Evening star., 1898-10-03
FINANCE AND TRADE
Tobacco Took Another Tumble This
Morning, but Reacted Later.
WHOLE LIST RESPONDS TO ADVANCE
Market is a Waiting One--Outside
Interest Lacking.
GENERAL MARKET REPORT


Special Dispatch to The Evening Star.
NEW YORK. October 3.-Today's stock
market was again under the influence Of
the industrial department activity center
ing largely in American Tobacco and Sugar
The former property declined 1 per cent
during the opening hour, as the result of a
marketing of long stock and the uncovering
of stop loss orders. At the decline buying
against previous sales came in volume,
and forced a sharp rally. The demand on
the 8 point advance from lib was both lib
eral and persistent.
How much of the new buying was in
spired by IN actual desire for ownership
is, of course, problematical, but the decline
has been temporarily stayed, and to the
profit of the general list.
Sugar was marked up under the influence
Of buying for both accounts and was mod
erately active at the advance. The improv-
ing tendency in the two active issues.
coupled with a fractional advance in the
London market, had beneficial influence
on the railway list generally.
In the Pacific issues some rather good
buying was encountered and there seemed to
be no disposition to lquidate the holdings
of the larger speculative cliqueS in these
issues. The prospect of a moderate divi-
dend on Northern Pacific common during
the winter and an increase in the rate on
Union Pacific preferred serves to hold prices
well up to the recent level.
The Granger issues improved fractionaly
also and al times some rather good buying
of this group was reported
The general speculative situation is in a
waiting condition. and a public demand and
not increased merit is essential to higher
prices. The professional following which
advanced prices during the summer have
taken profits and will only resume new en-
terprises when the public shows greater
desire to buy than at present.
The evils of one professional pool un-
loading upon another We're too vividy por-
trayed in the recent decline in Tobacco to
encourage imitation in the railroad group
Marginal operations always reach larger
when the sales are made to cash pur-
chasers.
The appearance of a legitimate demand is
the one thing essential to protracted deal
ings of the imitation variety.
Recent fluctuations and the general de-
sire to have the congressional elections out
of the way may combine in delaying the
necessary demand from non-professiOnll
sources. Future concessions in mertorious
issues are generally looked upon as Likely
purchasing points, and q better demand
from Low on would not be surprising.
The money situation is not a deterrent
infueLce to new enterprises, and there is
little skepticism in the matter of dividends
Activity in commercial centers during tho
present breathing spell in the stock mar
ket should be duplicated in financial cir
ces later on. There is little confidence in
amy immediate continued advance, however,
as the overcoming of the narrowness is es-
sontial to sustained Improvement. There
is nothing in conditions to warrant appre-
hensior and patience at this juncture is
likely 70 be attended with profitable results
later in the season.