The Providence news. (Providence [R.I.]) 1891-1906, 1895-05-17
FINANCIAL NE VS..
Conflicting Opinions Abound
As to Markets Character.
London's Transactions in New York
Central Freely Discussed.
Special TO The News.

NEW YORK, May l7.-There is no doubt but
that a good many of those shrewd traders
who bought stocks some weeks ago, when
they were selling below present prices, believe
that the present Ia good time to make haste
slowly. One OF the leading brokers. who on
two conservative days bid upward Of 10000
shares and who was heavy seller on Monday
and Tuesday, said last evening While
might not be prepared TO advise nervous people
20 buy the market, except for a rally OF or z
per cent. further, certainly could not consci-
entiously suggest short sales, because ! believe
that IL will be pennywiso and pound foolish
policy TO temporarily espouse the bear side of
stocks. Reactions are always most healthful,
and the longer they are delayed the more
radical they are likely to be-
"The experience of the past few days will.
as time must show, prove blessing in dis
guise When the big bull movement started
in ls79 on the resumption of specie payments,
the market was kept under full Roadway Of
steam for a couple of months. Everybody be-
lieved that there never would come setback.
Pyramiding was the order Of tho day, and
thousands Of shares of stocks were bought up
on a shoestring margin.
" One fine a. m. support was peremptorily
withdrawn and then there came a cropper. In
less than hour Erie fell from IS to 80, and set
backs Of anyw here from to ~ per cent. were
made. Stop orders were encountered at every
turn. and one could not turn from one direc-
tion 10 another without meeting myriads OF
ANXIOUS sellers When the decks were cleared
again for action prices went higher than
ever, and for two years the most active and
best markets that the present generation has
seen were in evidence. We shall have big
speculations this summer, and the more de-
finite news that we get concerning growing
crops, the more enthusiastic are the bulls
likely 20 become"
The street took off its hat 6nd made low
bow when Mr.. Morgans name was mentioned
last night. IL recognized that the Morgan in
terest, whatever that may be, had played the
New York Central stock sale in the nick OF
time. The actual operation of the move was
a little better than was planned. because the
violence Of the start led TO some additional
short selling upon that which attended the
decline Wednesday. AS the n. Y. G. sale
transpired and the stock responded, it became
evident TO traders that new Vanderbilt
move was under way, and no time was lost in
getting back short stock and acquiring long
lines.
The effect Of the sale Of New York Central
abroad was most pronounced in our market.
London, however, is down this morning, for
st. Paul, "a; L. g. NJ, Il; Union Pacific, g,
and others are up -, probably on the advance
in grain markets yesterday afternoon.
GENERAL FINANCIAL NOTES.
The stories of crop damage are believed TO
be exaggerated and IL is thought prices are a
purchase on declines.
st. Paul earnings for the second week of
May show a decrease of $4,000.
i. S. Bache & Co. say "Denver & Rio
Grande preferred is good. II has been very
inactive, but purchases at present figures will
pay"
Joseph says: "Tbis is bull market. II you
doubt il. ask Cammack. or any other profes-
sional bear, what he thinks. II is even pro-
posed TO advance Erie couple of points.
That will give you idea of the temper of
the street. Whiskey is good for an upward
turn. G. b. & .. is ON its way to 30. Sugar is
rs good as anything to bull, and Chicago Gas
looks promising"
IL is said that the big block Of y. Y. G. sold
in London yesterday was at los sterling.
COTTON.
Liverpool Cotton futures 2la points adj
vance; spot sales, 10000 bales.
New York Cotton futarcs opened firm; sales
$500 bales. January 7.O4. February 100, May
672, June &c., July GA, August 6.79. Scptem-
Der g. Sj, October $50, November 8.O3, Docem.
ber 6.99.
ToDAY's STOCK BOARD.
WALL STREET, May r.-Thc stock market
opened active and irregular, tho changes,
however, being generally of the mcrest frac-
tion. Reading and Chicago Gas advanced -
and Sugar, ~ per cent. New York Central
declined = per cent.