The Providence news. (Providence [R.I.]) 1891-1906, 1896-11-25
IN THE
.*&**e

The London market for Americans
opened weak this morning and although
the stock offered was taken up the ten
dency was downwsrd. AS the result the
market on this side began TO open of,
but after the first few quotations there
was a general recovery. although leather,
both preferred and common, was the
victim OF u bear raid that sent the securi-
ties down for very material decline. II
Ia stated that the company has surplus
Of II 800, 900 and only S6lO, is needed
to enable the directors to meet the quar-
terly dividend OF per cent. This enables
the company to continue on the per cent
basis, but in spite OF this the street does
not like the cooperation and it is re-
ported that the selling today was for the
insiders.
Rache d Co. believe that Consolidated
Gas is good for 10 at a very early date.
There 10 report in circulation to the
effect that the basis OF exchange under
the new consolidation will be fifty shares
of new per cent. preferred stock, nfty
shares of common stock and S10 600 in
new per cent. bonde for each 100 shares
OF the present stock. While it 10 euthor-
tatively stated that such report Is pre-
mature, as no basis OF exchange Will be
tn6 Uubl bettltmcut II
made any such favorable fumors GER
tsiny tend to increase the values of the
company's securities. IL Is also noted
that there Ia a new deal In Cordage in the
wind and that this stock will soon he
revived by the msnipulators. Trpders are
generally besrish on Sugar, nut the most
conservative advice 10 that IL II is sold on
strong points Ii should be purchased
again on declines.
The railyoad reports that were received
for the third week I'm November today
showed decrease OF Sl2l ,0CO for St Paul;
sl7,O00 TOR Denver q bio Grande, and
SIS, 600 for Canadian Pacific.
After the closing of London trading
the im preston gained ground that the
selling done on the other side off, he pond
was entirely due TO the efforts OF a bear
clique to quote lower prices for this mar
ket. In fact, general opinion became
even more bullish and traders began to
look forward for q higher market after
Thanksgiving.
Wortlsy in his noon letter to Wted on,
K.mbsIi Il Co. said:
"Ihere was a desire on the part of the
shorts today to still furth her reduce their
outstanding contracts In consideration OF
the fact that tomorrow Is holiGsv. The
covering movement was most noticeable
in Il. O.. as the bears are somewhat un-
easy on account OF ramors of favora ble
October report to be published the last
Of the week. Sugar was sole down by
the commission houses and no pronounc I'd
bull movement In this stock is looked for
u ~ after the meeting OF Congress.
commission houses in general, however,
are doing practically nothing and the
whole market is more narrow end profess
sionGl than ever"
Both the wheat and the cotton markets
were very strong today, considering the
condition OF things, and those no are
interested In the purchase of these
staples are firmly convinced that better
times are coming. Liverpool closed today
at 4lca5 advance In cotton, while wheat
was firm aud big her, and corn firm but
oull. New Orleans was a good buyer Of
cotton today and the southern buying
orders were numerous. In Paris wheat
WAS 3fm with advancing prices.
Money on call was easy at Pig per cent.
Prime mercantile paper 4a5. Sterling ex-
changes steady, with actual business in
bankers bills at iS6lialo or demand,
and 4.S2l1 for 60 days. Posted rates
4s3la and 4. S5R4 S7l2. Commercial hills
5.Sl3.. silver certificates, safes $40, 600 at
On Is. Bar silver e5.
Cotton futures opened steady; sales,
10000 bales. January, 75S; February,
1857; March. ia; April, 7.79; Nav. 7.S4;
June, 7.S7; July, 7.9o; December, 7.47.