Norwich bulletin., 1911-03-09
FINANCIAL AND COMMERCIAL,
MARKET UNSETTLED. Prices Declined on Mexican News and
 Other Developments.


 New York, March s-Uncertainty as to the situation in Mexico, declaration of . dividend on New York Central at rate lower than that of the previous four quarters, and ths unfavorab1e showing of the copper producers monthly report all served to unsettle the stock market today, and prices declined. The market showed no ner- vousness, however, and there was no apparent pressure to liquidate, stocks seeming to drift downward chiefly through inertia and lack of incentive to bullish operations.
 There was nothing to indicate when the market might be expected to move from the narrow Yut into which it has fallen, and the only relief from the monotony of an unusually dull day was offered by period of activity fol- lowing the announcement that the New York Central dividend for the quarter would be at the rate of five per cent instead of the previous six per cent rate.
 The market, which had been heavy from the opening, sold off on the news, although some railroad stocks lost more on the decline than did New York Central itself. Lehish Valley dropped two points, and most of the other active railway issues a point or moro. Then came q rally followed by further weakness. and at the end of the day the list was not far from the low point.
 The effect ot the days unfavorable news was offset by the fact that it had been anticipated largely in the decline of stocks most affected. The large in- crease in the supply of copper had been forocasted, and the total consumption. which was reported as virtually the same as last month, was better than had been expected. Although reduction of New York Centrars dividend was something of a surprise, in view of the financing which 1t contemplated, it has been known for some time that the decreased earnings of the road had caused tho directors to give serious consideration te the. amount to be paid. Overnight advices from Wash- inston and elsewhere shed little light on conditions in Mexico. Shares of the National Railways of Mexico were weak
 The fertilizer shares were>almost the largest losers of any, and tie decline in those issues was explained as being duo to the>dissolution of a pool which has been active in that group for some time. Bear traders attacked the Gould stocks when 1t was reported that an- other effer of the presidency of Mis- sour1 Pacific had been declined, and succeeded in forcing substantial reces- sions in Missouri Pacific and in Wa bash preferred.
 Reports for 1s1e of two large indus trial corporations, the American Sugar Refining company and the American Tobacco company, presented striking >contrasts. The profits from operations of the sugar company were reduced by more than ha1fs An indication of the tobacco company's prosperity may be found in the statement that the profit and loss surplus at the end of the year was $e1, 1,11S,111, as compared with $42,- 499,000 at the end of the year previ- ous>
 Some encouragement as to the pros poets of prices in the commodities mar ket was derived from ths government report of grains on hand March | showing increases in wheat, corn ana oats ovar the stocks at the same time last rear.
 The London market was narrowed by the general over separations, althouxh that ssttlemsnt was helpsd by a re- duction in the COntango rate. Mexi- can securities wefe weak.
 Tho bond market wao irregular Total sales, par value, $2,442, 600 United States bonds unchanged on call