The Providence news. (Providence [R.I.]) 1891-1906, 1895-05-09
FINANCIAL NE VS..
American tobacco Insiders
y AccumuIating Stock.
ST. Paul Could Easily Be Made a
Leader.
Special 10 The News.

Special TO The News.
New YORK, May "a house which is
prominent in American Tobacco expresses
the belief that strong insiders will allow
the price to rest around the present fig
ures until they accumulate floating stock.
They have demonstrated that whenever
sharp advance is given to the price con-
siderable stock is bought and they have
absorbed good deal OF it.
Everybody expressed satisfaction on &C.
count of tho afternoon reaction. The
only division of opinion was whether it
would continue q point or two more. The
leading bulls thought the market
might open off and that stocks would be
a purchase before noon. More conserva-
tive bulls thought the large realizing yes
terday would call for halt in
the market while the stock
thrown over found resting places. The
few bears who ventured from their caves
timidly suggested that l per cent. was
hardly enough after a 10 per cent rise
1t was agreed that there was large realiz-
ing done during the day. London was a
buyer OF some stocks and seller of others.
The ease with which st. Paul
can be made the leader
OF the market was made clear yes
terday by our showing that over
;22,5oO,ooQ of the common stock
is held abroad. This leaves only
about s23,5Oo,Ooo in this country
and large part of this is locked up in
the hands of investors. There is compare
lively little floating stock and when the
stock begins to 60 up I he foreign and do
mestic buying makes the task of the ma
nipulators comparatively easy.
Cotton.
Liverpool spot sales, 10000 bales;
futures opened firm at point decline, but
later gained point, and are now point
in advance.
Cotton, spot closed quiet; middling
uplands, 6 1916; midling gulf, lie;
sales, 96 bales.
The Wool Market.
The market has ruled quiet. Now and
then a round lot of wool has been dis
posed ef, bat the transactions OF the past
week have been mostly of small parcels.
The number of purchasers in the market
has been small, and most OF those
who have appeared have bought spar
ingly. In foreign wool there has been
less doing than last week, while In
domestic stock, except in California and
Montana woods, there have been few
transactions worthy of note. The weak
opening of the London sales unquestion-
ably exerted an influence on the market,
but Tuesdays dispatches indicated q
hardening tendency in the prices OF
good woods, which has somewhat
stiffened the ideas of those interested in
foreign stock. A factor which has acted
unfavoraply on the market has been the
labor disturbance in Olneyville. The
mills affected by the labor troubles are
very large purchasers of wool, and the
withdrawal OF the demand from this
source has certainly exercised an appre-
ciab BILE effect on the weeks business.
Latest advices from the wool-growing
sections indicate that the purchasing
fever has somewhat cooled off, and that
affairs are decidedly queter. There has
been developed this season. however,
tendency among traders in the interior,
who are not regular wool buyers, to buy
wool on account OF its low price. These
outside parties, who would buy anything
il it was cheap, whether cotton, leather
or iron, have been led to take hold OF
wool, basing their action on the theory
that there has been an advance in other
lines Of staple merchandise, and that
wool will follow. This speculative buy
ing among those outside Of the wool
trade has not as yet assumed large pro-
portions, but il is discernible, and worthy
of note. 1t is perhaps needless to state,
however, that there is no speculative
buying among the members OF the wool
trade, who have in fact Cancelled some
of the orders given to their representa-
tives, on account of the action OF local
spectators in some OF the western sec
tions. The result has been a quieting
down. Prices have ruled steady in this
! market, and transactions have been
mostly on the basis OF quotations as pre-
viousy given.
The sales of tho week amount to $780,
500 lbs. domestic and 974,9O0 lbs. foreign,
making total of 1888, 800 against a total
of 3,3l6, 100 for the previous week, and
total OF 1,656, 800 lbs. for the correspond
| ing week last year. The sales since Jan.
1, 1895, amount to $685., $50 lbs. against
1928 800 lbs. year ago.
The sales in New York amount to ,526,
600 lbs.
Tho aggregate sales in Philadelphia
have amounted to 1858, 200 lbs.
! Cotton.
NEW YORK, May Cotton futures
| opened steady at the advance; sales $500
bales; jan, 6.93; May, 6.66; June, 6.60;
July, 6.64; Aug, $50; Sept, 6.72; Oct,
6.77; Nov. 6.ss; Dec, 6.si
Today's Stock Board.
NEW YORK, May 9.--The stock market
| opened strong. Atchison, 6h New Eng
land, 4lT Sugar, 1i4%; Distilling, 20A /;
| General Electric, 3ssk; Chicago Gas, 74k !;