The Providence news. (Providence [R.I.]) 1891-1906, 1896-01-09
FINANCIAL NEWS
Stocks Opened Slightly
Higher Today.
American Securities Reported
Steadier in Europe.
The Sugar Market Is Firmer at Cur
rent Quotations.

New YORK, Jan. o.-Somo OF the leading
bankers believe that for a few weeks the
market VIII drag unless some powerful stimn-
LIANT be given, and this may come from the
increased inquiry for our cereals. fall in
foreign Exchange 10 the normal basis that
should rule at this season Of the year will en-
courage a much better feeling. IL will seem,
therefore. as If the delay that must take place
before the final result Of the proposition TO
subscribe to tho Sl00. O0O. 0C0 bonds are known,
the treasury Will gradually be gaining gold.
Those who expect 10 see the reserve com
pletely wiped ont, will. il is thought. be
doomed 20 disappointment.
Men close to the President say that the
nation must abandon the popular bond"
idea and surrender to the gold syndicate
Money brokers in all the leading cities are
rendered a small premium on their loose gold.
and the New York banks are waiting.
A London special states that the bank rate
is unchanged. while Americans are buoyant
with Louisville a. Nashville in the lead.
Regarding the sugar market. Raws are de-
cidedly tirmer at the current quotations. and
to buy in any considerable quantity higher
prices must be paid. Holders maintain their
confidence, and decline to sell generally.
y
political situation. and is firm. with buyers
at quotations, January. los. 3D.: February,
los. iO1 ID. Granulated advanced IL TO 4 24-l00.
The most important feature $f today's cable,
and one which shows that the statistical posi-
tion is rapidly changing toward improvement
in prices, is that the stock Of Sugar in Europe
today is 81 500 tons larger than last week,
while for the corresponding week Of last year
~ ahn N
shortage in production of l52 coo tons.
The decision on tho part OF the Delaware e.
Hudson directors to pay per cent. dividend
for the current year is importsnt. for the
reason that the vanderbilts, being the largest
stockholders would not have exceeded
conservatism were they not fully persuaded
that the Coal difficulties viii bo speedily
settled. As compared with Delaware. Lacka-
wanna g. Western and Jersey Central, Della.
ware g. Hudson is selling 10 points too low.
There is no doubt that j. p. Morgan g. Co
will turn over the accumulated gold to tho
treasury. and that pending the transfer of the
pond loan in February the market will rule
but moderately active and feverish. Trading
within restricted limits and for quick turns
will prove more remunerative than taking n
fixed position.
lOulSNllle a NasnNlDe SNOW earnings Tor SIX
months little over per cent On stock.
The Liverpool Cotton report for today is as
follows: 1880 p. m, demand fair. prices
firm: MiddlnPs, 49l6. Sales estimate IL. 600
bales. Futures opened fair. demand fair at
319a464 advance. Has since gained 70 II z64.
and is firm at advance. l2:l5 D. m, spot
grades advanced l.82. 2p. m, Cotton market
steady at total advance Of 5.6I. Port re-
ceipts 10000 against 27,000 a year ago.
Money at the Boston Clearing House Ia
loaned at per cent. New York funds sold
from 20 to 10 per cent. discount. Money III
good supply.
Directors to the Olcott Earle plan OF reor-
ganization Of the Reading Road have gone
into court before Judge Dallas, 70 ask to in
tervene in the old Platt income mortgage suit
Those taking objection to the plan say the
court has not been asked TO rass on il, and
protest that the plan increas"s the securities
Of the system from 22s,OC0,00o TO 275,0000o0.
Local Stock Ouotationa