New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-12
'M-divfdend.
BONDS.
THE DAYS OPERATIONS IN STOCKS

Speculative activity continued upon large
scale with interest well distributed throughout
the list In the early dealings efforts were maze
10 force q reaction. and for short time the
greater number Of issues declined to points we'll
under Tuesdays closing prices: but the support
of prominent interests and renewed commission
house buying at the low level caused general
recoveres that left final quotations for the ma
jority Of stocks slightly above the, preceolhg
DAYS last quotations The only noteworthy net
decline was made by Pittsburg. CINCINNATI, Cnl-
cago and ST. Louis pan Handle). pronounced
bear attacks upon this stock accompanied BY
realizing sales were followed by break OF more
than 6 per cent. and while subsequent rally
carried the price TO 20. the final sale was re-
corded at net loss for the day Of over per cent
The movement in the stock was purely spec
ulative manduvre and of no significance as an
indication Of the actual merit of the stock which
as practically an asset Of the Pennsylvania Rail-
road COMPANY occupies as favorable position
as Omaha Ian asset OF the Chicago and North
westerly occupies. despite the fact that Omaha
sold as high as 9S yesterday. II is interesting
10 note that coincident with the selling OF ran
Handle" a vigorous buying movement OF Penn
eylvania set in.
The continued violent attempts OF the profess
sional traders to bring about reaction meet
with no important success. but the increasing
number Of reactionsts suggests the wisdom OF
taking profits without waiting for extraordinary
prices. which the small trader sees ahead when
his holdings have shown an Increase In value
The most conservative interests appreciate the
strength OF the market situation and they pre-
dict much higher prices IN 1899 than the level
reached In 1885, but they counsel the taking OF
profits frequently. and advise buying on all re-
cessions This method Of speculation has been
more prominent in the current market than at
anv time on record. and 1t is owing TO II that
the technical position Of speculation has re-
manned so strong. The much talked-about over
due reaction win appear when everybody wants
TO sell; but when that time comes ciamorous
so]d-out bull party will doubtless be anxious 10
buy whatever the public has to offer Inc Ten
dency TO buy the standard shares IN preferences
IN the stocks Of doubtful merit was again
feature In yesterdays market
Activity in Sugar Refining, incidental TO the
compapy's annual meeting, needs no explana-
ton But the decision Of the trust 70 use &C
cumulated profits for working capitaI needs
considerable explanation, which. unfortunately
the managers Of the concern refuse TO give
Perhaps accumulated profits will be used TO
fight trade competition. AS usual, no state
ynent regarding the condition OF the company
was given out, yet slOch iha' het ''ooe4' "N-o
willing to buy the Sugar certificates on the
faith that their value is sufficient TO prevent
any material decline in price. Sugar stock may
mot sell az high In 1899 II sold in 1898. Buy
ting of PENNSYLVANIA Illinois Central, New YORK
Cen+ral the granger issues. Great Northern and
stocks of similar character was heavy In the
afternoon and encouraging feature OF the
davis business An indication Of the growth OF
railroad business reflected in the return
Of the Louisville and Nashville company to the
dividend column. a declaration Of Ia per cent
being made at the meeting OF the directors
Yesterday afternoon The market closed strong.
Total sales, 9456e9 shares. against 1O193O3 on
Tuesday.