The Providence news. (Providence [R.I.]) 1891-1906, 1894-04-16
THE FINANCIAL NEWS.
Investigation Of Receiver Oakes OF
Northern Pacific 10 Go TO a Master.
No Very Pronounced symptoms Either
Way I'm the Opening o. the Market
Today-Gossip of the Street.


Special n The Nclcs.
NEW YORK, April l6.-London market
about is up. Bears claimed the advant-
age on Saturdays dealings on failures OF
market to respond to Sugars advance.
Commission houses realized, large bears
did nothing and bulls said
that the situation was unchanged. Judge
Jenkins referred charges against Receiver
Oakes of Northern Pacific to master for
investigation. Increase In loans in
bank statement due to the purchase
by, banks OF city warrants
on stocks and bonds. 1t is considered as
practically certain that Reading plan
must be changed owing to the impossibil-
ity of carrying through the coupon fund
ing scheme. Atchison deficit for
poorest eight months was $751;
457. The road practically earns
fixed charges in the worst years. Atchi-
son committee harmoniZes several con-
hicting interests. Certain disputed points
already adjusted. Cotton market un-
changed with sales at Liverpool OF 1000
bales. Futures barely steady 2-6i advance.
The wheat market for the week past
was active and irregular, but the net re-
suits are a decline of nearly cents from
the prices touched on the previous Fri
day. Foreign houses have pursued
conservative policy during the entire up
ward movement of the local market,
buying very little wheat even on the
decline of the early part of the week
until Wednesday, when thirty loads
were taken for export. IL is thought,
however, that a much larger amount was
actually taken, variously estimated as
high as ninety loads. Interior ar
rivals OF corn last week have shown
a further decrease, 100000 bushels for four
days. With full local receipts the cash
market has been lower and more active
within the past two or three days.
Buying is against puts on wheat.
East bound shipments last week were:
S2,93S tons, against 61,S3l same week last
year, and S0,6O2 in '92.
Saturdays Market.
London prices came in strong Saturday
morning and the maIket opened fraction
hig her in sympathy with the Interest of the
speculation centering exclusively in Sugar.
The movement in this stock was one of
the periodical spurts which attracts the
attention of the street and was credited
10 Mr.. Keene. The buying was principally
by Wormser & Co., who were said to have
taken from 10000 TO 10000 shares from SO
up TO 90, but at this point the demand APP
peared to be supplied and traders offered
the stock down TO 90 again. The clos
ing was at 81, or a net gain OF y per cent.
for the day. There were two rumors in
circulation to account for the advance,
one that some compromise favorable to the
Trust has been agreed upon in Washington
and another of a distribution of surplus
earnings in the form OF an extra divided
OF 10 per cent. For the balance of
the list movements were sluggish
and unimportant the rise
in Atchinson yesterday having
apparently discounted the favorable de-
velopments. The bank statement showed
that the banks have gained small
amount i'm surplus reserve and now hold
$50, ,000, 900 in excess of legal require
ments.
After the publication of the statement
and when IL became apparent that the
furry in Sugar had subsided, prices
yielded somewhat, but there
was very little trading and
the closing was quiet and
without special change. The specu-
lation for this week is likely to depend on
tariff development, gold exports and the
course of the wheat markets, although the
Chicago Gas decision and further man
ipulation i'm Sugar will be important fac
tors in determining the general course OF
prices.