The daily morning journal and courier., 1899-01-12
EstMnmctWI.
The stock Market.

New York, Jan. 11.-Directors' meet ings were responsible for considerable variations in the character of the stock speculation to-day. As is usually the case, forecasts were rife as to the prob- able action of the various bodies in ses- sion which were utilized for effect upon the market values of the securities in- terested The most important develop ment was the action of the Louisville and Nashville directors in replacing the stock in the category of dividend-pay- CTS. The report submitted for the six months ending December 31 showed total income as $4,437, ,622 and surplus of $1, ,246,799 after deducting fixed charges and sinking fund requirements. This exhibit prompted the management to declare dividend of 1-2 per cent. out of the earnings for that period The dividends on this property were sus- pended in 1893 and a reduction of 10 per cent. was made in the salaries of em ployes with a provso that salaries would be restored to the full figure again when earnings warranted it. This promise was carried out last year and the successive favorable character of the traffic statements published arous- ed expectations among the investment public that dividends would soon be de- clared on the stock The proceedings of the sugar directors were also viewed with considerable interest, as 1t was in- timated that some publicity would be given of the result of the company's operations in the pending trade war. President Havemeyer stated that 1t had been found necessary to make radical changes in the policy of the companys business and that those changes were made with the unanimous consent of the full board of directors. The stock holders ratified the action of the direc- tors at a previous meeting, when it was decided to reserve the profits of the company as working capital. The bears interpreted the proceedings unfavorab- ly as indicating possible abandonment of dividend payments. The stock was thrown on the market in large volume and sufficed to check the aggre sslve up- ward movement which was in progress on the announcement that the senate committee had agreed to report with out amendment the peace treaty. The market in general presented other feat ures of striking interest, including as it did an outburst of investment buying which improved the standard shares from 1 to points.
 The Vanderbilt stocks were unusually prominent and q burst of animation and strength which lifted Pennsylvania 4 IA exercised a healthful influence on the entire market. The specialties aside from Sugar moved in comparatively narrow limits and figured very moder- ately in the days total. Early weak ness, in which Pittsburg, c. c. and St. Louis made sensational break of IS, gave the bears a temporary advantage, but the bulls got the whip hand in the subsequent dealings and closed the mar ket we'll up to the best at substantial gains. London operators were consider ably reduced and on both sides of the acCognt.
 The bond market developed sagging tendency, but recessions were not sig nificant except in isolated cases.
 United States lives coupon declined 3-S in the bid price.
 NEW iOHH STOCK ArARRET.