The Providence news. (Providence [R.I.]) 1891-1906, 1895-12-18
FINANCIAL NEWS
Presidents Message Causes
a FeveriSh Market.
London Investors Will Probably Go
Slow on American Securities,
special 70 The News.

Special 10 Ihe news
NEW YoPK, Dec. S.-The market open
ed this morning almost equal 10 the Lon
don decline hut large baying orders,
chiefly from shorts, have steadied prices.
Sterling Is very strong. London sold
Louisville q Nashville stocks and 6OOO
ST. Paul.
The general impression OF Wall street is
that the emphatic tone or President
Cleveland's message Will unfavorably
effect the London market for our securl-
ties. The general tone of argument Is
that foreign investors will remember the
effects OF the recent Chile scare on her
stock market and the probabilities are
that they will want 10 sell securities In
anticipation OF freak. Altogether,
fair presumption is that the message has
eps bled prompt sellers TO make turn on
the short side which they did not look
Tor and for which they are probably
grateful. The London market shows the
unhealthy effects of he acute phase OF
the Venezuelan controversy.
In London at i 80 o'clock p. m, Consols
are 12 lower and Americans very weak.
81. Paul holds steady at "a.
Speaking of st. Paul, the feeling here
is that stocks of this road in the neigh
borbood of "a per cent are not dear, and
holders will probably experience sub
stantial gain before spring. The tendency
TO hold Ia only strengthened by the know
ledge that Wander bin, Armour ana Rookie
feller possess an aggregate Of 250, 600
shares.
May advices from the northwest show
conclusively that including the seed re-
quirments 75 DER cent. of the wheat crop
mas been marketed.
London sends very heavy selling orders
for everything from - to 1l2 per cent.
lower.
The exchange rat, on sterling has ad-
vsnced from 4.SSlo to 4.90.
The hearing of the Chicago Gas Com
pany suit at Albany has been postponed
and some of the Gas people have sold
their stock just omake a turn in the
market. Ex-Governor Flower and Others
have bought up many OF these stocks.
ToDAY's STOCK BOARD.
The stock market opened weak. Atchison
16 Is; Sugar, 101; General Electric,
80 3-S; Chicago Gas. ssl5 Burlington, s2ia
Rock Island, 1884; St. Paul. 74L North
western, 1925 Louiiville, 5osi; Western
Union, SSl2.
The bear contingent returned to the
attack on share vaues with renewed
vigor this morning and brought about
material decline in prices. The receipt OF
lower quotations from London and re-
port offs weak market here for Americans
was also taken advantage of by the bears
in depressing prices. The principal rea-
sons were Leather preferred and Kansas
and Texas preferred r.. do. common and
Denver and Rio Grande preferred III and
Sugar, New York Central and Missouri
Pacific per cent.
The bulls put out supporting orders
soon after 10:15 ano succeeded in stem
ming the reactioniry movement. The
appearance OF these orders caused
change OF front by the shorts and their
efforts TO cover resulted in sharp ad-
vance In prices in which the Industrials
scored the more substantial gains. b. &
d. fell 2 per cent. to 45 on light offerings.
Market now very Gull, but prices are
fairly we'll held.
REVIEW OF YESTERDAY.
London prices showed very few changes
aud our market opened generally firm in
tone except for the industrial shares which
were lower and irregular during.the early
transactions. The market generally de-
veloped firm tone in the early hours ot
trading, especially Tor the Changers, L. Z.
4 ]. and Chicago Gas, but Manhattan was
inclined TO be heavy after yesterday 8
sharp advance, and there were signs OF
realizing al. other points through the list
The market continued firm in one until
early In the afternoon, when there was a
sudden break in prices based on the gen.
ernI temper of the Presidents message to
Congress on the Venezuelan question,
which affected the market unfavorably.
AZ a result the speculation, which looked
quite promising early in the day, became
dull and quiet and there was consider
able decline all Though the list. Final
prices showed considerable declines for
all the active shares the Industrial ;,
Changers and Gould shares leading.
The interest OF the speculative public
has been centered on the Presidents
message, and quotations from abroad will
be eagerly watched tomorrow.
NEW WORK STOCK ouOTATtoSl