The Providence news. (Providence [R.I.]) 1891-1906, 1894-11-23
FINANCIAL.
Bears On Hand Trying 10 Depress
Market.
Northwest Decreases In October Great
Reduction Looked FORA Large
Amount OF Cotton Coming This Week.
Special to The News.

NEW iohn, WV -"'- Lohuon ~ "a
lower.
Bears will be on hard again trying TO
depress the market further. IL Is thought
their stocks are buy on weak spots.
Northwest seems 10 be the favorite OF
the bears aud Il probably the best buyer.
cIared, which makes the stock selling at
90 reasonable price for per cent. Van
dsrbilI stock.
II Is estimated that the amount OF Cot
ton coming IN sight this week will nearly
approach 100000 bales, provided the
steamers at Port Royal and Brunswick
srs cleared IN time TO be counted in this
weeks movement.
Corn opens shade easier on cold
weather and the receipts are large. Re-
ce.Vers are selling December and January
corn.
Wheat is easy on selling by the commits
sion houses.
no object can be seen in buying or
holding Cordage common or preferred
with the guaranteed q per cent. stock sell
ling at ~. III eithe. OF the former Is
cheap, the latter is by far the cheaper.
North West earnings for October de-
creased S774, ,4O8.
kennett q Hopkins bought 5000 st.
Paul; Bell sold 20J0.
Hartshorn bought 500 North West with
sellers scattering.
Sugar Is being bought and sold right
and iett, and Gas comet in for consider
able dealing. Gas is thought to be buy
around; Kohn, Pepper q Company sold
and Kerr, Smith and Howard Lapsley
bought.
Current speculation turns on the bond
issue and the Northwest dividend. There
is talk OF O reduction In the after more
pronounced since the reduction in G. B.
4 O., hence yeateroay's free selling.
The drop in Sugar disappointed traders
h< I.n -gl rr ~ nd hn 4 kar
Is good borrowing demand for the stock.
The market oprned generally steady,
but most OF the issues traded In eased of
small fraction in the early dealings.
Manhattan, Cordage Common and Iowa
Central declined 1-2dn Corgage preferred
3-4; Sugar sold off IL, and rallied 3-S.
Cotton, futures firm; Dee, 5.52; jan.
$50; Feb, SOS; March, 5.73; April, SIS;
May, 5.s4; June, $50; July, 697; August,
6.0l bid.
Review Of Yesterday in Brief.
The London market was not affected by
the reduction of The {. Il. q q. dividends
yesterday, prices there showing fractional
advances for all the arbitrege shares and
our market opened generally firm in
tone with the principal interest
of the speculation eentering in
active, but apparently found support be-
low IL and St. Paul was largely taken by
London and the shorts, but Northwest
WIS heavy in tone, the bears attacking it
apparently on the supposition that the
C.B q Q. REDUCTION indicate similar action
on the part OF the Chicago & Northwest
directors next week. Sugar was at first
6rm on pure bases for both accounts, but
later, much 10 the surprise OF the traders,
develo ped unexpected weakness and con-
tinued heavy all through the day, al
though the stock had the Appearance of
being old by the bears, and the buying
was called good in character. The stock
wa, in demand in the loan market even
under q small premium for a moderate
amount, but nevertreless the last prices
were not far from the lowest of the day
| and showed a less of nearly per cent.
| from last nights figures.
For the balance ol he list dealings Were
very irregular, the bears at various periods
attacking Northwes. and Weatern Union,
bat the Grans ser shares were firm and re-
fiected free covering by shorts. Final prices
showed gsins io- Rock Island, c. 3. & O.,
st. Paul, Southern Railway, preferred and
the Coalcrs, and losses for sugar, North-
west, Western Union and Pullman, the
last named for some unexplained reason
breaking badly IN the last hour
The action OF the market appears TO fn-
dicatc that tho Z. h. & O. dividend reduc-
tion vas principally discontinued in the
late dealings the day before, and as the
short interest Is large and nego-
tiat!ons are said 10 have been
completed for the Government loan,
ii is not improbable that a rally may
be Ia order within the next Two or three
days. The course OF Sugar was entirely
unexpected and was said 10 nave been
based on tho unfevorabie aspect OF the
trade as regards German sugars.
Providence Clearing House.
The ccarings of the Providence banks
today amounted to SSH coo.