The Providence news. (Providence [R.I.]) 1891-1906, 1895-09-16
FINANCIAL NE WS.
Bears Taking Pronounced Ad-
vantage of Gold Question.
Talk on Sugar Becoming Bullish
With GOOD Reason.
Special TO The News.

NEW YORK, Sept. 10. The market had
dismal look all day Saturday. Long
stocks came out and shorts pressed their
advantage. There was no really good
| news until the bank statements appeared
and that was not appreciated before the
/ close.
| This decrease In reserve clearly fore
shadows active money. Active money
means return of foreign capital and a
break in exchanges. A break in ex-
changes means cessation of gold ex-
| ports and the removal of the only black
cloud over the business interests and the
stock market. For nearly three years
foreign capital has been withdrawn
from this country for no other reason
than that II could not be profita bly, en-
pioyed here. Every foreign house has re-
turned money which mas been here for
years 10 be loaned out on time, and n o At
ly on gold notes. With a 4, 5 or per
cent. money market, foreign capital will
come TO New York Just as certainly as
we have been obliged to export gold to
pay our debts. Although the treasury
situation is black, because OF the sentl-
ment which has been built up around ,he
goid reserve, we have the assurance of
President Cleveland that so long as he is
PRESIDENT the gold basis shall be main
tanned. and although bond issue may be
makeshift, ii will tide us over until
Congress can take remedial action by
permitting the issue of gold bona.
some OF the best judges say that IL is
time 10 look for bargains rather than
what 10 sell short, as the leading stocks
nave had very sharp break and condi-
tions are not what they were last year.
We know nothing about crops and we
know that business is improving every
day. A very large amount OF weak-held
stock has liquldated. There Is consider
able short interest and, although gold
may go freely this week, the wise man
ant ts.r sl.s
rather than for something TO sell short.
Sentiment carried the market too far and
II has broken materially. The syndicate
Is pledged 10 do what II can, which may
not be much. National Bank circulation
Is increasing every week and the price o.
cereals may, at any moment, go up. The
iron trade, the best barometer of ell, is
booming. The treasury scare is. after all
purely matter of faith, when the faith
OF the United States and the manifest in
tention OF majority OF It's people to
maintain the gold basis is thoughtfully
considered.
Bears on Sugar continue convfident of
lower prices for that speciality. A new
point Is developed on the bear side to the |
effect that refusal TO report TO the stock |
exchange and action by the stock ex- |
change in consequence of such refusal, |
would be apt to depress the stock |
After such depression ii would not be |
difficult TO comply with the rules and |
regulations of the exchange as to full re- |
ports and have Sugar listed, instead of |
being off the exchange, or occupying the
present position in the unlisted depart
ment. There has alway been greater
profit in the gyrations OF Sugar stock
than in the dividend returns.
GENERAL FINANCIAL NOTES.
The London market opened firmer and
at 80 p. m. was from Il to L. better.
The banks of Springfield, H., offer the
Government s100 900 gold.
Joseph says: "There Is an enormous
borrowing demand for stocks, but there
is no fresh buying power Oh importance
and as gold exports promise to be heavy
again this week, IL Is not at all unlikely
that a feverish, fitful and, as far as the
lndustrials are concerned, bur more par
ticularly Leather preferred, lower prices
are likely. Sell Northern Pacific pre-
ferred. 1t Is too high, considering the
heavy assessment. London is
likely TO turn bullish for quick rally.
Buy l.. d n. moderately"