The times. [volume] (Richmond, Va.) 1890-1903, 1902-01-18
A BETTER TONE
TO The MARKET
There Was Good Buying Yesterday
Higher Figures.
BIG JUMP IN AMERICAN TOBACCO
IT Advances Hundred Points Ii Week.
Tobacco Bonds Also Higbes-The
Whole Market ir Better
Condition.
BIG JUMP IN AMERICAN TOBACCO

The stock market opened somewhat dull
ana tame yesterday. ana gave no sign At
the start of the better things to follow.
Trading was i'll small lots and prices did
NOT differ materially from closing quota
items Of the day before. But early
strength developed in the Coal stocks.
through what was said TO be buying by
The Morgan interests, and the price OF
these stocks advanced right along.
Reading was the favorte. and gained
about Two points il the days; trS;lsac-
tons. ChesApeaka and Ohio was; strong
through sympathy, and was marked up
nearly a point, although Norfolk and
western was not active. Copper very
soon began to show strength and made
soDstant4al gains 1t was reported in the
gossip that TIC exports OF copper for the
Ilrst two weeks OF the new Year have
been unusually large.
OTHER GAINS
sugar was another strong feature. and
solo at u fraction over IF. Missouri,
Kansas and Texas was more attractive
tEan for some time past, scoring an ed
vance OF several points. and Colorado
Southern issues We're again III demand at
higher figures. Louisville and Nashville
and Southern Railway We're firm. The
former sold as high as 1851. and South
e:il Railway preferred sold at g34s. Neither
however, WAS very attractive; indeed,
southern preferred was extremely dull.
only a few sales being recorded. Sea-
board issues We're more active, and the
preferred gained nearly a roint. There
seemed to he good demand for Pocahon-
tas Is, and one sale OF 2G0,G yJ at 9312 was
reported
TIE steel. STOCKS
IT was reported early in the day that q
pool had been formed to take in hand the
Steel stocks. At any rate those stocks
increasing prices. st. Paul. which is
usually the leader among railroad stocks
III one direction or the other, was very
active and sold higher than it has for
some ti:ne past. Union Pacific was also
active and strong, GAINING more than q
point
RISE IN TOBACCO.
There We're more sensational prices N
American Tobacco. the quotations for the
DAY being 205 10. 22n and at the close 80
bid, % asked. y few days ago this
true that an effort is making to get in a
comparatively few snares which still re-
main outside of the fold of the Consoii-
da ted Tobacco Company. But ii is an in
teresting coincidence that there was 4
sharp advance yesterday in Consolidated
Tobacco IS. with a gain of nearly two
points. These bonds have been absorbed
in immense quantities of late and they
sold yesterday at 6ItS, the highest price
iii months
A BETTER TONE,
The general market was strong and the
tone far better than it has been for many
days. Commission houses report that they
have few slenderiy-margined accounts
which means that stocks are held by
those who are able to hold them; money
is plentiful at a low rate OF interest; rail-
read earnings continue 10 show up we'll
and belief that the South African wal. is
rapidly nearing an end is growing
stronger. All that the market needs IS
confidence. There must be immense sums
OF idle canital lying around waiting or
Investment, and il confidence in the
market is once thoroughly established !
doubtless large buying orders Will come
in
On the contrary. if there Should be more
such failures as those recently reportcd;
This confidence would still be lacking aud
4 good bank statement is looked for. as
the known movements of money for. the
weoI Indicate that the banks had gained
I'm to yesterday nearly sSGloG00 in caSh.
There were several sales Of note on the
local exchange as reported elsewhere.