The times., 1898-09-24

success of the deal with the Indiana
Natural Gas Company. The details are
not yet accessible, however.
Another deal closed up. or nearly so,
was the Tobacco combination. This ar
rangement between the trust and the
other tobacco companies is now surely
fixed, though there seems no positive GER
tainty-in the mind of anyone who is not
in the company directly-as 10 just the
extent of the deal. Some authorities say
that the trust has closed all the negotia-
tions by failing to take up the options on
the outside companies. 1t is stated on
the other hand. however, that several
of the plug tobacco concerns have been
drawn into the trust. Whatever the set
tement of the negotiations may mean,
it did not have a good effect on the mar
ket yesterday. Tobacco stock went up
from 149 rs to $50, and then had drop,
closing at the lowest figure for the day
147 3-S. The stock was hammered by the
crowd which has been bearish at times
heretofore. There is a belief held by peo-
pie whose opinion is usually good regard
ing Tobacco that the drop yesterday was
too much, and that there should be a
rally today.
The purchase of the Boston concern by
the United States Leather Company has
not been closed but probably will be later
on. Leather was nearly stationary yes
terday at IS rs. The close was 6S ga.
The action of Sugar within the last
day or two suggests manipulation tactics
for the purpose of accommodating stock.
One of the Wall Street newspapers has
been printing most bearish talk on Sugar,
evidently with the intention of encour-
aging the shorts to sell.
The Town Topics financial people say
of St. Paul: Buyers need not have any
fear about carrying the stock. 1t will not
only recover it's dividend but it viii sell
higher than ever John D. Rockefeller
expresses the opinion that there will be
a 20 per cent rise in st. Paul within a
year" Sts Paul was fairly strong yester-
day and closed at the highest figure OF
the day 107 3-S. The earnings of the road
for the third week of September, the an
nouncement of which is due now, have
been, it is said, as excellent as those OF
the weeks preceding. The general ten
dency of opinion is bullish with regard
to the grangers. Owing to the better
earnings and the magnificent promise of
crops in the territories through which
they run, opinion has veered. A month
ago it was bearish.
Dow, Jones & Co. say of General Elec-
tric: mo plan has been definitely formu-
lated as yet by the directors for payment
to preferred stockholders of accumulated
dividends amounting to sS5 per share. Ii
may be said however, that these divi-
dends viii be paid out of earnings subse-
quent to August IT, on which date the
stockholders voted to reduce the capital
stock, whereby wiping out previously ex-
listing deficit of S12 600. Within the
next twelve or eighteen months 1t is the
reasonable expectation that these ac.
! crued dividends will be paid in full to the
preferred shareholders. About the mid
die of October, it is expected that def
mite plan for their payment will be pre-
pared and issued to shareholders
The Union Pacific issues yesterday botf
had an advance, though the total advance
in the morning was not all retained il
the later trading. The common stool
opened at 81 3-4 and closed at 32 Ia an(
preferred advanced from 65 to 60 IA
Mention was made in this column yester
day afternoon of the excellent prospect:
of the road for the future and of the de
sire on the part of the management no
TO allow the full extent of it's prosperit!
to be too glaringly apparent Immediately
New York. Sept 23-Bradstreet's tomor
row will say:
Favorable trade developments mani
fest themselves chiefly along the line
previously noted. The Importance of ;
| large export demand to the country's do
mestic interests is illustrated by the i'm
| proved tone and prices of wheat and fiou
| this week, growing out of the better for
/ eign buying, induced by less favorabl
| Russian crop reports smaller shipment
| from that country and apparently con
| tinued careful selling by American pro
| ducers. Raw cotton, on the other hand
| reflects probabilities OF continued plen
| tiful supplies and rather slow demand 1
| quotations, lower than the lowest poin
| reached in the year of depression. 1S9
when a large yield was coincident wit
poor trade, industrial troubles and tigh
money. From the West and Northwes
/ advices continue largely in the forme
cheerful strain.
Some relaxation In activity Is perceI
tible in some lines al large markets, bU
the volume OF trade. as a whole, is ev
IDENTIFY equal TO any previous record. A
the South low priced cotton and yello
fever guarantees affect trade adversel.
Favorable conditions on the Pacific Goa.
are most numerously reported in tn
States of Oregon and Washington. At III
East the least favorable reports continu
to come from the textile industrie
| Wool is quiet and manufacturers are M
encouraged to buy heavily in view of IL