The Providence news. (Providence [R.I.]) 1891-1906, 1895-09-04
FINANCIAL NE WS.
Large Outstanding Short In
terest in Western Stocks.
Borrowers OF Phantom Shares Are
Rapidly Getting Left.
Snocinl TO The Nows.

NEW YORK, Sept. A. The French have
a proverb that "the burnt cat fears the
water" The bears-those gentlemen
who have been selling the market and
who take advantage OF every rally in
prices-have made no money But, al
though they have not escaped unscathed,
from the flames OF speculation, they
nevertheless force opportunities TO prove
their prowess or powers of endurane.
There Is, according TO the most expert,
an extraordinary outstanding short in
terest in all the Western etocks, and 1t is
stated on fairly good authority that in
st. Paul alone the bear contracts foot up
nearly 80 600 shares Many of the leading
arbitragers are borrowing for London
account and are positively minus this
amount OF stock in this market that has
been sold by British spectators who lt We
not believed in the better time now exist
ing here.
For many weeks the borrowers of these
phantom shares have said: "Stock will
arrive by the neSt steamer and deliveries
will be made good. -
These pledges, however, have not been
redeemed, nor is there any reason 10 be-
lieve that the bona fde investment holder
OF either st. Paul or other American Sc
curities, whether abroad or at home,
finds anything in the present situation
TO warrant his selling. The knowledge
Is absolute that business continues TO
show most gratifying Improvement. 1t
Is common enough TO find in the daily
prints reports of further increased wages
in all parts of the country, and il is ex-
ceptinnal 10 read that advances of 10 per
cent. that were duplicated in the early
summer have been repeated again.
Brokers who watch {. Il. IL q. say
there is a steady supply on the market
coming apparently from people who want
to sell quietly without breaking the price
nd -. 4.
sell that they do not give the stock
chance TO go up in sympathy with st.
Paul. This gives the impression that tie
advance in ST. Paul is proving great
help to B. q. holders TO sell acoumula-
tions OF the stock which have been car
ried a long time and for which up TO this
time there has not been market suffi-
ciently broad TO enable steady selling
without attracting especial attention.
The short interest in American Tobacco
is undoubtedly very large. President
Duke expresses the greatest confidence
and he insists the trust has sufficient
money to last long while.
GOLD sHIPMENTs.
NEW YORK, Sept. 4-W. II. Crossman
q Brother will ship il, 900, 600 in gold by
the steamship Augusta Victoria, sailing
tomorrow. Nesslage d Fuller will ship
FOO, 900 by the same ste ,mer.
IODA1 > SIOCA bOAhD.
WALL STREET, Sept 4.-The stock
market opened active and higher The
improvements were confined to fractions
outside of Tobacco, which sold up Us
per cent. Sugar rose 81 per cent. on the
advance in prices OF the company's prod
uct. Speculation became irregular after
1918 a. M; Flint & Pere Marquette pre-
ferred rose per cent. Leather pre-
ferred 13s, Sugar 1ls, and Tennessee Coal
nsNh "a h. Ira. nd
some few other shares were depressed
slightly and Manhattan broke y and
Tobacco Ia per cent.
CoRDAGE REORGANIZATION.
NEW YORK, Sept. {. The reorganiza-
tion committee for the United States
Cordage Company has issued call for
the fourth instalment of g per share on
guaranteed stock, also =. so per share on
preferred stock and sl.25 per share on
common, payable on or before Sept. 13.
GENERAL FINANCIAL NOTES.
The London market prices are all high
er again, except 81. Paul, but its weak
ness causes suspicion that the price is
held down for effect on this side.
II is estimated that 80 per cent. of the
corn crop IS now safe.
There was an important meeting held
yesterday by the Wholesale tobacco and
grocery houses. About 20 representatives
were present, and voted TO continue and
retain the present system OF the Am.
T. Company.
st. Paul earnings for the fourth week
OF August increased $3.50 month in
creased, s169, 300.
Chicago is bearish on the Grangers II
Is thought that speculation may now drift
TO specialties, and away from the hereto
fore active list.
Joseph says: "Crop conditions could
not possibly be better. St Paul Is good
for So. Better buy some ID. d H.; il is
cheap"
All grades of refined sugar have been
advanced one-sixteenth cent per pound,
except fours and fives, which are one
eight cent higher.
sEw YORK STOCK auoTArosA