Evening star., 1898-09-29
FINANCE AND TRADE
Tobacco Stock Suffers Another Slump
on Today's Market,
OTHER STOCKS WEAK In SYMPATHY
Some Strength, However, De-
veIoped at the Closing Hour.
GENERAL MARKET REPORT
Special Dispatch to The Evening Star.

Special Dispatch 10 The Evening Star.
NEW YORK. September 29-The new ac-
count in London opened auspiciously. and
prices for Americans were generally higher
Business at the opening was limited. but
the tone of speculation had improved. Con-
tinent continued to buy Union Pacinc-the
preferred stock being up * I'm that market
Consols. money, loo 1916: account, lua7s,
an advance OF l-16 Bank OF England rate
of discount remains unchanged at per
cent.
The New York market was subject to
many sharp and, in some Instances, violent
fluctuations in the first half hour. The de-
moralizatlon In Tobacco continued tn affect
the general list unfavorably. ofse:ting cie-
position to rally on covering OF shorts.
which was encouraged by the steadiness Of
London quotations. Sugar showed firm
ness. and Peoples Gas was marked UP on
the shorts. Rubber opened up / 3-s but
lost nearly all the gain. Manhattan was
raided down over a point. Tobacco fuc-
tuated wildly over an extreme range of 5 3-S
per cent, and then settled around To l27
and l26.
The undertone of the railway list was
steady. In government bonds the 3s were
reduced IL per cent.
After the market had settled somewhat
the real feature Of the situation WAS seen
=
and also good local buying of sugar-Hoff-
man Bros. taking $500 shares OF the stock.
There was talk, to. OF a very good Bur
lington statement for the month Of Au-
gust, which helped to strengthen the gem
eral market.
At IL o'clock the market was strong and
there was some covering in Burlington and
sugar. The former stock reported a sur
plus Increase Of s73, ,996 for August over
the same period last year. the earnings at
that time being about the largest in the
history of the company for that month.
AT noon the bears made drive against
Manhattan, the weakness in that speciality
under the attack causing the general list
TO react a little. Money loaned at 3l4 per
cert.
In the late afternoon market the general
list displayed a much better tone. while
money was offered and loaning at 21A per
cent.
Some people in the street, who watch
things closely. think the market is on the
turn for the better. The action of tobacco
ana the strength Of sugar today has given
them this impression, but the more sub
stantial considerations that they claim will
eventually prevail are easier money rising
price of wheat and indications that demo-
Gratis are likely to drop silver issue TO an
extent in the campaign
The burlington statement is much better
than expected, and has caused covering I'm
the grangers. II is thought that Northern
Pacific and Union Pacific stocks will make
a good showing in any Improvement in the
general market.
London marke: for Americans closed
steady, with special strength In St Paul
There was good buying locally and from
New York. Corsols closed a shade lower
for both ac counts. Spanish As closed :. OF
from ? O'Clock. After the close in London
Americans rallied on the curb on New York
support and closed at best prices of the
day. The Paris bourse is bearish on fears
OF tight money over the settlement