The Providence news. (Providence [R.I.]) 1891-1906, 1895-09-27
FINANCIAL NE WS.
The Market Pre-Eminently
One of Specialties.
Louisville & Nashville and Southern
Railway Upward Bound.
Special to The News.

Special to The News.
NEW YORK, Sept. "a. = The mar
ket is prominently one OF spec
ialties. L. & n. has ruled more than
steady; it has at times been strong. al
most aggressive. There is no doubt that
the company will reap great benefits
form the Atlanta fair and that the re-
turns for the present fiscal year, ending
early next summer will be equal TO about
s per cent. upon the stock.
There should not be such wide differ
ence between the prices OF st. Paul and
L.. x n. that there is. The latter has
equally strong backing and the stock is
a favorite speculative one, both in this
market and London. The annual -elec-
tion will take place in Louisville Wednes-
day of next week and the report to be
then submitted considering that II will
cover one of the worst years ever known
in the United States, will make almost en-
couraging showing. Member OF the di-
rectors' party, who seldom take any spec
ulative interest in the market, are advis-
ing their friends TO buy L. * n. and
hold it, claiming that they will get $40
per share for 1t this year and that it will
be III the dividend-paying ranks in the
course of comparatively few months.
With any improvement in Southern Sc
curities, rise of no inconsiderable pro-
portions may reasonably be looked for in
Southern Railway preferred. For reasons
well known to all who have watched the
course o! the foreign exchange market,
the followings OF J. p. Morgan, like those
of August Belmont and other leading
financial firms, have discouraged any
wild enthusiasm, recognizing that any
marked advances in international securi-
ties will probably lead TO return OF
these form abroad. With evidences accu-
mulating that foreign exchange will
weaken and that more of tendency will
Il A..Wa f.s... 30.
bring Europe in as buyer, not only of
our profits, but likewise of our railroad
shares, an effort will be put forth TO make
Southern Railway preferred and Southern
securities generally attractive.
ToDAY's STOCK BOARD.
WALL STREET, Sept. 27.-The stock
market opened active and firm. Distil-
ling and Reading were the features and
advanced Is and / per cent, respec-
lively. The bonds OF the latter company
were eagerly purchased and on transac
tions aggregating S442, 900 fractional
gains have been recorded. Speculation
became weak in tone after 10;30, however.
In the meantime Canadian Pacific ad-
.vanced is and Lackawanna and To-
bacco per cent.
In the downward movement Chicago
Gas and Tobacco lost / 3-s, Sugar Ia and
Distiiling per cent. The Grangers were
also sold freely and recessions made, ex-
tending to per cent, in Northwest.
The market continued weak.
The reaction was stemmed soon after IL
and on diminished volume OF business
general recoveries epsued, which were,
however, limited to fractions. Tobacco
exceptionally gained Is and Rock Island
per cent. The feature of the bond mar
ket was that of Reading securities. which
on large dealings improved i2@2 per
cent, the last loan in the first incomes.
The sales to noon were 1853, 900 shares, In
cluding 144, 900 listed and 5000 unlisted.
GENERAL FINANCIAL NOTES
The net increase in st. Paul in two
mouths Is equal TO / 2-10 on the COM
mon stock.
London is TO II better.
1t is more than likely that Crossman
will ship 81, 800, 600 gold today, the des-
tination being Il rim.
The exchange market closed easier, but
Berlin is paying big premium to attract
the precious metal ana is buying up gold
in London also.
amount to about 100000 a year to
Germany.
London spot Copper, 46 Is; futures, 46lo.
The market is weak at ii decline.
Joseph says: "The sentiment is again
bearish on gold shipments. Long stocks,
however, are not on tap, but Cammack
factions are persistently bearisn. The
selling of &. b. q. is on the supposition
that ths August report will make rotten
showing" 4"
The Canadian Bank of Commerce has
withdrawn $50, 000 in gold from the sub
treasury for shipment TO Canada.
New York bank clearings S93, 900, 756;
balances 81, 439, 500.
WHEAT.
NEW YORK, Sept. q. Wheat receipts
40, 500. Sales $500, 900. Options No. 2
red, market active, losing cent under
local realizings May CD 5-s@70l2, Oct
6iai@65 is, Dec. 66 1-sa 67 S-16.
CHICAGO GRAIN MARKET.
QUOTED ny A. p wEFpRS