New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-01-10
INFLUENCE OF LOUISVILLE.
DIRECTORS CANNOT SECURE A QUORUM
FOR DIVIDEND ACTION
EXTREME IRREGULARITY IN THE STOCK MAR
KET-BEARs ATTACK WESTERN RAILROAD
STOCKS ON EXPECTED BAD EARN
1Nos REACTION FROM

EARLY ADVANCES
The sentiment in Wall Street continues favorable
to rally in prices and the bull traders were able
to manipulate this factor sufficiently yesterday to
check the decline which got under way in the late
trading on Monday. The stock market was ex-
tremely irregular and the vagaries OF prices left
many observers confused In their judgment OF the
future. An almost fictitious Importance was given 70
the meeting of the directors Of the Louisville and
Nashville Railroad that had been set for yesterday.
The Street has given up the idea that there would be
a dividend declared, owing to the decreased earn
ings Of the company and the belief that the money
with which to pay the dividend would have to be bor-
rowed The directors could not hold meeting, owing
to the absence Of quorum, although 1t Is said that II
a sergeant-at-arms had been sent out after the
fashion of legislative bodies, prominent director
representing foreign investors might have been
found taking light luncheon in well-known
restaurant. The meeting Of the board was post
poned until tomorrow afternoon. The bears are
extremely reluctant to attack Louisville ana Nash
Vile stock. owing to the mystery which mas peen
S. stock authorized at the last meeting Of the
would be about equal to. 2 per. cent dividend for
the last six months Il DECLARED in scrip. At the
B. Wheeler. one Of the big bears bought Literally.
and the price rallied quickly to lsH BY noon the
1900 shares were traded in for the day.
There were sales Of oyer loo shares OF Chicago:
to ssS In the late dealings the price declined to
57m5.l on predictions that another heavy decrease
would be reported in the gross earnings Of the com
pany for the first week In January. The bulls
stoutly contend that losses in earnings are OF
no consequence since the railroads have discovered
the secret OF extracting bigger net profits from
diminished gross receipts But the late activity OF
the bears reduced Chicago, Burlington and Quincy
from 76Ato 74lxd74%. and Rock Island from 66h to
65Al65N While Mr. Wheeler covered his shorts In
Louisville and Nashville, he was credited with as
sailing Cleveland Cincinnati Chicago and st. Louis.
which fell to 32ssd32% from 35% Monday night. 1t
Is said by well-informed men that this company
will shortly announce Its policy OF emitting the
usual seni-annual dividend on the common stock.
The sellers OF Chicago. Burlington and Quincy were
predicting an unfavorable statement OF net earn
ings for November
The Industrial stocks showed attractive varia-
tons American Sugar Refining was advanced to
S4ls but later 1t fell to S2 the same final price as
on Monday. Chicago Gas was advanced to 6SN.
and 1t held fractional gain at 65as at the close.
The bull pool In General Electric raised the price
to 37h, and at 36as at the close 1t showed net
advance OF per cent. The bulls IN western
Union also showed aggression. and after lifting
the price to s59s they held net gain OF y per
cent at S47s at the end.
There was an increased demand for foreign ex-
change which was traceable only to movement
of American securities to this side, and bills on
London are about cent to the higher than last
weeks low prices 1t Is regretted that more conf
dence Is not shown by Europe In American securi-
ties and a speedy settlement Of tariff ana imam
ciai questions In Congress Is hoped for by the
hui