Evening star., 1898-10-06
General Tendency of Stock Market
Was Toward Lower Prices.
some GOOD BUYING IN SUGAR
talr Demand for Union and South
ern Pacific Shares.
GENERAL MARKET REPORT
special Dispatch to The Evening Star.

| special Dispatch to The Evening Star
NEW YORK, October G.-Heaviness in
'he American department in London was
iehected sympathetically in the local mar
he' uurlhg the opening hour this morning
Inc volume of legitimate business was con-
Hiieu largely to those shares which have
"eeh previously noted as enjoying the ad-
vantages of special support.
brooklyn Rapid Transit and Peoples Gas
were moderately active at improved prices
but under cover IF tins strength realizins
sales were in progress elsewhere. In Nor,h-
err Pacific common, for instance. profit-
taking was clearly in progress for accounts
OF more than ordinary proportions.
lhe recent advance in these shares fully
JIstlfies this action. but does not over
throw arguments for higher prices once
dividends are begun.
The Union Pacific and Southern railway
shares meet with a good demand from time
TO time and will undoubtedly he cnnspicu-
Gus in any general advancing movement
The buying of Metropolitan based on
earnings. both actual and prospective, con-
tinUes to be good, and great results ara
anticipated from extensions now in prog
reSs.
The ability of this surface railway svs-
tenn to earn money once the motive power
is changed is unquestioned and active trad
ing In the stock is anticipated later IN the
season.
American Sugar was advanced under
ouying for both accounts The covering Of
outstanding short contracts represented A
very considerable proportion Of the de-
mand, but in some quarters there was a
disposition TO regard the buying as part OF
an accommodating movement Reductions in
the price of refined sugars are becoming
almost daily occurrences and the predicted
trade conflict could give no better evidence
Of its approach
The almost unanimous belief in lower
prices extending TO a pronounced willing
ness TO consent to interviews on the sub
1ect should cause some hesitation in eN-
tending the short account The premium
on the stock yesterday very naturally led
to some covering today. but the demand
from the short interest once satisfied would
support.
The announcement that the American To-
bacco Company had absorbed another Of fits
competitors failed to inture the price OF
that stock. An effort TO realize on a few
thousand shares caused a sharp break Of
per cent in the price during the opening
nour. From this low level the stock rallied
and was moderately well supported around
10 This latter figure was believed to have
been selected the ralying point but was
easily broken through the first time.
Later in the day the demand at l25 was
well sustained. but the offerings at the
price We're also moderately liberal. on all
sides it is agreed that the movement in
American tobacco is becoming too compli-
Gated for all save the manipuiators inter
est. The general market does not broaden
IN the proportion necessary to sustain
prices in all departments, but the decline
in deserving issues has not been material.
From lime to time, however, there ~ a
gradual picking up OF stocks. which iudl-
Gates that the public is waiting merely and
has not abandoned the security markets
Pending an Increased demand from outside
soJ rces. the real merits of the situatton
Will be passed over to suit the passia ~
whim Of the manipulatiYe interest