The Providence news. (Providence [R.I.]) 1891-1906, 1895-12-17
FINANCIAL NEWS

NEW YORK, Dec. 1.-THE plan OF re-
organizing the Reading Is such as to
lower the stock and TO lessen It's power
at present figures; none Of the Juniors
can he purchased cheap.
The London market at Up. m. is strong.
The United States Sugar Refining Com
pany, with a capital OF -, 900, GOO, has
been organ ized with the New Jersey and
Philadelphia Incorporation.
AS lar as can be learned there are to be
no rights given to the Manhattan stock
holders until some definite plans mature
which will result In change OF the
motor power OF the elevated system. Ibis
will not be, put into effect until next 1911
at the earliest.
The most important item OF news to-
day is contained in dispatch TO The
Journal of Commerce. which says that
President Cleveland Is preparing special
message to Congress, asking that more
power be given the Administration TO
Issue gold bonds upon more favorable
terms. This means, in all probability,
authority to make . per cent. or per-
haps pig per cent. bond.
Manhattan was stimulated to very
important extent by large buying early
in the day. Ii was supposed at first that
the movement was directed against the
short interest but IL transpired later that
there were negotiations under way with
preference to capitalizing the surplus.
There were also given other good reasons
for this substantial advance.
Tobacco declined on the report that
there were negotiations for the settlement
OF the trade war; Officers OF the COM
pany regard this as a judicious policy and
intend going on in this way, as II seems
to promise the best permanent results.
Liverpool Cotton went up la point and
the advance was regarded with mixture
Of hope, doubt and confidence, but when
hAx arANk 30 NHs a I
some buying on the strength OF the
source from which the points came
Traders at first regarded il as a mere bid
on shorts but later a belief that there was
something more in II prevailed.
Those who acquired large lines OF
Leather last week i'd nothing in the mar
ket yesterday until the stock fell below
6S, when the price quickly rallied by q
few buying orders being put in.
London sends liberal buying orders in
St. Paul and Louisville & Nashville, but
Is inclined to be bullish over Carlisle's
report; also selling Reading due to reor-
ganization.
the United States Leather, but the peo-
pie that are buying the preferred stock
soy that 1t will cross so.
REVIEW OF MONDAY.
The London prices showed very little
change and the market opened somew hat
irregular with lower prices for the indus
trial shares. There was some realizing
in Tobacco ana Leather preferred during
the morning hours, but a somewhat irreg-
ular market for Sugar. In spite OF the
gold shipments amounting TO 20, $50, 600,
the tone of the railway shares was unex-
pectedly firm. The leader in the specu-
lation was Manhattan Elevated and the
stock, under variety Of rumors, jumped
uprapidiy, and closed at a net gain OF AZ,
per cent for the day. Strong movements
were developed In Reading and the other
coal shares, and also the Changers, and
N ovements in some OF the low priced
specialties we're also noticea BILE features OF
the speculation. Secretary Carlisie's re-
port was received in the course OF the
day, but excited very little comment,
and more attention was paid to the like
lihood OF bond issue in view of the rapid
decline in fhe gold reserve. The Reading
plan was given out in the street just after
the close of business. Final prices
showed considera ble gains for Msnhst.
tan, the Changers, L. & NJ, the coalers
and some OF the specialties, and losses for
Tobacco, Leather preferred end Sugar.
In view OF the heavy engagements OF
gold today and the possibility OF more to
follow In view OF the Russian demand.
1t is thought that the ieading opera tors
expect something favorable in the way Of
a bond issue, or else the market would
not have been so strong or the buying
so confident as IL had been.
NEW YORK STOCK oUorATfoya