The Providence news. (Providence [R.I.]) 1891-1906, 1893-07-22
The FINANCIAL NEWS.
New York Market.
SPECIAL To THE NEWS.

NEW lOkk, July -lue bOStoh ~
vestor. who is reported as buying hve
stocks to hold. because the companies
which they represent need TO borrow no
money, forgets that 10 is not necessarily
the need OF corporation, but
the need Of the owners OF tn
stock for money that depresses
has long since gotten beyond that stage
where the intrinsic value OF stocks or
bonds affects prices. No one doubts
that St. Paul at SO and yielding
~ per cent. on the investment is cneap !,
that Northwest at 95 v Gliding 6B ler
cent. is VA able that Pullman at loo
yielding 81 per cent. or "A Gozsn other
stocks that yield on th-ir selling price
dividends ranging from per cent
on gov rnment bon Is 70 10 per cent. Oh
sugar are low priced There are only hve
stocks on the New York list selling at par
or above. These are Delaware and HUI
son, Delaware and Lackawanna, Lake
Shore, Pullman and Manhattan.
These stocks are all cheap, but the
man who buys stocks now doesn't in-
quire whether they are likely TO be sun
chaeper. AS long as it is easier TO ouy
stocks than To sell them. no stock eau DC
considered cheap from either "a specula-
tive or Investment point of view. -,
Two weeks from Monday congress Will
convene The strength Of the silver ad-
vocates IL making itself felt, and the past
week has been siRnalized by "A general &c,
ceptance OF the fact tina the unconditiohal
repeal OF the Sherman act Is Dy no means
certain. Expedients and substitutes are
the subjects of discussion. Three are sug.
gested; Free coinage and the retirement OF
all notes under IS, return to
the Bland act of compulsory coinage OF
2,C0O ounces and a maximum coinage oil
i,N ounces
Tree coinage up To 1000 ounces
per month with segnorage Tor
coinage OF foreign silver. Anyone
OF these is bad enough. Tie country
wants caustic remedies. IL will view with
more than usual distrust any attempt
blem.
In the face of declining market for
nearly week, New England has held
falrly firm. No one ventures TO explain
why. There are rumors of traffic ALI
ances tor which Mr. Mcleod is so famous
ana also "a feeling prevailing In
philadelphia that no may be reelected
be Ser the presidency Tss ysd,b Of Reading Ia Novem
Drexel removes from his path
his most bitter opponent, aud
his successors have by no means
shown themselves able To grasp
the situation or to run
bankrupt railroad Ike Readlng.
It would be a curious turn Of the wheel
of fortune il Mr.. Mcleod should again
resume the position which he held one
year ago.
The market is becoming slightly more
sensitive. The failures of Milwaukee
banks and the vague feel
Ing of uneasiness caused by
heavy Withdrawals bv country
banks from New York depressed the
opening. This action OF the interior
banks indicates suspicion on their part
of the integrity Of New York. They need
the money doubtless, but they
would hesitate long in these times to
draw Ii from depositors where 1t is
drawing interest and loan IL to Gus
toners In active business. There has
been, also, a lair inflow Of currency. The
rpor of specie for the week were
81. .204. .082. Cola was shipped last even
ing fr m London TO the amount OF sll5, :
COO The bank statement was u sur
prise. but the increass in reserves is over
balanced by decrease In both deposits
and loans.
On the strength OF the reserve increase,
OF which there Is now only deficiency oil
81. Pc. $50, the market rallied, but
on the rally grew dull. The
peculiar weakness In 81. Paul and
Northwest still continues. London has
disposed of immense blocks of the
former aud the decrease of sos, 600 In the
ca. a.nings of the latter acted AS a damper
on its price.