Evening star., 1898-09-28
Bears Raid the Stock Market Sue
ceSsfully Again Today.
TOBACCO BEARS BRUNf OF ATIlI
The Entire List Shows Weakness
in Sympathy.
GENERAL MARKET REPORT
special Dispatch to The Evening star,

Special Dispatch to The Evening star.
NEW YORK. September 2S.-Early cables
report Amercans in London dun and an
indisposition on part Of traders there To-
take position on either side for new ac-
count Business Is practically At stand
still. and prices are not suf'ci ,ntly changed
to permit of successful arbitrage. Consols
firm. Money, 2a2i2 Discount for short AID
three months bills. 20 per cent.
The New York stock market opened with
further liquidation, particularly in tobacco.
but the stocks were well taken and there
seemed to be buying orders in ihc markr;
under present level London bought mod
erately of Northern Pacific ana Union Pa
cific stocks and Atchison preferred. some
sugar was sold by traders at the opening
on the news this morning that the Amcri-
can Sugar Company had reduced their
whole list Is cent. excepting Nos 4. >
u and II. which they reduced BIG. Euro
pean sugar cables were unchanged
soon after the early depression traders
began changing front on the market. think.
ing the decline had run far enough to war.
rant expectations of "A rally and that prices
would he higher at the close. They laid
great stress upon the advance in the price
of wheat, arguing that this big bull factol
ia not yet appreci lated.
BY IL am. the market had rallied con.
siderahly from the low opening, and tho
undertone TO the general list WAS good
HoUsman, HollinS & Leopold We're the prn.
cipal buyers OF Tobacco i'm this rally They
did not buy much, however, IS there was
little for sale and traders bid 1t up.
AtchiSon preferred was heavy on the pub,
licatiOns late yesterday afternoon OF the
statement Of earnings Cor August which
showed an increase Of gi5 per cent IN op.
Grating cost, with a resultant reduction oi
net TIK rar1aTls rod viii
August. 1897.
London cables report Bank Of England
has sold f2O,o00 gold today for shipment te
New York
Toward l o'clock a fresh attack was made
on tobacco stock. carrying it down TO l2slSs-
and unsettlng the whole market. the room
traders disposing of most of the stock they
had bought this morning in anticipation Of
rally at the close.
The blind pool stocks Sugar and To-
bacco. have monopolized the stock market
during the past week, and both have de-
clined sharply on LIQUIDATION by large hold
ers and stop order losses of the smaller
traders This state Of affairs cannot 20 on
Indefinitely, ana some good people on the
street are expecting to see these two in
duStrials steady up around these prices
and the general market rally
Norfolk and Western earnings for third
week of September increased S11 .342.
American stocks in London closed steady.
with no changes Of Importance afta,. >
o clock. Kaffirs close firm. with covering
following the recent decline.
Foreign markets. as a whole have been
quiet Consols closed a shade higher for
money and account. Spanish Is closed
irmer at 43.
Late aivices from Chicago stated that
the syndicate to Cnderwriie the stock OF
the Continental Tol acco Company will be
composed of Standard oil people. Mr.. DalIe
ana q western capitalist. The entire
amount Sl0onVo, viii he underwritjen.
This news had a slight rallying effect IN
Tobacco stock. while the announcement of
the engagement OF S50O,Upp gold in Europe
by the National City Bank help.d the resi-
OF the list. Late cable adviceS from Lon
don after the close of the market there re-
ported Americans frmer on the cura with
Northern Pacific preferred the feature ou
buying for German account.
AT 80 pm, on tho announcement thai
| the American Tobacco Company had de-
ciared the following dividends per cent
on common, per cent on preferred ana 3
per cent on scrip, another drive was made
at tobacco. the stock weakening sharply
| The rest of the list also showed reaction
airy tendency.