The Providence news. (Providence [R.I.]) 1891-1906, 1894-11-28
FINANCIAL NEWS.
Stock Market Opened Strong and
Higher Prices Likely.
Northwest, Jersey Central and Sugar
the Principal Things Talked About
Wheat i'm the Northwest Shaky.
Snecinl to The News.

Special 10 The News.
NEW YORK, Nov. 28.--The stock market
opened strong this morning, with good
demand in Northwest which carried 1t up
1 per cent. Other Changers were tirmer ON
covering, but Jersey Central, after q
higher opening, became unsteady.
Sugar opened higher but is only mode
rately active. The purchasers for bear
account are the feature OF speculation.
The opening was, in almost every case, /,
at an advance and there was q fair crowd
in Erie ana st. Paul.
The common impression is that the
general market will have something OF an
Improvement and that IL will be compare
lively safe to take advantage of even
moderate recessions from the prices to
buy almost anything on the list.
st. Paul will be made q leader again.
The prominent Broadway commission
houses, which have been buying Jersey
Central, say 1t would require but an inti-
nation from some people, closely Identified
with the First National Bank party, that
recently, made contracts viii be insisted
upon, 10 cause quite stampede among the
bears.
1t is apparent that the insiders could
bring about q rally that would leave Jer-
sey Central at very near the prices at
which it sold month ago.
The manipulation OF Sugar may cause
that stock to sell off little more, but 1t
Is teTldlu ludl lH0 I1dNcII tycIs uIt
and between this and the meeting that
should take place Dec. z, when the divi-
oend will be decided, the stock Will have
O sharp rally.
The squirt in Sugar was due to the abb
sence of stock.
Chicago advices state that Wheat opened
trifie iirmer on small receipts at Mime
apolis and Duluth and it looks as II Ream
had commenced TO buy again.
The Belle Plains (kas.) Mills are all out
OF wheat in this county and the farmers
are almost cleaned out. Wheat there is in
a very bad condition. There Is no rain
and the new crops have not come up.
II was expected that the Erie statement
would have a depressing effect In London
today, but prices are Z better.
A director OF {. Is. d q. says that the
company has four millions in cash assets,
16 millions in sinking funds, 1900 miles of
road built out of earnings and not
bonded.
The Reading statement shows a surplus
for October of s99,70i, a decrease of
si50, ,995.
The bears will attack Reading on this
statement.
A higher level Of prices is looked for;
some shorts will probably cover up to so
home even tonight.
Henry Allen bought 5000 Mort Invest,
and it is thought to be for l.. l.. White.
Bell hammered the market after Allen
got through.
Allen started in again, buying SO far
10000 shares.
Cable from Liverpool stated that Cotton
sales amounted to 10000 bales and futures
opened steady at about 1-64 advance. "A
later cable states decline of points.
The new government SIS are selling well
and the price is likely to be advanced
soon.
The reduction in Northwest dividend
has not had bad effect, but rather
cleared the air.
There is short interest still and the
hears are counting on the meeting of
Congress next week to get stocks cheaper.
Coalers are strong on advance in prices
and restricted production.
Sugar, 50 3-4; Distilling, 81 Is; Chicago
Gas, "; Burlington, 20 Us; st. Paul, SO;
Northwest, 9S 1-2; Louisville, So rs.
Providence Clearing House.
The clearings of the Providence Banks
todsy amounted to s69S,Oo0.