The times., 1898-10-13

There was a change in the tone of the
stock market yesterday, prices advancing
all over the list from the opening hour
The reason of the rally is a technical
and professional one entirely. 1t was diff
ficuft for the bears to force prices any
lower Tuesday night and the reaction
caused covering and some buying for the
long account. Business was not brisk,
however, and the total amount of sales
during the day twas small. Opinion is still
bearish and 1t is thought probable by
nearly all the professionals as well as by
the general public that the market will
not be appreciably higher before the cleo
tions. 1T is undoubtedly a fact that the
uncertainty in the political situation has
much TO do with the dullness of the mar
ket. October is usually month full of
business on the stock exchange; this year
II is almost dead. Such day as yester-
day reminds one of August.
Tobacco was still one of the interesting
features of the market yesterday The
stock opened at 120 and during the first
two hours went down to 116-one of the
quickest breaks in all its pyrotechnic
course. With much irregularity after
that the price advanced slowly to within
a fraction of the opening. One of the
most encouraging features of the present
situation is that the fluctuations of To-
| bocco stock are losing their potent infiu-
| ence in controlling the remainder Of the
market. While Tobacco was having its
Drop yesterday morning, the railroad
| share. especially the grangers and Pa
| cifics. were all strong. There is very lit
tie new in the Tobacco situation. 1t is
the talk of the street that the trust in
tends TO make a great fight against Lig-
! gitt e. Myers, the St Louis firm which
| is now the only large tobacco company
| outside the trust. 1t was said yesterday
| that the price of the principal plug tobac-
co manufactured by Drummond & Co is
| to be cut ten cents a pound to make a
| strong competition with the Light &
Myers plug cut The fight IS to be carried
| into the cigarette field also. People who
have watched the Sugar fight during the
| last two months can very easily see what
effect such a fight in tobacco may have
| on the stock of the trust. Profits must
| be cut tremendously. and, possibly If the
war is continued. dividends also
All the Pacific issues were strong and
| bouyant yesterday, the advance being
| one per cent or more. All the news that
one hears of the Pacifics is excellent
! People who understand the situation in
| Union Pacific seem confident that divi-
| dends will be increa sed. 1t is certainly
| worth noting in connection with the
| talk of dividends on Northern Pacific
| common and of Mr.. Hills alleged oppo-
| sition to them that he has not opposed
an increase in the dividends in Great
| Northern. 1t was evident yesterday
| that the good buying of the Pacifics by
foreign houses had something to dc
with their strength on this side.
| The anthracite coal stocks consti-
tuted the weak spot in the market yes
terday Negotiations for the consolida-
tion of some of the bituminous coal
roads are in active progress. 1t Is not
| definitely known what roads are to be
taken in, but Judge Stevenson Burke
was in New York yesterday in consulta-
| ton with the Columbus, Hooking Valley
| and Toledo Company.
The adjournment for the week of the
| Lake Erie and Western directors with
| out action on the dividend had nc
effect on the preferred stock.
Sugar was strong during the greater
part of the day, but weakened in the
| last hour. There is nothing new in the
Sugar situation and the Street is still
bearish, predicting par for the stock
before any good advance.
The earnings of Missouri Pacific for tht
first week in October increased $4,000
From January / the increase was 81, IOO, 900
On the Central branch there was a de
| cline during the first week in October Of
s., 600 From January the increase wa:
$159, 600 The earnings of Minneapolis and
ST. Louis for the first week of October
declined $500 From July / the decline
was 5000 Chesapeake and Ohio, frs
week. increased $1,000; from July l, in
creased S11S.000 Southern Railway, frs
week, increased s39 000 from July l, in
| creased sSS7. 600. Buffalo, Rochester ant
| Pittsburg, first week, declined $500; from
July /, increased $65, GOO Wheeling an'