The times., 1898-10-05

The market, following the lead of To-
bacco yesterday was strong in prices
and showed some tendency 10 activity
There was feeling Of hopefulness in
many quarters that this was the be-
ginning of better things, but apparently
this was without sufficient foundation.
There is very clear and convincing evil
denee that the market is dominated
wholly in its movements by the action of
Tobacco, which again has no foundation
in real conditions, but depends wholly on
the whims and tactics OF the clique of
Tobacco manipulators. AS long as the
Tobacco people find il profitable 10 man
ipulate their stock at the expense Of the
public there is little hope that actual
conditions in the railroad and in the
other industrial properties will have
much weight in determining the tone of
the market. Prices may continue to adj
vance today. but if this is the case it viii
be because the Tobacco clique desires TO
push UP Tobacco, and not because ST.
Paul has earned the largest sum for Sep
tember in its history. or because money
is easy, or because gold is still coming TO
this country from Europe.
Tobacco was irregular in its move
ments yesterday, but ITS movement was
in the main upward. There was, or
the change of front in the stock was
due TO the completion of the Tobacco
DEAL but there is no foundation for this
belief. The stock closed at 126 and a frac-
ton, thirteen points above the low of
Saturday. The street for no particular
reason believes that the advance will
be carried further by the manipulators.
The news of the day was the earnings
cSatn aat1t - n Oorrl Ac in
this column yesterday afternoon, the adj
vance of sl92 600 in the earnings for the
fourth week of September and of nearly
half a million for the month IS the best
record in the history of the company
London bought St. Paul on this statement
and the price went up on that side half a
point. London is not influenced by the
Tobacco juggling as much as the New
York stock market is. The extreme adj
vance in the stock on this side was
point, but half of this was lost in the af-
| ternoon trading. The great significance
| of this statement of ST. Paul viii hardly
| be overestimated. 1t is a proof, clear as
possible, that the predictions of the
| friends of the road and of the grangers in
general have all been founded on facts
! More than this, it will go far toward final
proof that the Middle West has entered
a period of prosperity. The other gran
gers We're as strong as st. Paul. Rock ISL
| and advancing rapidly on excellent buy
| ing.
/, The Cotton Oil directors had their regu-
| lar meeting yesterday, but there was no
| discussion of the question of dividend
| This matter will be taken up at the No
/ vember meeting. 1t may be stated on the
! best of authority that the annual report
will show a surplus of per cent on the
| common stock.
One of the bull tips circulated yesterday
| that has some appearance of probability
| was that Flower has been a large bor-
rover of money, fully half million with
the evident intention of bulling his
! stocks.
| The earnings of the Wisconsin Central
| for the fourth week of September in
creased $780, Since July l the increase
| has been only 81, la.
| Dow, Jones & Co. say of Consolidated
| Gas: 1.-THE decline in the price of Con-
| solidated Gas has brought fresh effort to-
ward an adjustment of the strained rela-
| tions between the two principal interests
| in the field. Some of the interests in
| volved are quite anxious for a combina-
| ton. Others are not sure that such an
| arrangement would be advantageous and
| there is a constant issue in regard TO the
| inside condition of some of the companies.
| If the time ever comes when all the COM
panies will agree to make a complete ex-
| hibit of their field condition, the way for
| combination will be found much easier
than it has been hitherto
Sugar had bad drop yesterday even
while the remainder. of the market was