New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-12-11
Tuesday, Dec. 10-p. m.

To-day's stock market in its speculation was
only a repetition of preceding days-an additional
evidence of the diagnosis here published All us
activity came from the operations OF operators
who have been, and still are, working for mar
ket that will permit the purchase of stocks, either
to cover shorts" or to make a new long ac-
count without undue appreciation. The non
speculative market, heretofore consists entirely
of "a buying for a long pull, and not for specu-
latve IurL of or per cent-a buying that is
based on the improved conditions of general
business and on the large and increasing earnings
of properties Operators of the present specula-
ton to-day issued through the agencies sort OF
official statement that they had covered all their
stocks and retired from the field till after January
/. If the various statements which
during the last year have been made
Of the covering of the leading bears at the
lowest prices of every reaction were true, the
principal operators of the year now should possess
such an amount of cash as TO satisfy them, ana
induce them 10 take prolonged trip to Europe,
Asia and Africa and give the little fellows
chance Their successes, measured by Official
statements of their agents, should far exceed the
ability of he United States treasury to cash.
Yet Notwithstanding their official utterances,
the attempt to-day to demoralize prices was only
less than it was last week. as were the days
baDncninps less favorable TO such a scheme. As
heretofore. where an unprotected spot was found
an attack was made, and it was not done by the
board traders The bidders up OF the money rate
in the last half hour of business were the recog-
nized brokers of the leading bears And on
that the final prices through the same agencies
were made about IL per cent lower than the
" best of the day. OF course all this labor was
expended for fun and noU for possible proht'
because having covered, there now can be no
profit 70 rs in decline" Yet despite all this
missionary work solely in the interest of invest
ment BUYERS. the prices generally closed higher
than last evening
Western Union rose from 50 to SO on the re-
MORT thai, the Executive Committee tomorrow will
recommend 20 the directors the declaration OF the
regular | IA per cent dividend and an extra
dividend of "a per cent, or per cent in all; but
under the heavy pressure broght to bear at the
close the price yielded to 81 3-S Chesapeake ana
Ohm common and second preferred stock ruled firm
but the first preferred was exceptionally weak
down to 60 5-Sa66, against % last evening. 9hce
last March the common STOCK mas duNan0ou
ner cent the second preferred I per cent, Wnlle
Tho first pre ferrcd with interest added has maze
no advance. Either the hrst preferred suoch ID
worth 90 or the second preferred ana common
stock, are selling at least lOa%O 700 nsn- ny
n,aninuIation of these stocks since last March
has been "A mystery TO the Street. III ms petn
one in which the insiders have captured every 10
ner cent. giving dealers show for a pfOnt
The earnings Of the property make the second pre-
ferred stock look cheap at the hgures; puJ
borgish manipulation may find that wheh u
wants "A public support most II Will De IicNng
Biz Four another stock in the same line WIN
Chesapeake and Ohio, drops al about ~, Only
because il is made to do 1t has declared -
per cent dividend for the first siN months OF us
consolidation and submitted a statement showing
over 3 per cent earned. We venture 10 predict,
barring accidents in this month, that the COM
pany's net earnings over dividend Of ! IL per
cent on the common stock will be nearly $500, OOO
instead of S307,5OO as officially estimated in the
statement of December G. for the six months TO
end December 81. Atchison, Topeka and Santa
Fe stock a feature in the dealings and rose
TO 30, but under the last pressure reacted TO
"a 5-S, against 33 "a. the early price.
The announcement that the NEUTRALITY-SUSPICIOUS.
Sprecllelss big sugar refinery IN Philadelphia
had started up was made the occasion for one
more attack on Sugar Trust 1t sold OF 10
CT rs, recovered 10 Ga 3D. and closed at 81 IA
We accept without question that Spreclxels@
is a philanthropst, and will refine sugar and sell
IL M "A loss in order 10 break up the Ubiquitous
Trust But we cannot forget the fact that the
Trust has just declared a dividend OF l-2 per
cent payable in cash the fact that rs the credit
of tbe Trust would not permit 1t 10 borrow any
money the declared dividend must be paid out
from the cash earnings in It's treasury. We refer
10 fhe subject only no one Of the elements In the
davis general market IL was disturbing Gle
meut because on every side we heard the ques-