The Providence news. (Providence [R.I.]) 1891-1906, 1895-08-14
FINANCIAL Ne VS..
Corn Backward in Ohio But
Good Elsewhere.
Pisrrepont Morgan interviewed About
Return Of Syndicate Bonds.
Special TO The News.

NEW YORK, Aug. l4.-lt is telegraPneu
that corn is backward In Ohio. In some
sections it is beginning TO "hre, and II
may be cut from 10 to Is per cent. short.
In the West and Northwest the outlook
could not possibly be better. There mas
been plenty of moisture and heat, Just the
sort of weather to force corn, and the
Granger roads in all probability will have
the largest crops TO haul this year that
they have ever been called on TO handle.
The possibility of frost is so far removed
that IL is almost certain that no damage
from such quarter can possibly occur.
Those traders who are inclined TO be
bearish on the Western group Will In all
likelihood discover that they have made
another grievous mistake Officials OF e.,
Il. * O., who have no interest market
wise and are consequently not preJu-
diced, tell their friends that the road Will
carry millions OF tons more grain this
year than last, and that whatever losses
were incurred by the strikes OF last year,
and by the falling of in general business,
will be more than made up during the
next Is months.
The bulls were very sanguine that the
market would have closed at the top
prices last night If il had not been Tor
the unexpected gold order from Arbuckle
Brothers, and this firms relations with
the syndicate made their gold engage
ments more potent in affecting the mar
ket than any previous shipments. Ii was
strong hands and that II was their inten-
tion TO put them much higher as the time
approached when corn will be absolutely
safe in the big surplus belt. Distillers In
siders were free buyers OF the stock,
there were intimations that there was
realizing in st. Paul by the interests
which began to buy IL in the fifties.
Everybo argued from the advance in
| the coal stocks that a deal must be near
at hand and last night some of the most
| prominent bulls said the coal deal must
| be announced or the uncertainty about
fereign exchange and gold exports would
break the market. 1t has reached point
where powerful tonic was necessary and
| il must come in the shape of the settle
ment of the anthracite difficulties
Insiders of Rock Island talk In very
| encouraging strain and there is every
reason TO believe that in the course of a
| couple months or so the directors will
resume dividends at per cent. This will
| positively be their policy, IL no damage
| occurs to growing cereals between this
| and the end of the month.
The great bull point in favor, not only
| of the Western stocks, but likewise of
| the Eastern trunk line shares, is that the
| reduction In operating expenses that was
caused by hard times has now become a
| fixed and almost immovable fact. The
! experience OF the past two years has
| taught railroad officials the necessity of
managing their properties in business
| like manner, and the policy that has been
inaugurated will be continued indefi-
nitely.
ToDAY's STOCK BOARD.
WALL STREET, Aug. IA THE stock
| market opened dull and irregular. The
changes were generality slight, but
| Tobacco showed loss OF Ia per cent.
| and the general list unsettled.
The gold engagements announced for
| tomorrow's steamers had a depressing
effect on the speculation after IL O'Clock,
and the bears took advantage of the
situation to raid. AS a result of this
attack general reaction was effected in
which Distiliing lost 1l2 per cent, New
Jersey Central 1-S Tobacco Ia, Leather
preferred l Is, Manhattan /, and the
other shares dealt in fraction at lower
figures. Buyers came into the market
and fractional recovery ensued, except
in the Coal shares. Sales to noon, 30 200
shares, including $4,000 listed and 94OO
unlisted.
GENERAL FINANCIAL NOTES
The syndicate deposited g. 800, 600 gold
drawals. Further shipments are consid-
cred likely before the end OF the week.
London is up from Is TO i2.
Judge Woods decided the ID. G. +. case
in favor of the reorganization committee.
Pierrepont Morgan, in an interview at
bdT ftdTDOTs WAS dshtu WHtlHcT ROlu
shipments were caused by the return of
Government bonds, TO which he re-
sponded, "no."
"Do you think that any considerable
amount will come back soon?'
Mr.. Morgan answered: "That's a pure
guess; the bonds are widely distributed
in Europe. IT Is not likely that any large
number of investors .will send their
bonds back under existing money con-
| ditions in Europe
G. q. c. & ST. Louis earnings Tor the
first week Of August increased go, 139.
Several conferences between the Vest
inghouse and General Electric COM
panies were held last week. No agree
ment was reached, as the G.. II. would
not submit to Westinghouse terms
A big electric combine has been formed
by Yerkes of Chicago, Wedener- Ellis
syndicate OF Philadelphia and Semans ~
Helske OF London. The plant will be
located i'm Illinois.
Joseph says I'D. c. +. will work off
fraction, but will recover and sell much
Il