New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-05
BONDS.
TIE DAYS OPERATIONS IN STOCKS

American Tobacco stock which sold as low as
,,2 nm Monday. reached 100 yesterday on con-
,,nuea covering Of shorts ard new speculative
bu,-inz hased on the belief that standard on
Interests rad become owners CT The greater part
n, he holdings thrown over last week Inc
ownership OF Tobacco stock is Of little lmpor-
:ance as a factor in the investment sltua'lon
blu, in a purely professional marker such d. '''e
Street has witnessed for TIE last few weeks 'he
stock control Of any Of the Industrial companies
exorts considerable influence upon speculative
sentiment The big deal in Tobacco was P'a'-
t,callv closed up last Saturday. and the new
ownership Of the stock has been powerful
enough 70 check the markets declining 'eno
encv while inducing a more confident feohhs
among the advocates Of higher prices. Ihere H.
however no particular enthUs SIN over 'ne I'M
mediate outlook for materially better quot 'o"''
the general expectation beins that the elec''ons
,,,,s, he on, Of the way before the public Will
return 10 Wall Street
After considerable early irregularity in prices
Yesterdays market made further progress low
ard a higher level This was due in great part
20 the strength in American 'ohacco "hio" e."
courased covering throughout the list In the
c...or sbores the magnificent showing ma re
nv the ST. Paul company for the last week IN
Arcus, created more hopeful feeling in the
hull camp. and it was largely in response 10 'his
,ro@sc exhih,t that ST. Paul opened "a per cent
A,ohar IN the London market and gained per
AN, here II the marl-et had been less PROBES
s,onal ST Paul would doubtless have SOLO con-
s,derably higher and the entire list wouio nave
made marked improvement on buying ihspileu
nv legitimate business conditions But all Ia
yorable factors now developing must ma INC"
reAec,,on in market values at no distant ''ii'e'
rbere should be no uncertainty over the mar
ra,,s future Barring unexpected. exceptiohai
accidents higher prices before the emu VI WV
wear are looked for by all the conservative me"
In the Street Supreme Court decision III INC
roint Traffic Association case may come oeiole
long and IL 1t should be unfavoraole 10 'he
roads as in the Transmssouri case values may
ha attacked Values however, will recover JUST
nc thew did on the announcement OF the Trans
missouri decision
u WAS reported In the Street yesterday tnat
the Manhattan Company had about competed
its ARRANGEMENTS for the contemplated cnanse
IN motive power 10 electricity. IT was also sdiu
.h., ,be foremost banking hous' in America
would handle the financial end OF 'he "ansd'-
,,or A change in motive power must eventu-
ally work to the advantage OF the Manhattan
Cornanv but in view Of the roads present
financial condition and the expense ihNoiNeu III
.ubsti,uting electricity for steam. 1t is hard 10
Give satisfactory excuse for bulling the STOCK
iust now. Shorts" however. covered In IAN
haitian yesterday. and interests recently oearish
on the stock we're buyers. Manhattan VIII prop
ably be used for many speculative turns peloie
investors again buy it. In the late deahhes d
bear raid was made against Sugar Rehnine' the
stock declining per cent. and the whoie ns'
reactjng from the best prices Of the day Last
nrices showed net gains in the greater noiiioei
OF issues.