Evening star., 1898-10-10
Stocks Generally Dull and Lower at
All Points.
BEARS HAVE ALL THE ARGUMENT
Industrial Shares Still Bear Brunt
of Their Attacks.
GENERAL MARKET REPORT
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, October 10.-Lower prices
in the London market and an advance in
the Imperial Bank rate at Berlin were fac
tors which made against local improve
ment this morning. The demand for stocks
is wholly Pre- fessional in most instances
and with a pronounced preference for the
industrial der artnient.
The weakness in Sugar has "a depressing
influence elsewhere, but there is evidence
that short selling is in progress to a con-
siderable degree.
Competition in the trade and the almost
certain destruction Of profits is commented
upon very freely and leads to sales be-
cause of the natural logic in favor of A
changed dividend rate. On the other hand
SI5,oO0,0OO of capital is not likely to be en-
dangered by an overprotracted rate war
Losses may be allowed to accumulate for
time. but sooner or later the compromise
on consolidated Spirits must become up-
permost.
A turn on the down grade is now being
made. but once the profits to the maniplat-
ing interest are satisfactory reasons will
be abundant for an opposite movement
A 3 per cent advance in American Tobacco
iolioWed the announcement that another
important step had been taken to empha-
size its monopoly in the tobacco industry
The early gain was lost later in the day
under the combined influence of the profit
taking and further short sales.
Inc trading element is largely committed
70 lower prices, but has little courage out
side of Sugar and the industrial list The
truth of the situation is that 1t is badly
mixed, and discrimination is becoming moro
and more difficult. On the basis of earn
lngs aiCne there are many reasonably cheap
and reliable issues in the present market
but while merit is not contested the wis
dom of immediate buying is
Politics, international complications grow
ing out of the curtailing of Spain's posses
sions and possible court decisions all in
spire caution. This very caution is Just
now emphasizing the professional features
of the market and during its continuance
a dull and slightly lower market would be
entirely natural.
There is, however. almost no evidence of
liquidation in the general railway list.
The Northern Pacific issues are an excep-
ticn, perhaps. but the common stock has
had a big rise, and may very properly
await dividends in a more humble position.
A decline of per cent in Lake EsIe and
Western preferred is thought to be fore
runner of a change in the companys ,1iv-
idend policy. The railway department is
mostly given over to dullness. and changes
are for the most part confined within frac
tional limits and deserve and offer bur
small explanation.
Until after the character of the next
House OF Representatives is determined it
IS not likely that any really significant
market operations will be undertaken
Conditions inside of the board room are
apparently more likely to cause lower
level of prices than those without Tho
borrowing demand will cause an occasional
rally. and once 1t is reduced, sales VIII be
the only method of relieving the du'!neGs.
The operations of the final hour were
clearly suggestive of this process. The in
dustrals were weak during this final period
and more than unusually dull. There
was no commission demand worthy of note
and no material changes outside of half
dozen stocks in each department