The Providence news. (Providence [R.I.]) 1891-1906, 1894-12-07
FINANCIAL NEWS.
Forced Bearish Sales Said to Be
Futile.
Wheat To he Factor in Restoring Con
Gdence-Sugar Holders Nervous.
Special 20 he Neics.

SDfcfm 20 INC NclpN
NEW YORK, Dec. THE speculative
markets have shown for some days past
that il is relatively easy to sell stocks
down, but it is apparently hard to get
back securities when one wants them.
The truth of the matter is, liquida-
tion has run its course. Those who
hold stocks believe their position is inn
pregnable and until such time that they
sell, forced sales for bearish accounts will
not only prove futile, but they will put
those who espouse the bear
side of the market in a
most unenviable position, from which
they will find no little difficulty in ex-
tracing themselves, especially IL. as now
believed, there is nothing done at Wash
ington this winter.
Manufacturers, middlemen and mer-
chants will resume the even tenor of their
ways and give employment TO idle hands.
The wheat market will do more toward
reviving confidence and bullish
speculation than anything else can
accomplish. BY this ii is understood that
wheat should have q marked advance.
There is upquestionably feeling
OF the utmost confidence among
the most prominent commission houses
in the street that the situation will i'm
prove materially during the next few
weeks. 1t is thought that there is less
risk in buying properties that sell in the
neig h borhood of go and 20 and pay divi-
nends than in picking up Others that have
not yet felt the brunt of recent disastrous
events.
The Sugar people have decided not to
issue any statement. They have con-
cluded to leave well enough alone and per-
haps it is as well. In the first place there
is nothing that Mr.. Havemeyer might say
that would carry conviction with it. There
is absolutely no occasion at this time Tor
Mr.. Havemeyer or the directors to put
themselves on record. AS the directors
have no intention to emphasize their pow
erty, and the blind pool racket will still be
the favorite speculative tactics, Sugar on
any further recession from these prices
shout be purchase, at least this is the
best judgment of those who watch the
market closely.
1t is not unlikely that IL stock is bought
today, on even moderate recessions from
closing of yesterday, a profit will be seen
between this and the close of the board
tomorrow.
1t is believed in well informed foreign
exchange circles that considerable gold
will go out between this and the end of
the month. A million dollars were
practically drawn out yesterday for
shipment tomorrow, and unless some
thing occurs between this aud midday
an engagement for export by tomorrow's
steamers will be announced.
The short interest in the market is
large, particularly in Rock Island and C.,
B. * q. 1t is not unlikely that these
stocks, all other conditions being favor
able, will have a further squirt today.
The Gould people promise to make their
specialties active and as the time draws
near for the directors to meet the state
ment will make very flattering showing.
The company has not a dollar of floating
debt, on the contrary it has q cash surplus
of nearly $1,000, 900.
Sugar was much less active during the
second hour of business, within which
only 5000 shares changed hands, the
fluctuations being gain OF q, reaction
OF q and rally of &. In the railway list
St. Paul was most active, being bought to
cover short contracts, but moved up only
% per cent.