The times., 1898-10-30

| A disappointment came to the bulls in
the last hour yesterday. During the
| morning hour there was a fine advance,
ranging from one to three points. and
| business increased encouragingly, very
much as If the public We're beginning to
nibble at speculation. Talk of the begin
ming of boom was general and assertive.
1t was said that the Republicans were
| very confident of the election and were
| discounting their success. The tenor of
the market changed completely. however.
in the last hour, and all the advance OF
| the morning and much of Fridays was
| lost. The close was weak, with little de-
mand and a strong desire to sell. The
| high range of prices attained early in the
| day was too much for traders 10 with
stand with the uncertainties of next
week in prospect The matters that may
| be supposed to have induced selling, in
| addition TO the desire 10 realize profits,
| are the somewhat unsatisfactory Bur-
| lington statement and the real feeling in
| the street, as distinguished from the talk,
| that the Republican chances in the cleo
| tions are far from rosy. German buying
| of American shares in London caused
| firmness in that department there. In the
| other classes of securities business was
extremely dull owing to the inconclusive
political situation. The markets, how
now seems to be likely to stiffen there,
and the Bank of England is alleged to be
| borrowing money. The street is not very
hopeful as to the market this week, the
general belief seeming to be that prices
may sag off between now and elections.
The earnings of Northern Pacific for
the third week of October increased
$53, Geo. or 81 per cent. The total earn
1
or lib per cent. The earnings of Big
Four for the third week of October in
creased s439. From July / the increase
was $25S, COO. The net earnings of the Ca
madam Pacific for the month of Septem-
| Der increased s32, 600. The September re-
port of Burlington shows the surplus,
after charges, decreased $4,000.
The Federal Steel securities, both the
common and the preferred stocks, were
in great demand yesterday, and were
largely dealt in. The highest prices yet
attained by the stocks were received-7i
for the preferred and 80 rs for the COM
mon. The advance in these securities was
well held in the last hour, while the re-
mainder of the market was sagging. As
has been stated in this column heretofore
several times, there is a certainty of a
dividend on the preferred and very rosy
chance for the common stock receiving at
least per cent from the outset as well.
1t is not to be denied, however. that at
times yesterday the market looked as If
the strength of the entire list was mostly
made by the professional element to af-
ford a favorable opportunity for floating
| these shares and those of the new tobac-
CO company.
Tobacco, the other feature of the mar
ket went through one of its everyday
| evolutions, climbing four points in an hour
| and then losing considerable part of the
| gain near the close of the day. Opinions
are equally divided as to the prospects of
| Tobacco, based on the varying views as
| to the ability of the company to do a
profitable business Immediately. 1t must
| be acknowledged that these matters of
| fact really have very little to do with the
| fluctuations in the price of the stock, ex-
cept through long periods. The under
| writing syndicate is considered strong
| one At the same time 1t appears certain
| that there will be a constant fight with
| the Liggett & Myers people, and more
| trouble with the new Union Company in
| cigarette and smoking tobacco.
The bank statement was again excel
lent. The activity in the stock market
was reflected in the increase of loans,
| which in turn helped to swell the deposits.
The gain in legal tenders shows the di-
minution of the demand from the interior.