The times., 1898-10-19

were kept up by some little buying and
the absence of selling by important peo-
pie. London was not n factor, the arbi-
TRACE business amounting 10 only about
1900 shares. the sales slightly exceeding
the purchases. The general news of the
day was good and 1t had the effect of
preventing the bears from attempting to
sell. on the whole, however, there is very
little reason TO believe there Will be any
real advance in the market at present. or
any increase of business. The street is
still afraid of the elections. After the
elections there will be a bull market ac-
cording TO many careful observers 1t
would even probably be safe to buy stock
now with few points margin for the
rise that is 10 come after the elections.
Sugar was well sustained yesterday
though there was very little business in
the stock comparatively. An advance in
the price of some grades of refined sugar
helped along. This advance was not un-
expected. Ii was predicted in this column
last week. There is nothing In this ad-
vance that should induce a change from
the bear to the bull side on Sugar. There
will be an end of the fight some time un-
doubtedly. but there are no signs of it
as yet, and there will be a large amount
of money lost while 1t is on according TO
all appearances now.
There is a pretty situation in the To-
bacco deal. The outside manufacturers
opened their books to the people who
were working on combination of the
plug interests and have now been told
that their valuations are too high. Mean
time the Tobacco Trust has bought the
Drummond plant and the Brown plant
and Is in a strong position to fight Lig-
gett & Myers and the smaller concerns
If it is decided not to accept the options
held on these latter. 1t seems reasonably
certain that Liggett & Myers cannot be
bought out. but that they would be very
glad to join in any fight against the trust.
If there is to be a fight in earnest be-
tween the trust and the outside concerns
IL will undoubtedly result in declines in
Tobacco stock for a time at least. Tobacco
was weak yesterday, losing over point
in the days business.
There is reason to believe that the prob
lem of electrical equipment on the Ele
waited is nearing solution. 1t is understood
that the problem is in President Gould's
hands entirely. and that he has already
received estimates for much of the work
The New York Commercial says that
the Canadian Pacific has been selling tick
cts from Vancouver to st. Paul for SO
each and that Northern Pacific will re-
taliate If the reduction is kept in force.
The prospects of the Federal Steel Com
pany, the iron and steel adjunct of the
Standard Oil Trust, are without doubt
fine. The promise of great iron and steel
business this Fall and Winter, all the ad-
! vantages of unlimited wealth ts200 OoO, 600
| is the capital stock of the trusD and of
names to conjure with, make 1t certain
| that the business of the company will be
/ large and profitable. The stock of the
| trust should be a good investment in ex-
act proportion to this success. Ladenburg,
! Thalmann & Co., who have been believers
| in the securities of this company since the
| beginning, yesterday sent to Mr. Hibbs a
i second prediction that there will be a
| quarterly dividend of 1-2 per cent on the
preferred early in the coming year, possi-
! bly, in January.
| The increase in the earnings of ST. Paul
for the second week of October were again
| a record-breaker. The grangers were
! strong in their announcement, but not so
| much SO as might have been expected.
! ST. Paul itself closed al the opening figure.
Earnings statements are as follows:
Wabash, second week October. increase,
1920; from July l. increase, s2S4, ga Texas
| Pacific second week October, increase,
| $40, Ill; from July /, increase, s463, ,603. In
| ternational and Great Northern, second
week October, s27. 1896 increase; from July
l, increase, sl27, ,412. st. Paul, second week
| October increase, s139, ,627; from July l, in
! crease, SS0l $50. New York. Ontario and
| Western, second week October, decrease,
$3.50; from July /, decrease, S2,S2O; Dem
| yer and Rio Grande second week Octo-
ber increase, sl4,7O0; from July 1, in
| crease, $4,000. Iowa Central, second
week October increase, $3.50; from July
1, increase, Ss7,077. Canadian Pacific, Sec