The Providence news. (Providence [R.I.]) 1891-1906, 1894-10-10
FINANCIAL NEWS.
A Heavy Market With the Bears Sell
ing Freely.
The Future of Sugar is Problem
Wheat and Corn Easier-Yesterday's
Markets Reviewed.

NEW YORK, Oct. 10.-The initial sales
were generally below the final transac-
tion OF yesterday, but in no instance did
their recession exceed x, that amount
being recorded in st. Paul and
Chicago Gas. The speculation thus
Sugar easily leading in point of activity.
These shares were moved up x with a
subsequent break of Z. do preferred ad-
vanced H and Chicago Gas has recovered
q; Burlington * and st. Paul u. Bay
State Gas gained 2h TO 28 and one sale
of 200 shares has dropped to 26.
The general market Is heavy with bears
free sellers on the strength of sterling
exchange.
Sugar had more support yesterday, and
while raided at intervals il held up well.
1t is too soon to say that the insiders are
taking back their stock but the price will
bear watching.
Gloomy reports are published about ID.
{. f., and Boston sold General Electric,
but the other Industrials are receiving
support.
Corn is easier on selling by commission
houses, and the buying against puts is
steadying the market.
Wheat opens lower with no feature
The offerings are not big. Provisions are
shade flrmer on better news from the
yard. January pork is buy on weak
spots.
Cotton futures opened barely steady;
sales, $500 bales. October 5.SS, November
5.9i, December 600, January sos, February
6.l2, March GIL, April 6.2S, June 6.32,
July 6.35.
London is y lower.
Nothing is known about the meeting of
the Sugar people yesterday but the stock
was strong. There is good deal of talk
about strength In exchange and is likely
To bring about lower range.
40 N i'm
small margin as Austria is taking gold
there.
The decrease in st. Paul earnings for
the first week in October was S764, ,6Ai.
This is the smallest since 1889.
The market is such limited one that
unless quick profits are snapped up when
the chance offers, losses Immediately
follow.
Shorts should be covered on any recess
sion In the Changers and may be put out
again on moderate rallies.
Review of Yesterday i'm Brief.
London prices came In materially lower
this morning, the speculation there hav-
ing been apparently affected by unfavor-
able rumors as to the health of the Gar,
and our market opened lower
in sympathy with little activity i'm
the dealings aside from the
lndustriais and Changers. The Hrst move
In sugar was some, hing OF a surprise to
the traders, the stock advancing rapidly
from the first reported prices, but hesita-
ting in the neighborhood of 50.
Later in the day the bears started
a tremendous attack on the stock
which carried the price down under S0A,
the lowest yet recorded, but before me
close the Wormsers appeared as buyers
and this factor i'm connection with cover
ing by shorts influenced a rally OF about
2 per cent, the closing showing a gain OF
* for the day.
For the balance OF the list Chicago Gas
held reasonably firm I'm the neighbOrbood
OF 73, but the bears made special attacks
on st. Paul and the other Grangers, l.. ~
n. and General Electric, the last named,
however, recovering good part of the
early loss.
General speculation was affected by the
advance in exchange rates and also by ru-
mors OF gold exports i'm the near future,
but In the later dealings a rat her firmer
tone was developed aud there
were indications OF considerable
covering by the shorts. Final
prices showed losses OF some importance
FOR st. Paul, L.. & ~, G. B. x O., General
Electric and Manhattan and fractional
gain for Sugar. As TO the outlook for the
near future the movement i'm Sugar is.til
a leading factor, but the foreign mar
kets Will be watched with
interest and sterling exchange is
becoming an important point. The
Government crop report, which IL issued
tomorrow, is expected TO show some inn
provement In the condition Of grain and
wheat.