The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-10-05
r1xAxoAE AND cO,aSzaOr1L

TuEsDAT. Oct. 49,
Until late in the afternoon. when q bhetpe
break occurred IN Sugar RenninR, the stock
market to-day showed a very firm tone. The
incident in question doubtless served to re-
awaken the misRivings in regard to the stabil-
ity OF the Industrial group OF stocks, and was
followed by selling for both accounts, Tho
consequent reaction was by no means pro-
nounced. In the standard shares the reces-
slons from the highest prices OF the day were
all within fractional limits. and the tone at the
close was firm. The rather sudden decline In
Sugar Refining was unexplained save by
those developments in the refining trade
that have long been familiar to evcry-
body. There were no freak reports OF re-
ductions In the selling prices for refined
sugars, but in the circumstances holders Of the
stock are always prepared to hear OF new cone
sessions to buyers. and the unfortunate situa-
ton in the sugar refining trade naturally affords
q good vantage ground for bearish operations
IN the stock. The renewal OF the decline In
Sugar Refining. following upon the apparent
culmination OF the liquidation In American To-
bacco. created. however. a disaRreeable i'm
preston and effectually checked the improving
speculative sentiment and the recovery in the
general market.
American Tobacco was. after Sugar Refining,
The leader In respect OF activity. The stock
closed at a net advance Of AZ points on the
days transactions. but its extreme rise from
the lowest figures was z points. The wide nuc-
tuAtions in this instance were again the result
chiefly Of technical speculative circumstances.
Nothing authentic bearing upon the neRotia-
tions for tho acquisition OF the competing
manufacturer came to hand, but the course
OF the stock suggests that they have not been
abandoned by reason OF the specula-
tive contest Just ended. The other In
dustrial shares were only moderately active.
but In the main were steady. American Cot
ton Oil declined on the failure Of the directors
TO declare a dividend upon the stock at their
meeting to-day. as had been rumored would
be done. II is believed that action In this re-
spect has only been postponed, however. until
the company's accounts for the fiscal yeai have
been made up. Preliminary estimator OF tho
years returns show earnings equal to 3H y
cent. upon the common stock.
The ailway list was more active than for a
long time. and the dealings thore suggested
o noteworthy revival OF Interest in the
Granger shares and tbs Pacific stocks.
Foreign houses again bought heavily OF the
latter. and were purchasers to n smaller extent
elsewhere in the market. st. Paul was the
leader OF the railway list in respect Of strength
and activity. and closed l a cent. higher than
last night. The company's statement Of gross
earnings for the fourth week Of September.
which was referred TO in this column this
morning. was the ostensible cause Of the revl-
val Of interest in this group OF stocks, and 1t was
indeed q remarkable showing. Other active
aud strong features Of the market were
Peoples Gas and Manhattan Railway. The ad-
vance In the last named was attended by re-
ports that a formal statement would soon be
issued setting forth the plans for the physical
rehabilitation u the elevated system Of roads.
Although the money market was very easy.
large additional engagements Of gold for i'm
port were announced by q leading banking
house The general course Of the days market
indicated that powerful financial and specula-
tive interests were taking a more active part in
lnancial affairs than for a long time.
New York Stock ExchnnEo-snIoB Oct. 4.
UNITED STATES M STATE BONDS Tin 81. 0oos>.
gal U6Sa. 2US4a r. 1907. 1 OK