The Providence news. (Providence [R.I.]) 1891-1906, 1895-05-16
FINANCIAL NE WS.
Everybody Wanted Reaction
and Yesterday Got 1t.
Bears Try to Creale Scare on Treas
ury Condition.
Special to the News.

NEW YORK, May lb'-lhe gross earnings
for the second week in May should be given
out in Chicago tonight for st. Paul. They
compare with s497, ,9l4 in 1894, So9o,924 in 1884,
S554, ,7l8 in 1892 and s5oS, 2l5 in 1891.
The strength of sugar in the face Of the gen
eral market rather increased bullish senu'
ment on the stock. on the ground that holders
apparently had no wish 70 realize even at the
large advance
The expected happened. London selling
continued yesterday. Local bulls attempted
to stem the tide, but in tho afternoon gave
up the attempt and dumped big line of mis-
cellaneous stocks. London continued selling
up to the close, and it perhaps amounted to
25, 600 for the day. The big operators and the
most successful traders did not appear as
buyers at the close and did not express any
certainty of resuming the long side this a. m
The advance in st. Paul calls for consider
able decline. but il is not likely TO occur all
at once, and there is no reason for supposing
that unless the bull interest in st. Paul has
sold more than it has been willing to admit, a
considerable effort will be made to put the
price above 20. 1t was regarded as strong. IL
is down 2 per cent. from the top, after rise
of about IL per cent.
II IL were certain that Northwest would pay
215 per cent in June il would be in demand
on this reaction but on a per cent. basis W
would probably look high enough. even from
a speculative standpoint.
ToDAYs STOCK BOARD.
WALL STREET, May l6-The stock market
opened active and irregular. The losses. how
ever, were OF the merest fractions outside Oh
Cordage preferred, which declined ~ ana
Manhattan, which fell of q per cent. specu'
4. 5%r Ne
| ally so for the vanderbilts, New York Central
| advancing 29s per cent, and Lake shore per
cent. In the Grangers the improvement
| ranges up to q per cent, st. Paul leading,
| Sugar, jumped lss per cent. to ll114' and teil
| back TO ll69s
! The market became dull after ii O'CLOCK
but the speculation was firm in tone ana
prices moved upward. Wells Fargo rose per
cent Great Northern preferred sold up to lZo'
| against l23 bid last night. Chicago Gas ad-
| vanced / per cent. on yesterdays closing
| Other gains were Consolidated Gas, l12 N j.
| c., and Rubber, l1s, and Mobile and ohio'
per cent. Pullman declined u. Toward noon.
| the market fell off a small fraction under
slight pressure to sell the Granders. Sales to
midday l72, 700 listed, and 1900 unlisted
SPECULATION STRONG.
The stock speculation continued strong up
| TO this hour. The more prominent advances
were Tennessee Coal preferred per cent TO % ;
| Leather, 1Sz: Leather preferred, la, and la
clede Gas preferred, Missouri Pacific ana u
G.. c. and st. Louis, per cent.
GSENERAL FINANCIAL NOTES.
Bears are trying TO work up a scare as TO
the treasury condition, because the syndicate
IL
banks have been notified 10 turn IN the Sold
held for syndicate account.
London is irregular; st Paul and Northern
Pacific preferred up, but others fraction
lower.
The rumor is current that Hill has secured
control of the Northern Pacific. This rumor
comes from London.
British consuls are rather heavy, but the
settlement in the far East is not regarded as
fully settled
Bar silver is = lower IN London
Joseph says: "The reaction has spent itself
and there has been big increase in the short
interest The crop report could not be better.
The New York Tribune, which is anything
but sensational, says editorially, The condi
,ion Of corn is generally favorable, and tn,
average is believed to he sufficient for crol
Of p 900 bushels Don't bo afraid TO holC
| q, Is.
Sugar will improve
.It is peculiar thing" said prominen
broker this noon, "that when the New Iorl
stock market is dull IL affects business her
and everywhere. The New York market ex
erts great influence over everything oxcep
our bank stocks. They arc always slow
Providence people are pretty careful investors
though, and when they get started everything
goes at once"
COTTON.
, Liverpool spot sales. ~ OO1 bales; futures, Il
! | points advance.
, New York Cotton futures opened steady
: | sales, 1900 bales. January, 6.9i; February
, 6.g7; March, 7.O3 May, 6.6i; June, Gdl; july
d. G65; August. 6.7O; September, GA; October
o. 6.7s; November, 6.s3; December, 6SS.
2 Cotton spots closed dull; Middling upland'
= 0 1919: middrng gulf l.l6 sales, none.
add todays mkt
PROVIDENCE CLEARING HOUSE
/, The clearings Of the Providence banks toda
!, amounted TO s9s0,30o.