The Providence news. (Providence [R.I.]) 1891-1906, 1894-12-04
FINANCIAL.
What Bankers Think OF Presidents
Message.
Plenty OF Good Opportunities I'm the
Market-The New York Herald AZ
ter American Tobacco Co.-Notes.
Special 20 The Neirs.

NEW YORK, Dec. 4.-Ihe best informed
In Wall street seem TO think that the
market will offer good opportunities for
those who will make judicious selections
from the special lists, in preference to
dealing indiscriminately in the general
railroad properties. Until such time
that the Granger roads show that
their earnings are improving
any formidabl advance is scarcely looked
for. Northwestern, which is perhaps the
most conservatively managed OF all the
Granger group, will find it diff
cult to earn its full per cent.
on the preferred and per cent. on the
common stock this fiscal year. The fact,
making no sacrifices for stockholders
is most worthy consideration.
Unlike the b. & O. the road IL being kept
up fully to the handle. The operating ex-
penses for the IL months will average fully
So per cent, while the b. & O.,
or no passenger business, but dependent
wholly on freight, processes to be able to
do its business for less than 90 Ger cent.
Rock Island is fortunate in having
strong and influential backing and the
insiders are regarded more or less as a
count that the stock which yields at its
present price something like 8 per cent.
on the investment, Is as firmly held as
it is.
Manhattan is certainly worth more than
any street surface car stock and should
sell relatively as high. few months ago
there were something like sc, 600 shares of
Manhattan floating around Wall street
IN brokers' names. The transfer books
today evidence that this volume has
been split almost in two. 1t would re-
quire very little legitimate purchasing OF
Manhattan to make a corner in the stock
SO that the price could be put almost as
q
Conservative bankers who have dis
cussed the Presidents message line by
line agree that the most import
ant plank in 1t is the cur
rency and that the question
will present many involved problems that
cannot fail TO have more or less deterrent
effect upon the action of the markets.
The Herald today publishes an article
that is decidedly inimical to the American
Tobacco Company. The caption of the
article says: 1.-THE cigarette trust life at
stake"
Out in Chicago Wheat opened active
this morning. The "crowd" was selling,
but with good outside and offerings scat
tered and very large, considering the
bulges.
London is very weak, st. Paul snd l.. &
N. being u lower. No doubt the market
earnings, which are larger than expected.
The fourth week in November shows a
decrease OF 1854, ,96s and for the month Q
decrease Of S649,062.
There is a general impression in Wash
ington that no tariff legislation will take
has chance OF passing il the wiping out
OF the Ito discrimination on sugar.
Jersey Central net earnings for October
show O decrease of 1891
Exchange closed firm; some gold may
go out Saturday.
Liverpool is steady and one point above
yesterdays close, with moderate spot
demand.
All the efforts OF the New Orleans ma
nipulators seem abortive. They tried to
drive the bears to cover, but cannot in
fiuence the genuine buyer, namely, the
spinner whose business is too bad and his
supply is certainly assured.
Cotton-Futures opened steady at the
the decline; sales, IL 200 bales. Ie,., 5.51;
JAM, 5.57; Feb, 5.62 bid: slsrcn, 5.6S;
April, 5.72; May, 5.79; June, $50; July,
5,93; Aug, 800.
Review of Yesterday in Brief.
London prices came in fractionally
higher and our market opened somewhat
irregular with the interest OF the trading
centering in Sugar and the Grangors. The
movement in Sugar was an extraord mary
one, the stock at first breaking sharply,
and later more than recovered
the loss on the demand for borrow
ing in the loan market. After recovery
of per cent. from the lowest it was hintcd
by some OF the news agencies that the
Presidents message will be unfsvorable
to Sugar, and the stock began to decline
again, continuing heavy with only oc-
casional rallies mp to the close.
The closing showed loss OF 2h per
cent. For the balance OF the list the most
important feature was a sharp advance in
Northwest based on covering by shorts.
one house with Chicago connectio hav-
ing taken between 5000 and 10000 shares.
Important gains were recorded in the
high priced coalers and Lake Shore, while
the ther Changers and Gould shares were
also fractionally higher. Chicago Gas was
feverish and irregular throughout the en-
tire dealings on unfavorable runors as to
the dividend, and also on further talk of
pool selling OF the stock.
Providence Clearing House.
The clearings of the Providence banks
today amounted to q, 1877 800.