The Providence news. (Providence [R.I.]) 1891-1906, 1896-11-17

row. Traders seemed TO be waiting for a
rally but as no new buying orders came
In speculation was Anything but
spirited. London was dull all round
on rumored mine failures and abb
solutely nothing was done In Americans
! The fact OF the case ss summed up by
active traders is that the balls are the
bears today and that, in spite of all the
favorable reports that may be received
the market will have TO go lower. specn-
lators who went in at the bottom OF the
advance nave realized their profits and
are anxious to get back again. The pres
ent prices are too high TO meet with their
! approval, however, and il is believed that
the contest Of strength will result in a
decline in values before a material ad-
vance is realized.
An evidence of the condition OF the
market may be seen in the rapidity with
which every rumor is sized upon as a bear
argument. An effort was made 10 bear
prices in the report that the relations be-
tween Chilli and Argentine were strained,
and never for one moment has the Span
ish war scare been neglected This morn
ing the World appeared with an article
in which the Spanish Minister to Wash
Ington was reported TO have said that
war between this country and Spain was
possible and that the conflict would be
terrible one that would snake the world.
The bulls, however, were ready TO
meet such rumors with the report that
Gen. Fitz Hugh Lee was already pre- par
ing TO return TO Havana with his family.
Tbis'tney eelieved should put all disquiet-
ing rumors at rest and il certainly has
had an effect in overcoming the infiu-
ence OF the bear rumors.
In expressing his opinion of the market
today, Keene said that il was impossible
TO have a bull market while the situation
remained as at present, and there are
many who look upon affairs in the same
light.
Foreigners bought ST. Paul today, but
the sentiment in regard to the stock was
very bearish in { his country, and what
selling there was today was governed by
this feeling as well as by the exp ectation
of a considerable decrease in the second
weeks earning. People who have Teen
active on the long side of st. Paul think
that it may decline a little, possibly be-
low 70. and thee are few who look for il
TO make q material advance over the
present figure.
Every one is talking higher prices for
Pacific Mail, however. Joseph says it is
worth 30, and 1t is generally believed
A
dividend will be declared at the meeting
tomorrow.
George Gould is bullish on Missouri |
Pacific ana said this morning that bears
who sold il woulu yet have To take their |
medlcpe. but traders in general do not |
think particularly well of the stock.
Although il is stated that ne balance |
sheet Of Manhattan Elevated, to Septem-
Der 30, SHOWS net floating debt Of Sl.- |
81, 699, as against sg4, 4i3 last year, many |
of the prognosticators are bullish upon |
il and believe that the earnings will be /
sufficient 10 pay the q rer cent. dividend. |
The report Of the Northern Pacific for |
the first week OF Novem Der shows de-
crease of nearly Si27, 600, while the report
of the tennessee Coal and Iron is not re-
gsrded as favorable, less than 5000 sur
plus being shown,
At the annual meeting of the Pay State
Gas Company of Delaware, which was
held at Wilmington today John II. Bart
lett, the New YORK Sugar and Standard
Oil msngate, was unanimously elected
president in the place of j. Edward
Addicks.
The Philadelphia & Reading Railroad
company was reorganized at Philadelphia
oday, with capital of twenty millions.
The officers elected were: President,
Joseph $. Harris secretary, William Il.
Taylor; directors, q. +. Baer, Chsrles III.
Coster. +. L. Stetson, George C.Thomas,
Thomas Mexican, and j. z. Welch.
10 Wall street spectators Sugar looked
oppy today, and 1t was believed teat
ne shorts were covering MI advances.
The crowd was also bearish on wheat.
they would take no stock in the encou,-
ging advices and, as the result, tao
market lacked support and showed
downward tendency.
The feeling in cotton was rather better
oday although Liverpool opened poin
over and closed n point lower than yes
crdsy. j. Bach a. 20. believe that the
'eak longs have liquidated and advise
heir customers to buy.
Valley, in his noon letter to Weedeu,
,endall q Co., says:
"The undertone OF tho market today
fairly strong, but commission houses
re- doing little or nothing, and the pro-
'ssional element is inclined TO await
irther developments. There is vague
amor that within the next few days
'me news will be published which will 4
ave most stimulating effect upon the .
arket, but what tho news is or from
hence it Is coming does not appear.
be rnmor is, however, sufficient to pre- =,
mt any aggressive tactics on the part of /,
e hears. The short interest In fairly !
rye and IL Is said that Cammack. who ,
,s been absent from the market for