The Providence news. (Providence [R.I.]) 1891-1906, 1894-10-15
FINANCIAL NEWS.
Gold Shipments Are Expected
Today.
Whesa Is Dull-A Suggestion for tho
ID. 4. n. Reorganization.

| NEW YORK, OCT. lo.-Opening sales
We're generally fractional below the final
transactions OF last Saturday aud the
early trading resulted in declines being
established in Northern Pacific preferred
OF one per cent and n per cent. each
In st. Paul, Manhattan and Western
Union. Sugar went on v but soon
rallied Y to "a. The other shares did
Gas, which has jumped ~ to 24k. The
volume OF business thus fer has been very
light.
Cotton-Futures opened barely steady;
sales $500 bales. October, 5.65 bid; No
vember, 6.73; December, 5S2; January,
6.o7; February, 691; March, 697; April,
6.03; May. Cos; June, 6.15; July, 6.19.
| The expressed feeling on both Wheat
and Corn is very ciscoursging and the
market IL generally weak although Wheat
opened steadily around put prices with
the scalpers buying against them.
The traders are all working on the bull
side OF Sugar.
The impression il general that gold is
likely 20 be shipped, especially as the low
| prices of Cotton and wheat do not bring
in buyers. This is giving bearish tone
to the current gossip, and at present
prices look as II they were going lower.
The statement OF the earnings of st.
Paul for the second week in October is
expected tomorrow, and until then no
one Will bull the stock.
There Is All effort on foot to down West
ern Union, and the rumor In circulation
Is that II will not earn per cent. this
year.
Chicago Gas is buy. Sugar is sale on
any rally.
London IL unchanged and there is moth
ing going on in the foreign market.
The Spanish and Chinese loan is apt to
harden rates In London.
The Boston Bommercia Bulletin sug-
10 hat h.. LrmN a.sk. A. n a A
reorganization involves the holding of
the common stock, issuing Of three mil
lion preferred and the destruction of all
but about eight of the best distilleries.
The exchange this morning is as near
the gold shipping point as it was last
Thursday.
Money on call easy at ] per cent. Prime
mercantile paper 3s4h Sterling ex-
change firm with actual business in bank
ers' bills at 4.S7 1aai.S7A for demand
Silver certificates 63a bid. Bar silver
63%. Mexican dollars 57A.
Review Of Saturday in Brief.
London prices came in firmer and the
New York market opened irregular with
slight decline in Sugar and fractional
gains for some OF the other active
shares. The speculation was extremely
limited in the first dealings, the attention
OF the traders being centered in the In
dustrisls, which were lower apparently on
clique selling. In the frst hour the shorts
exhibited some degree of nervousness
IN the Granger shares, prices improving
fractionally, especially for G. b. d Q. and
Rock Island, the last named probably on
speculation as to the outcome of the
amount paid for the Mimi. & st. Louis.
The bank statement showed that the
banks have gained 81 ,400, ,000,in surplus re-
serve and now hold nearly S61 900 900 in
excess OF legal requirements. In
the final dealings there was
further bull selling, both in Sugar and
Chicago Gas under the influence OF which
the remainder of the list lost nearly all
the early gain. Aside from the
lndustriais, the only feature of import
ance was Manhattan which declined
easily under pressure of long stock.
Final prices were irregularly changed
with loss of " per cent. in Manhattan
and fractional declines for Chicago Gas
and Sugar.
There was nothing in the speculation to
afford any clue as TO the future,
but there was some indications of
fresh bear movements in Sugar and |
the course of that stock will be |
closely wstchsd during the coming week. |
The prospect OF gold exports and the talk |
OF light business on the Granger roads |
are the principal bear points while the |
bulls are discussing the November \
elections as probable inspiration for an |
upward movement. The speculation con-
tinues professional in character .and the |
future tendency is likely TO depend large |
ly on the current news during the coming |
week.
Providence Clearing House.
The clearings of the Providence Bank
today amount IL ,069, 200.