The Providence news. (Providence [R.I.]) 1891-1906, 1895-02-28
FINANCIAL Ne WS.
Morgan, Belmont & Company
Ought to Start a Rally.
Adjournment Of Congress NO Gold
Saturday-General Notes.
Snecial 10 The Nnws-

logically made that il j. Z. Morgan, Au-
gust Belmont and their confreres knew
sufficie1 at to save the Government's credit
at critical moment, and could form a
syndicate on terms that we're
alike favorable to the party seeking
succor and to the rescuers, they will
know enough to take advantage of the
present feeling to bring about that inn
provement in speculative circles, which
would unquestionably become a matter Of
history IL one or two bold leaders could
be found TO take the initiative.
Reference was made few days ago 10
the course of the market after the success
ful negotiations for the absorption of the
West Shore road by the New York Gen.
tral. 1t took the average trader in
Wall street three weeks to dis
cover the importance Of the
movement, but when he awakened to
full realization of the change he stood,
not on the order OF buying, but bought,
and thus paved the way for substantial
bull campaign, the like Of which has not
been seen in decade.
The adjournment of Congress will give
an opportunity for repetition
of the display Of 1885. The
advance in prices were used then.
what they are today and, in fact, in the
late spring and early summer of 1885, the
average daily operations did not exceed
$4,000 shares. People then as now had no
money or were said TO be minus
the "sinews of war" bat as soon
as the markets broadened and Eu-
rope started in to buy, money was
forthcoming in plenty, as will be the case
just as quickly as the street is lifted from
its present lethargy.
The market continues TO be largely q
professional trading one. Its character is
not likely TO change for some days. Com
mission houses as general thing are in
the position OF Micaw Der.
Those institutions that were inclined O
few weeks ago to raise their rates both on
time and call loans are now offering funds
at nearly as low rate of interest as at
any time during the past year. Brokers
are not borrowing any con-
siderable amounts, for they are
carrying no lines of stock. The
absorption which has been the main
stay OF the market still goes on to a
moderate extent and reports encourage
the belief that investors have taken ad-
vantage during the past six months ofthe
raids and low prices brought about from
other causes to pick up bargains here and
there.
The short interest in Jersey Central has
beeu eliminated to a considerable extent
and the stock is likely TO follow in the
trend of the general market.
Railroad Earnings.
N. +. St.-Week Feb. %, s3591; inc,
s7Oa.
G. & w. M.-3d Feb, S2S ,557; inc, s2l4.
d., l.. Il W.-3d Feb, S21 ,0l2; inc, s2569.
8. Ry.-3d Feb, 1921 ,s56; dec, $50, 100.
c. & O.-3d Fep., S15i, 40; dec, sl2, ,423.
p. & W.-3d Feb, S43, ,293; inc, so, ,153.
IT,, st. J.. & X. C.--3i Feb, SIS, oil; inc,
S6460.
O.-Jan., s464, ,026; dec, sl2S,977.
Today's Stock Board.
WALL STREET, Feb. 2S.-The stock
market opened moderately active but
heavy. l.. a n. declined q to 49%4 B. &
o., 1 to 81; n. j. &. and Pacific Mail y and
81. Paul, Burlington, Erie and New York
Central, *.
rhe Wool Market.
The consumption OF wool since last
writing has probably equaled the weekly
average since Jan. I, but the wool mar
ket has been, on the whole, quieter than
in any week OF January. The volume Of
transactions is essentially smaller than
has been previously reported this year.
This may bo attributed partially TO the
interpolated holiday and the usual in
fuence OF the holiday upon the succeed
ing market day; in some degree to the
weather, but moro especially TO the fact
that the mills have made considerable
purchases since they turned the corner of
the year, and the natural luli occurs at
this time. These are sufficiently APP
parent reasons for temporary fall
ing of in demand and this may APP
pear quite reasonable when one OBJ
serves that just as the demand has hith-
erto, in moderate way been quite gen.
eral, so. IA shown by the record of sales,
is the reduction In the amount taken;
that IS TO Gay, there has been less Of every
sort purchased, includirE the several
kinds OF foreign wool. Then one must
not neglect to alludo TO the dis
turbing effect, upon the trade generally,
of the present uncertainty in regard to
the standard OF values, which Is not the
least among the causes OF the current un-
sa, isfactory condition OF business. In
the meanwhile the market is fairly steady,
foreign advices are somewhat more as
suring. and doubtless the effect of a slight
Improvement abroad will In time be ielt
bore.
The sales OF the week amounted to
I ,62i, 900 lbs. domestic and t-3,O0) lbs. for
eign, making total OF 2,017 ,GO) lbs.
N fpat a fatal af p S2o Ono ,,ouuda for tho
previous week, aud total of 3,397, 900 lbs.
for the corresponding week last year. The
sales since January =. 1895, amount to
70, ,SSi $50 lbs. against 20, i3i COO lbs. year
ago.
The sales in New York amount to |, ,252,.
800 lbs-