Evening star., 1898-10-17
A Very Dull Day on New York Stock
Exchange,
MARKET WHOLLY PROFESSIONAL
Tendency of Prices is Irregular and
Toward Lower Levels.
GENERAL MARKET REPORT

Special Dispatch TO The Evening Star
NEW YORK. October I7.-Irregularity in
prices. due TO the combined influence Of
dullness and professionalism was the DOM
irant characteristic in today's stock mar
ket. The railroad shares were neglected.
and efforts to arouse interest. even In the
meritorious issues. failed OF results.
The revival of an old story relative to in
dependent operations I'm the coal trade
suited in a sharp attack on New Jersey
Central, which had n sympatheti influence
or the entire group of coal stocks. While
depression from the state OF the trade was
being urged against the coal shares. the
general market came to decided halt
The Pacific issues were strong and weak
by turns, If fractional changes on either
side of the opening level may be so con-
sidered. The extraordinary wheat pros
pect, 10 which the engagement of trans
portation facilities well into the spring
n onths lends great weight, served merely
to hold the granger shares around an in
different opening level.
the Londoh market was disposed TO give
these facts a just consideration, but the
local apathy soon Gwarfed foreign enthu-
s asm.
The present market is one limited almost
exclusively to the professional room elc-
ment and reflects a too local estimate of
value. Political gossip is having disquiet-
ing influence owing to the fear that the
first evil of the Cuban war will be reelected
in an anti-administration victory. In a
market SO thoroughly Centered In a single
community the full weight of such an argu-
ment may be easily used against prices.
Thus far the various reports Of the con-
test have not attracted sales outside Of the
speculative circle. and liquidation of long
holdings is not a present concern.
Earnings are satisfactory, and no one Sc
riously expects politics to prevail more than
temporarily against such material evil
dences of prosperity. Until this period Of
political domination Is passed. however the
market is likely to be confined to few
specialtes.
An advance OF more than one per cent
in the price of Manhattan and the new Is
sue OF stock and bonds by Metropolitan
We're taken to have some common connec-
tion. In some quarters the securities are
said to have been issued for the purpose
of absorbing the elevated franchise. This
solution of the municipal railway problem
fits IN nicely with recent forecasts. but fl is
not extensively believed IN develop
ment of the immediate future. The stock
of the Manhattan company rallied slightly
on the gossip. but trading shortly fell of I'm
sympathy with the dullness elsewhere.
American Tobacco sold down nearly two
per cent during the morning, but later in
the day some scale buying by commission
houses became noticeable, and a one per
cent rally from the opening level followed.
There are some indications of lower prices
for the manufactured product Of his COM
pany as the result Of the stand taken by
the Independent concerns The trading in
sugar also hinged upon trade war. but
there is a growing tendency to sell this
stock with more than usual caution.
All sorts Of low prices are freely pre-
dicted for il. but fits well-krown ability to
reverse its market position is causing some
hesitation just at this time.
The failure to get decision on the Joint
Traffic Association case gives the bear
party another lease on this end-of-the-week
argument against Improvement.