New-York tribune., 1902-01-10
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The only decided tendency in the stock market
was shown in the late dealings, when prices de-
clined with great regularity throughout the list
With the exception OF Manhattan. the active
stocks generally showed net declines, while even
in Manhattan. which early in the day enjoyed
marked Improvement the closing price was we'll
under the best figures In the morning irregu-
larity marked the course of dealings prices
moving within narrow fluctuations In all but
few Of the more important speculative issues
In the middle Of the day values advanced for
brief period. but gains unimportant in the
greater number of stocks Commission house
trading was light The absence of outside sup
port encouraged bear operators to sell the mar
ket and their transactions In the final dealings
were heavy enough to cause downward move
ment In all the leading securities Wall Street
is not bearish for the long run, but professional
traders may be expected to work for lower
terest in speculation.
The movements in Sugar Refining Nanbat-
tan and Union Pacific were the chief features of
the day rally in Sugar Refining stock in the
noon dealings was succeeded by a sharp decline
at the close. Trading in this stock reflected the
careful work of intelligent inside Sugar stock
manipulators- According to Wall Street opin-
Ion. the stock was strong In the early trading
owing TO the expectation of some concession by
Congress on the Cuban sugar tariff The ad-
vance in Manhattan was helped by buying based
on the theory that the accident In the New
York Central tunnel would force closer relations
between the Manhattan and New-York Central
companies. 1t is generally believed that this
accident will cause the of electricity in the
tunnel and some arrangement by which the
local traffic will be turned over to the Manha+
tan elevated at some point above the entrance
to the Park-ave. route There was no indica-
ton that inside interests in Manhattan were ac-
tive dealers In the stock. In the rest Of the
Gould list there were no important operations.
except In the Wabash issues. in which an excel
lent class Of buying was again reported In
We'll Informed quarters IL is understood that
Wabash common and preferred will be active
speculative features in the course OF the pres
ent year Activity in these stocks will doubtless
be based on developments favorably affecting
the company and the strong financial and
physical condition of the road
Early strength In Union Pacific was foro,o5
by the report from Chicago that the stock would
be placed on per cent dividend basis at the
next dividend period Chicago reports on stock
market affairs are generally far from the facts
In the case of Union Pacific, however earnings
are large enough 10 pay per cent the COM
mon stock' ana there are number Of we'll in
formed people who believe that at soma time
this security will become a regular : nor cant
investment. Fair buying was reported IN the
coal shares but the volume of realizing sales
prevented price improvement. Among the usu
ally inactive stocks Pittsburg. Cincinnati. Chi
caso and st. Louis common was the strong feat
ure. making a maximum advance Of points
The Nickel Plate" issues were also strong The
steel shares closed under Wednesdays las, ouo-
tation On the decline good buying was re-
ported. Elsewhere In the industrial list dealings
were light and without particular significance
investment buying was reported in American
Car and Foundry preferred. The money mar
ket was comparatively easy. with call loans r,,t
ing at per cent