The Providence news. (Providence [R.I.]) 1891-1906, 1894-11-20
FINANCIAL NEWS.
The New York Market Is Heavily
Oversold.
London Higher but Doing Little Busi-
ness-Sugar Again tho Feature-Cot-
ton Futures Steady.
Special 70 The Nsws.


NEW YORK, Nov. Clustering exchange
was firmer again yesterday and time
money hogan TO show tendency to harden
This encouraged the bears and stocks are
heavily oversold. This has generally been
the cue for q turn and ought To cause a
rally now.
London Is stronger at fractional ad-
vznces, but speculation there is slow.
The Chicago, Burlington q Quincy
Dividend was acted upon today. IL IS the
general opinion that the regular dividend
"a 10 be declared, and a favorable impress
sion on the general market will follow.
The October earnings for Northwestern
show a big loss.
In Sugar 5000 shares shorts were covered
within al hour this forenoon. 1t looks as
II the msnipulators were willing TO take
stock on weak spots and sell out on rail-
lies SO rs to prevent movement OF any
magnitude unless the position at WASH
ington is assured.
Cotton futures opened steady; sales,
1909 bales. November $50 bid, December
5.37, January 5.45, February 5.51, March
6.56, April 5.63, May 5.69, June 5.75, July
o.SO bid, August 5.S0.
New York and New England.
RY The Associated Press
BosToN, NaH. 20.-The Boston News Bu-
reau this morning says: william III.
Coolidge, counsel for the receivers OF the
New York & New England Railroad,
says foreclosure OF the road will
probably not take place for month. The
trustees OF the fret mortgage bonds have
brought bin Of foreclosure against the
property and as the receivers have made no
remoDstrsnce the next thing Is TO get an
order for sale. Such an order has not been
applied for as yet"
Yesterdays Review.
London prices came In fraction lower
ana our market opened generally heavy
in tone with fair degree of activity in
trading. The feature OF the early dealings
was the weakness in the Grangsrs, the
Cemmaok brokers again appearing as
active sellers, particularly OF st. Paul and
{. II. * O., but there was also some pres
sure IN the case OF Manhattan, the South
ern Railway stocks and az various periods
in the coalers, although Jersey Gem
trail developed better tone as
the day advanced. Chicago Gas was also
raided, in consequence, it was said, OF the
absence of Mr.. Kecne from the street, but
in the early afternoon al OF the stocks
which had been weak in the morning be-
gan to steady, and as the day
advanced q hrmer tone was percepti-
BILE on covering, although there was
no special activity in the trading. In the
early transactions IL was noticeable that
Sugar held surprisingly firm, although
brokers W he act for the oliques in the
stock were open sellers and towards
the last hour there was consider
able buying apparently for both ac-
counts which carried the price above SO,
and at the close Sugar showed a consid-
erable advance for the day. The buying
49, said to have been based on state
ment circulated by one OF the news
agencies denying many of the bear ru-
mors which have been current for several
weeks past and also by a report issued
through the same medium later in the day
that a compilation o. the operation of he
company will show surplus oi
over st0,o00,000. The buying OF Sugar
naturally exeited some influence OF
]. the balance of the list and tia,
closing was at recovery from the lowes
OF the day, anal prices showing as rui:
only slight changes from Saturdays clos
ing figures.
Sugar appeared 10 have become again &
leader OF the speculation.
Providence Clearing House.
Today's clearings are q ,230, 800.