New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-11-17
Tuesday, November 1G-p. m


On small volume Of business securities prices
m wed toward a higher level. The movement,
however. was purely professional. and repre-
scented little save O. traders rally Whether or
not the stock market will reach materially
lower basis before a decided buying movement
begins Is a question which many persons In
Wall Street would like to have definitely an
swered; but the chances are that no one VIII
risk his reputation In trying to answer 1t. so
long as substantial support Is lacking in specu-
iation. The factors which generally induce i'm
portant interests to come into the market are
present In the business situation. but from a
Wall Street point OF view their favorable nfu-
cnce Is Offset by the uncertainty regarding the
Cuban situation and possible legislation unfa-
vorable to bull speculation at the forthcoming
session of Congress. The current duness in the
stock market Is not likely to lead to higher
prices. Dulness the absence Of buyers pro-
vokes bear activity. If the recent fall iE prices
did not close out all the timid and weakly mar
gined holders. the bears still have a fair chance
OF bringing on further liquidation and the
longer the big buying interests stay out OF the
market the greater the chance for bear success.
Operators for the decline are also timid, how
ever. Any little buying pressure drives them
into rapid retreat. They know, as well as bull
operators that business conditions favor higher
prices. and that good demand for stocks will
cause rapid recovery throughout the list For
this reason the bears cautious In their
operations. but II the market continues in its
present languid condition they will doubtless
grow bolder.
There was no significant feature in to-days
trading. In Rock Island stock fair amount OF
interest was displayed, owing to reports of heavy
earnings. rumors OF dividend expansion and talk
OF refundng operations The road is making
cellent earnings and will soon have its debt sat
isfactorily refunded; but talk of an increased
dividend seems altogether premature The COM
pany only recently made an increased dividend
distribution, and II Is not considered probable
that 1t Will raise the rate above that paid at the
last dividend period for some time to come Now
II is believed that the Burlington Company will
raise its rate at the directors meeting this week
All OF the Granger shares were strong while
elsewhere In the railroad list Jersey Central was
tne leading strong feature Sugar Refining was
ngner on covering Of shorts. American Cotton
vi stocks were strong features of the Industrial
lst On the good showing made by the company
II, IN us fiscal year. The foreign securities mar
he,s were dull. and arbirage houses did practi-
Sahy nothing in this market. The earnings OF
me 81 Paul Company for the second week in
."yeinper were not given Oh. before the close
~ business but buiish estimates placed the
sai. at large figures. owing TO the fact that in
Tug second week Of November last year the earn
49,. .so were only S63S 515. as against $3.50 56S in
cue same time In 1866. The actual showing was
BE-, the estimates. the increase being SI47 1O5
LOT the last sales OF the principal