The times., 1898-12-07

The Presidents message did not create
the active displeasure that many had eN-
pected that ii would from a first read
ing. 1t fell decidedly fiat. however, and
left in the minds of everybody in the
street feeling of keen disappointment
This was reflected acutely in the busi-
ness of the day. which was dull and un-
interesting, except in one or two stocks
influenced by particular developments.
The standard stocks were sold heavily at
times. and there was little advance in
anything except Tobacco, which was
manipulated couple of points, and the
coalers. 1t seems impossible from the
general appearance of the market that
the reaction can now be long delayed.
1t is due, and the sooner it comes the
better for the subsequent health of spsc-
ulation.
Tobacco and Sugar absorbed the atten-
ton of the street during nearly the en-
tire day. The stocks went in different
directions, Sugar down and Tobacco up
There was some question in many pso-
pies minds yesterday morning If the reg
ular dividend would be declared in Su-
gar Those nearest to the company had
very little doubt, as has been stated in
this column several times heretofore
The declaration of the dividend proved
that their supposition had been right
Immediately on the announcement of the
regular rate there were realizing sales
by those who had bought in the expecta-
tion of 1t. There is no reason at present
to believe that the stock will drop be-
low the price at the close yesterday.
There was an advance in the price of
sugar sixteenth of cent a pound
when the trust made its dividend an
nouncement. This does not look much
like too hot fight.
The special meeting of the American
Tobacco Company to consider the sale
of the company's plug business and TO
authorize the step, probably will be held
tomorrow. 1t cannot be learned what
connection, If any, there was between
this fact and the rise of Tobacco yester-
day There was heavy buying of the
stock by Arthur Hunter, who is more or
less an insider. and by others who fol-
lowed his lead. 1t was said that this
buying was for the sake of squeezing
the shorts. If this was the case tie
maneuver succeeded, as the total ad-
vance was over three points. The close
was at 13S rise of point and ha f
from the opening. 1t seems probable
that there is to be an advance of TIN ee
or four points from this level in the stock.
The feature of the afternoon business
was the strength of the anthracite coal
stocks which was probably helped by the
short interest, though primarily based on
the prospects of more harmonious rela-
tons, heretofore discussed in this column
There was a tip out yesterday morning
to buy Delaware and Hudson. and the
events showed the wisdom of the advice.
The total advance was from 1O1 to los Ia
and the close was at a recession of only
a fraction from the highest figure. Read
ing and Delaware, Lackawanna and
Western We're also very strong. 1t is said
that the exact nature of the prospective
arrangement between the companies will
not be announced until after New Years.
There was much comment on the street
yesterday over an article by the financial
man of the Philadelphia Press, making
many rosy predictions of the future Of
Metropolitan Railway. Holland" sug-
gests that of the 10000 horsepower plant
now being erected by the company less
than half will be needed to haul all the
street cars of Manhattan and the Bronx.
The surplus, he states will undoubtedly
be sold for light, heat and power. The