The sun., 1898-10-04
rrnAxcrAE Axp coarMHac1lL.


MONDAY, Oct 3E
The liquidation Of the Industrial stocks IRE
elpitated By so-called inside selling Of sugbr
Refining and OF American Tobacco, appears TO
have about run its course. There was n
further decline In the last named this morn
'ink, which was caused chiefly by tho execu-
tion Of stop orders. In the early dealings
American Tobacco sold points below the
faal price OF last Saturday. It is possfble
that this movement was partly the result OF
manipulation. However that may be. at
the decline there was an active demand for
the stock that soon lifted the price 10 points,
and at reaction OF only V OF = cent. II eloeed
lK points higher than on Saturday. The deal
inas In Tobacco were again very heavy. footing
mp moro than 25 a cent Of the total tfpusac-
tionn The early decline in the stock affected
the other Industrials to an extent but had very
little influence upon the railway lst The most
pronounced recessions during the first hour OF
business were in Consolidated Gas. Manhattan
Railway and a few OF the less active stocks.
The recovery In prices was at hrst irregular.
hut as the day progressed covering OF shorts
and moderate buying through commission
houses impaired very firm tone to the entire
speculation.
While the improvement In prices that took
place to-day may prove to be only rally
caused By the creation OF fairly large short
"
decline Of 40 points In American Tobacco and
one OF nearly equal extent In Sugar Refining
during the last thirty days may tempt the oper-
ators who brought those fluctuations about to
utilize prevailing favorable conditions to ad-
vance prices moro than point or two. There
were indications to-day that stocks were
being bought by interests not connected with
the two leading and most mercurial Industrial
shares. Brooklyn Rapid Transit was excep-
- H.. % n aa.aA
IN the Granger group Chicago. Burlington and
Quinoy was most conspicuous The market
for St. Paul did not foreshadow the
excellent trafflc returns OF tho COM
pany for the last week in September
and for the month Just ended The showing 10
OF more than ordinary interest because 1t re-
fleets large and diversified traffic. The
movement OF staple cereals to market during
September was not unusually large. Now that
the movement Of grain to the principal ship
ping points Is increasing. all OF the Granger
roads may reasonably be expected to make
better showing than they have for some time
past.
The ease with which the market rallied,
lower rates for money and the temperance OF
commission orders in the market contributed
to the final improvement in prices. That i'm
provement, however, was not uniform. for U.
p, Denver and Gulf declined a point on the
publication OF the plan OF reorganization.
synopsis Of which is printed in another column.
and New York Air Brake sustained net loss
OF over points on liquidation Of speculative
holdings. Another noteworthy net decline was
that ofnearly points in Lake Erie and West
ern preferred. following the announcement
that the company has applied to the Stock Ex-
change for the listing of an additional issue Of
81, OPS. 900 second mortgage bonds the pro-
ceeds Of which, It is understood. will be used to
reimburse the treasury for extensions and i'm
provements The closing was strong. with
final prices we'll up to the best figures recorded.
New York Stock ExchanEe-SaleS Oct. 3.
UNITED STATES AND STATE BONDS I'm 81. .ooos>.
10 ~ 90, r. 1925. 2eHl5s s.oss
1o6h01 o6h
CLOSING PRICES OF UNITED STATES BoNDs