The Providence news. (Providence [R.I.]) 1891-1906, 1896-05-08
The Stock Market Opened
Weak This Morning.
A Prominent Wall Street Op-
orator Talks on Sugar.
$1,SO0,0 900 Gold Will Be Shipped
Frem New York Tomorrow.

NEW York, May s. The decline in
the market was credited to golo exports,
currency resolutions and uncertainty in
regard to Mckinley. A wave OF sentiment
went over ths room on the Californs free
silver plank and talk of Mckinley ana free
silver in California seemed to entirely
overshadow the conservative resolutions
of the leading Eastern States. The de-
cline created some anxiety among promi-
nent interests, as to whether there was
anything at Washington back OF selling
from that city. People certain 10 be in
formed IL there was any had Washington
news, said confidently that they knew of
nothing and that they regarded the de-
cline as professional and chiefly the result
OF room selling acting upon tired holders.
II was evident that stop orders were in
good many stocks. The false starts OF
the market this year have led an un-
uasually large percentage of traders TO
protect profits by stop orders on the
principle OF saving portion OF the ad-
vantage, anyway. The crop news WAS
rather less favorable and some attention
was paid TO the bad reports In view of
the advance in wheat. There was be-
lieved to be inside selling in st. Paul,
American Tobacco, Bay State Gas and
possibly Missouri Pacific.
An operator. who Is often well informed
on Sugar, said last night: 81 told you a
month ago that the price was likely to be
selling between 123 and l26 for some time.
i think that prediction will hold good,
in the main until after the adjournment
OF Congress. The right people have Sugar,
but they do not want to make target OF
the company by advancing the price too
much at present. Conditions and pros
rects are such that they do not dare to
sacrifice much stock in order TO get the
Price down. These influences tend to mar
row the trading.
After Congress adjourns, Sugar will
have an important advance unless there
should be some great change in the specu-
iative position meantime, i think insiders
are willing TO pick up stock 10 these
prices and would like nothing better
than TO see short interesScrested'
From Chicago comes the following in
fcrmation-on the Wheat crop. The re-
ports of bags We're as numerous today as
the bugs themselves and in many cases
were from reliable parties who are not
given to sensationalism. Heavy rains
with cool weather would kill off the bugs
very quickly.
Reports indicate that tie oat crop is
suffering more from bugs tnan is W heat.
. At O'Clock D. m. the London market
was the same as at 1850. The Metropoli-
tan Traction people say their earnings
show increases beyond the most sanguine
expectations. Under these circumstances
buyers of Manhattan Elevated should be
quick TO take proiits OF any bulge ut this
time.
Joseph saws: "There is quite short
interest In the market, but owing to the
extreme narrowness OF speculation shorp
rallies may reasonably be expected and
anticipated. Trace Will probably con-
clude TO cover their shorts. Buy Chicago,
Burlington & Quincy, Louisville * Nash
Vile and st. Paul on break of L. TO 81.
Don't bull Western Union and be prepar-
ed for drive ct the Vanderbilts
The Liverpool Cotton report for today
is as follows: 12:20 p. M. demand fair,
prices easier; Middlings 4 1852; sales es-
tlmatec 10 be 1000 bales.
Futures opened quiet, demand moderate,
1-64 decline.
12:45, spot graoes l-32 lower.
Friends of the Union Pacific funding
bill have given up the idea of passing
the bill during this session.
Messrs. Lazard Freres Will ship e, ,0o0,-
coo in gold To Patis tomorrow.
Laden burg, rhalmann & Company will
ship $500, 00O gold tomorrow.
TODAY. STOCK BOARD.
WALL STREET, 1918 a. m.- Tie stock
market opened active and weak with con-
sidera BILE pressure against the industrial
shares. Sugar declined III, Laclede Gas
j and American Tobacco, under ;he news
of the indictment of the officials of the
company, siumped 2 rs per cent. to 26
rs. In the railway list the internationaIs
told of sharp fractions.
PROVIDENCE CLEARING HOUSE.
The clearings of the Providence banks
today amounted to S6SS, 900.
Aaxx NG~E Etnctr fy,,o&.es--.