The Providence news. (Providence [R.I.]) 1891-1906, 1894-10-18
FINANCIAL NEWS.
Futures Opened at The Lowest Prices
Ever Recorded.
Special TO The News.


at ths lowest prices ever recorded in the
history OF the New = York Cotton Ex-
change.
The immediate cause of the drop is
weakness i'm Liverpool, where cotton
futures are active at 2-63 TO 3-64 points de-
cline from last nights close.
house which has been right on Sugar
said last night: The rise in Sugar Is
simply turn on shorts.
The best that we can look for in Sugar
is that IL may become approximately
steady between 50 and So pending develop
ments In the trade.
Wheat opens strong at call price and
the demand is being met by selling
against calls.
Corn opens strong and higher.
The list OF directors OF The National
Distributing Company is published today
as follows: l.. III Quinn, The present head
OF the American Distributing Company,
who has resigned; =. NJ. Rice, Sam Wool
ner, sam Woolner, Jr., and Morris Wool
ncr.
Our latest London cable SAYS that
Americans are getting stronger. ST. Paul
and l.. a. N. are v better.
The reduction in Il. d o. dividend has
not had any effect abroad; prices are
about "a better.
The larger shorts who covered yester-
day will probably play for rally to-day.
1t was thought that White and KeeDe
were the largest sellers OF Sugar. On any
big reaction it Is thought safe To buy.
Wheeler & We'll sold General Electric
down. Traders are trying to back them.
Missouri Pacific earnings decreased 1900
for the second week in the month. The
total decrease on the year to date is
a. 135, 900.
Cotton futures opened steady at the
decline; sales, 1900 bales. November 5.6l,
December $50, January 6.72, February
=
June 6.04, July 610.
The Wool Market.
The market rules quiet and steady;
nope wool has been sold in the last previ-
Gus week. Considerable inclination is
being manifested by manufacturers to
sample and look around. South Ameri-
can and similar woods, which, IL was
thought, would be active competitors,
have not been found so desirable as had
perhaps been anticipated. Fleeces, we
think, are down to bed rock on par
with foreign woods. This week has seen
fair demand for general assortment
of them. Territorial woods are expert
encing a fair trade, staple selections OF
fine and fine medium receiving most a.
tention.
The September and October London
sales closed about "a per cent. above
Ju y-August rates.
Fair-sized sales OF Australian have been
made, secured ranging from 3S to Al cents
for clothing and combing woods. The
local market is firm, but quiet for carpet
wool.
On the whole, we should say there was
| little more demand all around I an ur-
ing last week. The mills, as rule, nave
pretty good orders.
The sales OF the week amount to
2.lS9 800 lbs. domestic and 7l2,000 for
eign, making a total OF 2,90l 800 lbs,
against total of 2,S52, 900 for the pre-
vious week, and total of 1851 800 for
the CORES )onding week last year. The
sales sir ce Jan. 1, 1894, amount to l1S,
OF ,335 lbs, against 92,o99,5O0 lbs. a year
ago.
The sales in New York have amounted
to 677, 800 lbs.
The total sales in Philadelphia are
Sj3, 100 lbs.
Review Of Yesterday I'm Brief.
London prices came in fractionaly lower
| this morning, and our market opened ir-
regular with slight increase in the
| volume of business. The moving fac
tors I'm the early speculation were the
strength OF Sugar on purchases which
were said to have been made Tor a small
pool in the stock; the further reduction
in exchange rates and the published in-
terview with President Roberts of the
Pennsylvania Railroad Company, in which
he was quoted a predicting gradual
Improvement in general business. These
| three elements combined to alarm the
shorts, especially in the case of the
Changers aud Gould shares, all of which
moved up easily on limited purchases
and held comparatively firm until the
last hour. The movement in Sugar was
| again the most important of the day, the
| STOCK huctuating for the time in the
neig ghSorhood OF 81 and W the early after
noon moving up TO within fraction OF s.
on purchases which for the time APP
| peared to be for the same interests
which have been operating in the
stock for the past few days. At the high
| point, however, there was some hesitation
and during the last halt hour, on sales
| principally by Cammack, there was drop
of nearly 2 per cent. from the highest
point, the stock closing at slight re-
covery from he lowest, with loss OF "a
per cent. of the day.
The movement in Sugar exercised some
effect on the balance oil thelist and a con-
siderable part OF the early improvement
was lost, reduction in the b. d o. divi-
den from 2h per cent. TO 2 per cent.
also exercised some influence Final prices
showed losses for b. d o., and Sugar and
slight gains for Chicago Gas, Rock Island
Z. B. u O., and some of the Vanderbilt
shares, the last named developing little
activity just before the close.
The speculation is still hinging on the
general movement in Sugar and the
theory WAS advanced in some quarters
that short line was put ont about pei
cent. below these figures which he's been
forced TO cover within the past day OF
two. There Is considerable talk Of q
buying movement to discount the cleo
tions, but no special signs OF such a move
ment has become apparent as YET, conse-
quently professional market il predicted
for the near future with turns depending
principally on the course OF sugar and
operations by the shorts.
Providence Clearing House.
The clearings OF the Providence banks
today amounted to 81 $50 900.