Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-08-03
American Tobacco Was the Feature
in Stocks Today,
OPENED WEAK, BUT RECOVERED
Big Operators Are Disposed TO
Wait Future Developments.
GENERAL MARKET REPORT
Special Dispatch TO The Evening Star.

Special Dispatch TO The Evening Star.
NEW YORK. August 3.-Today's market
was irregular. but in the main strong Lon
don sent over a higher range OF prices an,s
was inclined 10 bay moderately. The Bank
OF Englands minimum rate remains I'M
changed. and this action Helped the foreign
markets. The decision to adjourn over
from tomorrow until Tuesday may result In
some foreign selling. but London's close
holidays have not been much OF a factor OF
late.
Locally. there is n disposition to expect
better bank statement on SATURDAY, but
in many instances there is a desire to
await the publication OF the figures. There
is probability that government disbursc-
meflts may increase the cash holdings VI
the banks, and such result would be
especially acceptable just now. The mar
ket has two decided factors at work one
committed TO lower prices on the imme-
date prospect of dear money and the
other committed to higher prices on the
theory that all legitimate forces will be Ia
accord with Improvement
The latter faction rely upon ultimate re-
suits. and the former seek to make a few
fractions from temporary annoyanc5s
Liquidation is not a factor, and the short
account Is nearing proportions which may
make sharp rally at any moment
The central figure in today's market was
American Tobacco. being depressed frac-
uonally at the opening and almost lmme-
diately becoming buoyant under an eKcep-
uonaiiy good demand. Various large oper-
ators were credited with the advance but
the presumption that inside interests were
wholly responsible is the more feasible.
A reconciliation between the American
company and certain of its offsprings Is
said TO be In progress and on the basis Of
parent and child. sharing equally In future
speculative ventures. This program pro-
vides for the relief OF the Philadelphia fac
ton, which some months ago considered
Continental Tobacco worth the prices at
which ii was brought out in New York
Like all Industrial companies the time
limit is fixed to expire before Congress cSn-
venes
There is a growing carelessness on the
part Of strong interests as to the daily iiuct-
uat!ons of the standard shares. They hold
aloot and only buy on concessions. This
waiting for concessions is pretty sure In
dication that the time for aggressive buying
has not come. Earnings are up to eXpecta-
tons, and traffic managers predict a con-
unuOuS active carrying demand.
There are many enthusiastic dealers
who are already active in certain special
ties, and are content to lei the general mar
ket proceed in its leisurely way to work
into lire. The buying Of Tennessee Coal
in the property, and the time for exploiting
its merits. 4 few months ago these shares
were selling in the fortiCs and now they ara
on the verge of getting into the eighties.
The doubling of the market value is said
to be only two-thirds Of the distance con-
an appropriate goal. The property is earn
ing some money the result OF a new
management and the almost unprecedented
demand for its product.