Evening star., 1898-10-22
FINANCE AND TRADE
Feature of Stocks Was s Per Cent
Advance in Tobacco.
INFLUENCE ON RAILWAY SHARES
Weekly Bank Statement Shows
Satisfactory Financial Conditions.
GEN ERAL MARKET REPORT
Special Dispatch to The Evening Star.

Special Dispatch tc The Evening Star.
NEW YORK. October 22-Early London
cables indicated the presence of a con-
siderable short account in the American
departing mt and a general mistrust of car
1ying such contracts over the fortnight!y
settlements next week. This disposition to
buy back sticks to protect recent selling
was also apparent in the local dealings.
prices responding easily to a continued de-
Inand from the room.
An advance of five per cent in Amerfc IN
Tobacco was the feature of the trading, and
Is put down primarily to a covering of a
considers BILE short account
Whatever may have been the incentive to
the buying it is certain that the general list
proffted by the strength of this active in
dustrial property. AS previously noted the
rumors OF trade wars and aggressive oppo-
sition have less influence on tobacco than
upon sugar, to which similar arguments
are applied with more effective results
This conflict between results from almost
identical causes is explained in some quar-
ters on the theory that the sugar war is
ton.
While the industrial shares are active
their influence on the general list is 50
marked that. even in the investment issues
apparent
The dullness incident to the directing of
OUTSIDE ATTENTION TO election possibilities
gives to the Industrial and manipulati tive
faVoritcs power wholly beyond them In
broad and non-professional market Com
seQuently, when these issues advanced to-
DAY. the Granger shares the Pacific issues
ana the group OF Flower proteges started
up Immediately and closed strong under
what appeared to be buying of the better
sort.
Aggressive action on an ascending scale
would undoubtedly find the market condi-
tlon more than usually sympathetic To
begin an advance would produce a success
sion OF rumors relative to the discounting
OF satisfactory election and the least
doubtful operators could, by the mere force
Oh example, encourage a considerable de-
mand for stocks which have an enviable
record Tor earnings. In this connection
Northern Pacifics reported increase of 17I1
per cent for the last week by comparison
win fne same period In 1897 Is worthy of
consideration
The decision on the Joint Traffic Associa-
tlon case Is now generally believed 70 he
;s against the railroads but there
is possibility that the main points NAV he
reneard and the street is preparing for a
opinion. Noui
The weekly bank statement shows ,oin
OF SS4l3,ooO in lawful mony nearly ali in
specie. Inc loans have increased SO GoI =
oOo; Wnich, coupled with the increase in
cdSh, raises the deposits over SIS GAS 600
Inc latter increase requires a Larger re-
| serve, which after being supplied leaves
S5 ioo,II5 to be carried TO the surplus funS
bringing that item uD to S23 9lo 325 This
sho"ihS renects strong financial condi-
ton and foreshadows continued ease il,
money The deposits on government ac-
count are practically responsible for tho
volume or funds, but it is not likely that
such sums Will be withdrawn in manner
having the slightest tendency toward re-
stricting loans.