The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-12-11

FRIDAY, Dec. 10.
To-day's stock market was irregular, q con-
dition that was brought about by comparatively
heavy sales by speculative holders to realize
profits, and persistent and comparatively heavy
buying. particularly at the decline, by commits
sion houses, The selling movement, which APP
peared to originate with one of the larger opera
tors, encouraged Board Room traders and others
who mako ventures for small profits to espouse
the short side of the market. The first named
were aggressive in their efforts to depress
prices. Further sales by foreign arbitrage
houses. agRregating perhaps $4,000 shares,
were not without effect upon sentiment. There
were no unfavorable developments affecting
values; on the contrary. all of the news was of a
character calculated to inspire confidence. It
must be inferred. therefore, that the principal
sellers of stocks were actuated simply by a
desire to secure profits. 1t Is possible,
also. that some of the operators who
have been active In advancing prices
thought 1t wise to test the market. The net
outcome OF the days business was apparently q
reduction in the purely speculative holdings of
the Street and a considerable increase in the
short interest. The borrowing demand for
stocks indicates that the short interest is rap
idly assuming unwieldy proportions.
The most important news to-day was the an
nouncement that the protracted ratio war be-
tween the Southern Railway and the seaboard
Air Line has como to an end. Tho agreement
between the two companies will not only affect
their own earnings. but, to a lesser degree, those
of all other transportation lines In tho South. It
was also announced to-day that the committees
representing the Memphis and Charleston secur-
ity holders have come to an agreement that will
permit of a speedy reorganization of tho COM
pany with the view of turning the property over
to the Southern Railway Company. Strange to
-. kL&na l-
Elected in the slightest degree in the market for
Southern securities. Another event of moro
than ordinary interest was the declaration of
the first quarterly dividend on the pre-
ferred stock of tho present Northern
Pacific Railway Company. This dividend
is distinctly announced as q quarterly distribu-
ton of profits. and the official statement regard.
ing 1t Is accompanied by some figures regarding
earnings, past and prospective. which are
printed further on in this column, that would
seem to fully warrant the action taken to-day.
The failure of the Appellate Division of the
Supreme Court to hand down a decision
to-day in the underground rapid transi,
matter was generally regarded as dis
posing Of that impracticable scheme for some
time to come. II the matter now goes over tc
the now administration of Greater New York II
is virtually q certainty that tho scheme will moi
be revived, at least not with any degree Of
seriousness. 1t is possible that this virtua
failure of the attempt to construct an under
ground road has been discounted to an OK
tent in the recent advance In Manhattan Rail
way and Metropolitan Railway stock. still
they only declined fractionally to-day IL
common with the majority of the list. North
ern Pacific preferred was sold at one time on 4
report that a dividend would not DO declared to
day, but just before the close. when 1t becam,
known that q dividend had been declared. anc
that 1t WAS for the current quarter. the DISPOSE
ton to recover the stock that had been sold lee
to a sharp recovery in the price.
There was a falling of in the dealings Ii
Sugar Refining. but tho market for the stool
was exceptionally strong, particularly in tn,
late dealings. The authoritative denials of yes
~terday's misleading reports regarding the healtl
OF the President Of the company checked tn,