The Providence news. (Providence [R.I.]) 1891-1906, 1894-10-30
FINANCIAL NEWS.
Bears Still Have the Best Of It-..van-
derbiIt Stocks Falling OF.
Large Short nterests-London Is I'm
changed-Coalers I'm Good Demand.
General News OF the Markets.
Special 20 The Necs.


NEW YORK, Oct. 3O.-The stock market
opened dull and Irregular. The early
dealings reflected loss in Sugar, General
Electric and Cotton Oil of ", and
Edison Electric OF New York sold
down ~ and Hooking Valley preferred 2.
Meanwhile the coalers had been in good
demand and Jersey Central was advanced
IA to 80 Delaware q Hudson u and
ID. L. * w. "; Canadian Southern gained
s and Cordage ".
There We're numerous other changes
either way but only q small fraction.
Near this hour New Jersey Central was
forced down2 per cent. to 91h and Della
ware q Hudson lost the early rise. Sugar
and General Electric were in favor and
sold up ss and " respectively.
The bears are jubilant over their success
in forcing liquidation in the coal shares
and threaten TO do the same for he whole
list.
The short interest is large and growing
so rapidly as to warrant the opinion that
II will soon be unwieIdy.
Ageneral covering movement has be-
gun in all the active stocks.
The Vanderbilt stocks are becoming q
weak feature.
London Is unchanged.
A prominent Philadelphia coal man
states that the local rates on the Jersey
Central and Lehigh Valley roads are be-
ing cut, and that the latter road Is the
aggressor.
Tomorrow the Philadelphia committee
on Reading proposes 10 begin the pay
ment Of overdue interest on the general
mortgage.
Corn is very strong, with the selling
against calls.
Cotton-Futures opened quiet and
steady; sales, 500. Nov, 5.53; Dec, 5.57;
jan, 5.62; Feb., 6.66; March, 5.71; April,
$40 bid; May, $50; June, 5.SS; July, 5.92
bid; Aug, SOS
Yesterdays Review.
London prices came i'm shade higher,
and our market opened irregular and
feverish with a marked increase in the
volume OF business. AS generally
predicted at the close Saturday
the interest centered particularly in the
coal shares, the talk over Sunday having
added TO the existing bearish feeling, and
tremendous raids were made, especially
in the caic of Jersey Central and
Delaware * Hudson, although in the
last named there were occasional rallies
after the severe breaks. The selling was
thought to be manly of long stock the
orders having been placed in the hands
of bear brokers for execution. Aside from
the coalers there was considerable pres
sure in the case of Western
Union, the Vanderbilts, Northwest
and the other Changers, but Sugar, after
various attempts to depress the price, de-
veloped marked firmness around S6, indi-
eating an accumulation of stock at or
below that figure, and there was also
great resistance in the case Of General
Electric.
In the early afternoon c. b. 20. was
raided on the decreased earnings for Sep
tember and various attempts were made
on Western Union, st. Panl and Chicago
Gas, although in many instances there
were fractional recoveries from the low
est based on covering by shorts.
Jersey Central continued to be pressed for
sale and closed at the lowest figure OF the
day with a new decline of az per cent.
The other coal shares showed declines as
follows: ID. Il n. Az per cent. and u. & L.W.
~ per cent. Final prices showed losses
ranging from q per cent. to Ia per cent.
for Chicago Gas, Western Union, the
Changers and Vanderbilts, but excep-
tionai strength was noticeable in Man
haitian, Sugar, General Electric and
l.. x y.
The magnitude of the selling movement
in the coal shares is fores hadowing the
balance of the list and il is yet impossible
to determine how much further the de-
cline is likely to go. The
continued pressure in Jersey Central
points through the list, but the bears APP
pear to be taking advantage OF the weak
ness TO buy back few of the active
shares, notably Sugar and General Elec-
trio. The exchange market was quoted
firmer during the day, and predictions
were again heard OF exports at the end of
the week.
Providence Clearing House.
The clearings of Providence banks to-
day amount to 81 ,0S0,i