Evening star., 1898-10-26
Prices of Stocks Held Their Own
Fairly Well Today,
TOBACCO BROKE SLIGHTLY
Sugar Advanced Two Per Cent on
Short Covering.
GENERAL MARKET REPORT
Special Dispatch 10 The Evening Star.

Special Dispatch 10 The Evening Star
NEW YORK, October 26-Foreign cables
reflected a more pacific outlook this MORN
Ing. prices in the security markets show
Ing moderate Improvement in consequence
There was not such an increase in the de-
nand, however. as would Justify a pre-
sumption OF an increased public interest in
the stock market.
Yesterdays advances were for the most
part stubbornly retained and the belief
that bargains are more likely to preceds
than to follow the congressional elections
is gainiag ground.
1t may be said of the present market
that the weight of argument is wholly IN
the side of improvement, the only mooted
point being TO the possibility Of frac-
tional saving as reward for patience
This condition deters a general advance In
some measure. but it also operates to pre-
vent liQuida ton. 49, ..a.
In this waiting attitude the market 10
likely 10 be interesting cnly in the specials
ties which. under special personal influ-
ences. or manipulation may be made active
without regard for the general list Among
the more promising shares of this class the
new Federal Steel issues are becoming con-
spicuous. The market price for both the
common and preferred stock OF this COM
pany is well supported by strong interests,
and once an aggressive campaign Is UNDER
taken the iron shares under the leadership
of the Federal Steel issues are expected 10
forge well lc the front
Tennessee Ceal and Iron. which has been
permitted to shift somewhat unsatisfactor-
fly for itself showed some signs OF awaken
ing interest Oh the part of its friends to-
day. The market might very profitably
take up new set of securities at this juno
tire and let the railroads follow their nas-
ural bent for a time.
The covering of short sales In Sugar, one
account of 10 .O0O shares being reported. had
the effect of forcing sharp per cent ad-
vance. The reopening of another independ-
ent refinery is likely to hnd reflection In Q
t-back in prices. but ii is clear that Sugar
is not to be allowed to decline without fre-
quent interruptions.
The sentiment of the street is strongly
opposed to higher prices except on rallies
but If the liquidation of long stock hai
reached the proportions accredited to II
no material decline is likely except in a
generally weak market
In American Tobacco the manipulation
was mostly in the interest of lower prices.
The price reached yesterdays high point.
and broke per cent on selling for both ac-
counts. The Incorporation of a new to-
bacco company, with capital of S1oO.oOO.
was announced to be an ally of the trust,
whereas the company which came into ex-
istence yesterday, with a capital of Slo,-
100000, is said to have been found out in
its true character of an enemy.
Yesterdays per cent advance was
based largely on the assertion that tha
company was in sympathy with the trust
and need not be feared. Ii only seen
in its true light after the manipulation had
succeeded in establishing the price pre-
dfcted at the close of last week The res
suit of the present epidemic of new to-
bacco companies is to encourage the giving
of wide berth to the old.
The Rubber issues were an active and
strong feature of the industrial list, on the
prospects of an enlarged business and most
satisfactory earnings.
In the railroad department the shares of
the southern roads were perhaps the near
est approach to a distinctive feature. Earn
irgs in that section are good. and share
holders are apparently encouraged 10 add
to present holdings