudson. These stocks
We're of from "a to 35s points. There
were numerous breaks OF a point, and
the market closed very weak and grind
ing hard on the bottom
The elimination of the railroad bond
feature Of the Aldrich bill and the re-
auction in New York Central dividend
hurt the market badly
NEW AOtths MaTcn B.-NOOn-AfLer
. 1-S splendid rally IN the market ySsleE-
DAY afternoon urm opening this morn
Ing was expected Ia this the trading
elrment Was not disappointed as Jhs
initial trades were accompanied with
gains OF = TO y point IN the great ma
Jointly or stocks. During the urst hour
continued Improvement was noticed, and
then came ruInOrs Lnat New \ ork Cen
tFai the great Vanderbilt road would
cut lis dividend. Immediately came de
mails of this rumOr, ana numerous
without foundation" messages. They
but proceeded the official nOunCatIOu Of
u
Usual ~ per cent quarterly distribution
ON New York Central. The OLD reliable
j. now d per cent dividend payer IN
stead OF g per cent.
his rather lOlJed the stock market
although Il should not have been a bear
argument as IL Is but wise and con-
belFauFe aGuOn, the fact that 8 per
cent could not have been maintained
Delng admitted, and the stock values
having more than discounted the reduc-
ton.
But the pace has been pretty fast
tor the last ten days and with the re
uuced short interest and consequent less
SCuVe demand, the reduction proved, at
least temporary setback TO the mar
ket, AT that there were strong sTOJs
lAlOug nOUE the list the bulls making
much of Brooklyn Rapid Transt which
they advanced TWO points in an effort
70 strengthen the general list. Other
stocks here and there We're strong, and
some or the leaders SdgEeL materially.
The tone of the market indicated that
II was liable 70 grow strong or sell on,
according 10 the action OF a few OF the
leaders. the elimination of the large
short Interest has certainly increased
the chances for a reaction, this having
been the backbone Of the rapid rise
OF the last ten days.
New York Central dropped from par
tC s. on the announcement Of the cut
ia the dividend rate.
NEW YORK, March Isl .. m.-The
market could not stand the pressure Of
the influence o. lElc cut IN the New
York Central dividend coupled with
the absence cf the demand from shorts
The New York Central action caused
a fear that it would be followed by
similar cut by Pennsylvania and other
conservative roads, as a result Of the
decreased earnings and the desire 10
conserve the cash OF the companies
Trading was Of fair volume until near
! o clock, when there was a material
falling of, and the market became dull
end soft, with the indications for an
easier close.
The declines extended from 4 to .
points. the most severe losses being in
the high-grade stocks like Pennsylvania
Illinois Central. Northwestern, and
Delaware and Hudson.
The three last named were 10 to 2
points lower. Northern Pacific lost a
point, Pennsylvania rs st. Paul T.
and Union Pacific 1 point. The Hill
shares were also soft Baltimore and
Ohio lost a point; so did Canadian Pa
Cifc, while Brooklyn Rapid Transit
after its spiurge. started back IL.
Sugar and lee were the exceptions,
both being strong and slightly higher
Steel preferred, rs lower; common, y
OF
? p. m.-TheTe was another recovery
in the afternoon that carried prices up
about ] point in the leading issues from
1.-THE lowest level of the morning, Union
Pacific being about the most active.
The volume of business was small.
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