The Providence news. (Providence [R.I.]) 1891-1906, 1896-11-11
Another Good Day for
Bull SpeCulatiOnS.
Opening Weak the Stocks
Were Soon Driven Back.
Rumored Deal Between Manhattan
and Traction Interests. =

NEW YORK, Nov. IL. The stock mar
Influenced by sharp concessions In Lon
don prices for American securities and
moderate offerings for foreign account.
ct. Paal yielded 6-S per cent. the unfav-
ora BILE statement for the Hrst week In
Novem Der showing crease In gross
earnings OF $4,000 manhattan is now
down 8 per cent. to par and y.
The market seemed 10 steady down
toward IL o'clock and general recoveries
ensued. This feature was particularly
seen in Man haitian. The annual Meeting
OF this corporation is to be held today,
and the disposition to watch this stock
closely showed that there was consider
able interest over possible developments
In connection with the persistent rumors
of impending oeais of the Man haitian
with the metropolitan Traction interests.
In spite of the fact that the traders
have been looking for reaction ever
since the higher range of prices set in,
the market today shows underlying
strength tnet is most discourag ing to
sold but somebody has always stood
resuy to take IT all and prices have con-
tinued to climb the ladder until the
shorts are beginning to wonder what
the end will be. Commission houses
have been strong buyers all day, and the
fact that l1S mills have started up since
election and that Clapp * Co.. the big
New York bucket shop. and otner
brokers who have been GEARS of the mar
ket have closed their doors shows plainly
the tendency Of the times.
Money on call today was easy at 4 per
cent. Prime mercantile paper was
5i2a6l2 per cent. Sterling exchange was
bills at 4. .s5laaia for demand and 4sla.a
4.s2 for GO days. Posted rates we're
4.s2l2a 4S3l2 and 4.s6ai 81. Commercial.
bills were 4.si and silver certificates GA
7-Ss65i2. There were no sales on Mexican
dollars at 90 5-S. Cover IN Mt bonds were
firm snd oar silver "a rs.
The report that the directors to be
elected at the meeting of Manhattan
stockholders today are A. l.. Hopkins,
John @. Terry and Thomas T. Eckert,
tended to increase the already great con-
fidence In the company. It's earnings for
the year ending Sent. 30 were 4.01 per
cent. as compared with 1859 per cent. in
1895 and sos per cent. in 1894.
In speaking OF st. Paul sbowings
Joseph says: "The reac,ionists will sse
an opportunity in the remarkable gross
decrease in ct. Paul earnings for the first
week in November to raid the grangers,
but IL st. Paul or Rock Island sell of a
point or SO ge; some of each. Remem-
ner this is bull market especially for
tie low-price stock"
The cotton market today puts up a
good front, considering the extreme short
Interest,", and while there have been large
settings of wheat, the best opinion Is that
it will be difficult 10 buy the Grain back
at the same prices.
The report that a dividend would be
declared in Northern Pacific preferred
within year, gave that stuck little
strength, while Rubber continued to DO
little better than hold its own at ~ for
the common and So 4-5 for preferred.
sVgar also sailed up toward the 123
mark on Havemeyor's statement that the
company was doing better than 1t had
done at any time within four years.
Excnanges in New York today were
s132 792. 49, the gold balance vas Sl22,-
23i,3 In Boston the exchanges were
80, 3l4,55o.
akpoRTED gY MILLER 4 vkrGuAS.