The times., 1898-10-04

extent on the inclination of the large
operators. Professional tactics is the one
subject discussable, sand ITO it alone APP
parently must one look for immediate fu-
ture movements, upward or downward.
Left TO itself thereais every indication
that the market will not improve readily.
1t has had number of bad shocks in the
last few days and it has not recovered
from them The tactics of the people
who are manipulating Tobacco may be
for the immediate hsneft of the opera
tors. but they certainly hurt the whole
market in very short time. Traders get
tired putting up their money to support
such a pure gamble The items of the
days news were the first drop in Tobacco
for five points with a consequent weak
ness in other stocks, later rally in To-
bacco for eight points, followed by llght
buying all over the market, a fairly
strong London market for Americans,
and the increasing ease of money.
London bought a little stock on our
market. mainly in the Pacifics The mar
ket there. however, was inactive. and ap
| parentiy not disposed to do much in de-
J fauit of definite lead from this side.
| what sentiment there was seemed more
/ or less bullish. but public interest was
small. The increasing ease of money will
undoubtedly exercise a favorable influ-
0'ANS va StoihS IL LIeT6 Is HOl LOO IHuCii
manipulation in the other direction. Call
| money was to be had yesterday afternoon
| In the last hour after the bulk of the
| loans had been made at per cent. De-
mand sterling was at 4S4 IA.
| IL is hardly worth while repeating the
assertions so often made regarding the
| professional manipulation of Tobacco.
| The stock opened at III dropped to i13 in
I hn trsg.F hon \
This is, of course. manipulation pure and
| simple, but that is all that can be said.
| What the object of it is or what it's re-
| suit will be the manipulators may know.
Consolidated Gas had a rally today
| after drop of a point In the morn
| ing. The close was at 1863 There is
some bearishness In the news" pub
lished about this stock, but it appears
very likely that ii is inspired.
Dow, Jones 8, Co say: ''There are three
well defined causes for the weakness in
| Consolidated Gas. The first is the war
| with the new Amsterdam Company; the
| second IS the reduction in prices made by
| the Edison Electric Company, and the
| third is the position taken by the Metro
! opiltan and Third Avenue Company's,
| with reference to electric lighting. The
| figures presented by the Street Railway
| trio light at a cost which win compare
favorably with the cost of gas"
| Despite these statements, however. II is
! perhaps to be doubted If any of the gas
| companies will suffer greatly in the near
| future from the fact that electric light
will be furnished cheaper than gas.
| The earnings statement of the Brook
| lyn Rapid Transit Company is as fol-
invt he h
s5S5, 900; for last year, S461. 600; increase,
$4,000; July l to September 80 s1.65S. 600;
last year. Sl.410. .000; increase, s24S, 900.
Ladenburg, Thalnian & Co say Of the
| reorganization of Denver and Gulf:
Denver and Gulf consols will receive
| so per cent in new fours. 80 per cent in
new first preferred. and 50 per cent nom
| cumulative. Stock will pay so assess
ment and receive $3.50 In new bonds, S.
in new first preferred, IS in new second
! and 800 in new common in exchange for
| old. Plan underwritten by Hallgoften &
! Co. and ]. Kennedy Tod & Co" The
| reorganization plan was Well received by
| the street.
The grangers were strong yesterday
! and there was more activity in them
! than there has been of late. There was
| an advance of a point in each of the
stocks. and they closed at the highest
figures for the day The grangers will be
among the first stocks to- rally when
| there is a turn Of any moment in the
market, unquestionably.
There was considerable buying in Su-
| gar yesterday to cover shorts, and the
! feeling was fairly hopeful regarding the
! next movement of the stock last night.
| 1t seems very certain, however. that
| there will be no permanent advance in
| Sugar while there is the present strong