The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-12-21
FINANCIAL AND COMMERCIAL.
TuFADAY. Dec. 20.

TUESDAY, Dec. ".
In che early dealings on the Stock Exchange
the reactionary tendency that has been a fea-
.ure OF the market for several days past con-
tlnued. Lower prices for American securities
In London. moderate selling by foreign arbi-
TRACE houses and n disposition on the part OF
Aone professional operators and small brokers
70 clean IN their ventures NJ the end OF tho
year eaused n further fractional depression In
prices. At the decline tho market became
comparatively quiet. but the tone was steady.
because. as for some time past. the shading OF
prices disclosed the existence OF buying orders
that we're fairly largo In tho aggregate. The
course OF speculation was gradually turned by
the action OF Sugar Refining. which moro than
recovered all OF the losses II sustained during
the last throe days. Tho advance Of nearly 8
points IN that stock confirmed the view OK
pressed In this column this morning, that the
professional selling Of yesterday. which was
apparently based upon the retirement OF the
Treasurer OF the company from active partici-
patton In the management, was Illogical.
Shortly before the close the entire list was
stimulated by the circulation OF reports that
the dividend which will probably be declared
upon Atehison preferred tomorrow will be IL
y cent. Some confirmation Of these reports
was found in the enormous trading in Atchison
preferred at an advance OF nearly 2 points
from the lowest price Of the day. The stock.
together with Sugar Refining. supplied nearly
one-third Of the total transactions. Other
noteworthy movements were In the main
outside Of the usually active list and included
Central Pacific. Southern Pacific. Federal Steel
common. which was fairly buoyant In the late
trading. American Steel and Wire issues, Col
orado Fuel and Iron. Lake Erie and Western
common and preferred. all OF the Minneapolis
and st. Louis stocks, p. c.. c. and St. Louis.
Baltimore and Ohio new stock. Chicago
and Alton and Chicago Great Western.
The market for Lake Erie and Western stocks.
and that for Minneapolis and st. Louis issues,
were influenced by reports OF buying for con-
troll. It would not be surprising IL both OF
these properties. as well as the Chicago and
Alton. would in due time be found to have
established new and intimate relations with
some OF the lines with which they connect.
The possibility OF new combinations in vari-
Gus quarters is becoming a powerful factor in
stimulating speculation in securities on the
Stock Exchange.
After the close OF business II was announced
that tho Southern Railway Company had de-
clared a dividend of / p cent. upon its pre-
ferred stock. AS usual. no official statement
wns made as to the period for which this divi-
dend was declared. 1t is understood. however.
that. IL is the intention Of the management to
place the stock upon tho 2 p cent. basis during
the next fiscal year beginning July 1 next.
The strength OF the market toward the close
induced some repurchasing OF securities sold
early in the day. The closing was strong at
about the best prices.
New York Stock ExchanEe-Salea Doc. 20.
UNITED STATES AND STATE BONDS TN 81. O00sl.
Cd u s SIC lo6 Us IA. r. 1921 23k