The Providence news. (Providence [R.I.]) 1891-1906, 1896-07-22
New York Bankers to Be
Assisted by Outsiders.
Concerted Movement to Sup
ply Demand for Exchange.
Bulls Will Have Thorny Path Be-
tween Now and Election.

active under the influence OF higher
London quotations and purchases for
both accounts the gums being OF most
consequences In the grangers. Rock
Island, Northwest, Chicago Gas, ad-
vanced /, and w. u, 3-s per cent. The
other changes were fractional, some
gains in the specialties being important.
The upward movement eliminated
shortly after 10:15 on the announcement
OF the engagement OF gold for export to-
morrow. lbe consignments exceeded ex-
pectaii ions and the bear leaders avsiled
themselves Of the opportunity 70 extend
their lines In various properties. Leather
preferred was forced down / 3-S, Sugar
and Chicago Gas 7-s, and the grangers 3-4
per cent, N. w. excepted. Trading il
In small volume at this time, but a fairly
steady tone Is evident at the concessions
noted.
Trading during the afternoon lacked
important features, aside from N. j. e.,
which suddenly broke 1-2 per cent TO
81 ga. rally ensued to 90, and a sub
sequent recession 10 IS 3-4, the current
figure. The general list was dull without
noteworthy changes until nearly midday,
when general upward movement oc-
Cured. In which the best figures OF the
day were reached in some instances.
ouSbr tOucneu lOoa, NOTtHWest ID, anu
,. Pant 40 l-2. The trend OF prices at this
time is till upward. Sales to noon l13,
500.
Stock values record but little change
since midday, although gains are noted
in some cases. A confe. ence of foreign
bankers being held to devise means to
restrict the gold shipments has had a sus-
tanning influence on prices and induced
covering on an extensive scale by the
short cont inpeut
Connor is manipulating few stocks in
the interest Of bobtsil pool organized
to drive out the short interest. Keene
has no interest in this com Dlnation, ana
does not see how there can be ny sue
cessfull bull movement inaugurated.
His intention is 10 sell stocks like North
western, Louisville & Nashville and
Tobacco on every rally OF or points.
lie insists that the road of the bulls be-
tween now and election Will be full of
thorns.
The buying of London is not invest
ment buying, but simply reflects the OPP
erations of few bankers who hope TO
turn the exchange market.
GOLD SHIPMENTS.
L. Hoffman &.:Co., say that they ex-
pect TO ship s5Oo,0O IN gold tomorrow
to Germany.
Heidei bach, IcKelheimer Il Co., will
ship $3.50, 600 in gold by tomorrow g
German steamer.
Kuhn, Loeb * Co will ship $3.50, 900 in
gold tomorrow to Germany.
THE BANKERS PRoTECToRATE.
As result of the bankers movement
to deposit gold for greenbacks in the
sub-treasury i'm order 10 protect the re-
serve sls,000,00o have already been
pledged.
supplementary to the movement OF the
New York banks for the protection OF the
treasury gold reserve, meeting OF rep
resentatives of the large foreign banking
houses has been called to be held at the
Office of j. p. Morgan & Co. 1t is under
stood that steps will be considered for
concerted action TO supply the demand
for exchange until the crop movement
begins.
MONEY.
Money On call easy on Wall street at
2a2 1-2 per cent. Prime mercantile pa
per 5a6 per cent. Sterling exchange
steady, with actual business in bankers
bills at Ass ga for demand and Ass for
go days. Posted rates T. SS l-2a4.S9 1-2.
Commercial bills 4.s7. Silver certinaets,
sales, $50, 900 al SO 3-S, now 69a3-S. Bar
silver, 6S rs. Mexican oollsrs, 90 Sd.
Government bonds firm; state Don as
dull; railroad ponus firm.