The Providence news. (Providence [R.I.]) 1891-1906, 1896-05-15
The Stock Market Opened
Weak This Morning.
Three Factors Of Strength
Displayed Yesterday.
Probably 81 ,500,000 Of Gold Will Be
Exported Saturday.

NEW YORK, May 15.--There were three
factors in the strength displayed yester-
day. The first was the considerable
London buying under the new account.
This appeared In st. Paul, Louisville &
Nashville and Atchison tonds on quite q
large scale. The second factor was the
general rain In the winter wheat belt. 1t
came when much needed and was
sufficient to give the ground ample moist
ure for some time. The third factor was
q rumor that representatives of McKin-
ley, who have hech in tIo city Tor several
days rast pronounced a statement which
should set at rest all doubts as to Nc
Kinley 's.position on the gold standard.
This was probably to be taken with some
allowance.
Selling was quite largely done by lead
ers. except In ct. Paul, when there ap-
peared to be quite a large realization
order distributed through several houses
An authority or American Tobacco
says that insiders have large line of
stock accumulated on the way down an d
are holding IL. The trade battle is still
hot but Developments within the last few
weeks indicate complete victory for the
American Tobacco Company. Its "Battle
Axe" plug hss now fern advanced to a
point where II shows no loss and IL Is
only question OF time before it will
commence to make handsome returns
warranting The investment for advertis-
ing, etc The place OF Battle Axe" as a
competitor brand Is being taken by
cheaper brand and Ii is proposed to wage
war with the latter while enjoying a re-
venue from the former. Insiders have
begun to realize that stock up TO date ha
been badly manipulated and II is prob-s
q BILE that hereafter IL VIII be more con-
servatively handled. The script was quot
ed at SO yesterday. It's value depends
largely whether IL Is paid In cash or In
stock, since the stock sold ex-dividend
the script has been kept some three points
ahead OF the stock, and Is expected to
maintain about tlat difference. II is un-
derstood that the lines of defence of the
company In the proceedings Indicating
its officers for trade conspiracy has been
decided upon. substant tally, 1t will be a
general denying that any conspiracy ex-
listed. 1t seems that about six months
ago the company adopted the policy OF
allowing all dealers 70 handle Its goods
whether they acted as agents for other
man ufacturers or not. There was dis
elimination, however, In favor of those
who handled the company's goods ex-
clusively in the form of a larger commits
son. This, 1t was claimed, the company
had perfect right to do.
Joseph says: "The market Is still
largely, protest. ionaI and is liable to react
Informed, however, continne bullish for
q long pull. Hold Chicago, burlington ~
Quincy and Chicago Cas- sell Sugar on
rallies for turn"
When uncertainties are dispclled In ref
erence to the country req aiming on a
sound monetary tasis there will come a
big boom in railroad securities and all
branches CT commerce and trade. The
Liverpool cotton market report for today
Is as follows:
1880 p. M. market quiet and unchaug-
ed middlings 3-s; sales 5000 hiles;
futures steady and unchanged 10 10 up.
so Tar hall million OF gold for Satur-
days steamer has been arranged for. and
IL looks as IL anotner million would be
shipped. The gold will go to France and
Germany. There is some talk In Wash
ington about the tapidly shrinking gold
reserve which now is Sl1i, 1872, SAG, but it
Is not thought that the shipments will be
large enough 70 cause any anxiety and
the tslk IL that the PRESIDENT will do
som hing IL the reserve drops below
S100, 900. 00o.
PROVIDENCE CLEANING HOUSE.
The dearings OF the Providence banks
today amounted TO S90S, 9nO.
TODAY STOCK BOARD.
WALL STREET. 1915 a. m.-Tne stock
market opened quiet but weak, shsrp
fractional concessions being noted in
Sugar, Tobacco, LRciede Gas, Louisville
g. Nashville, and Manhattan. The last
mentioned was unfavorably affected by
the publication OF the quarterly state
ment. Bay state Gas, on the other hand,
rose 3, percent, on the assago of the
Whitney gas bill In the Massac chusetts
Legislature.
The speculation continues weak In
tone and material losses have been re-
corded in some OF the specialties con-
sclidated gas declining two per cent. to
155 n; Bay state Gas, - 10 80 and Man
hatten .eceded TO 104. The call ny the
treasury department on the depositary
banks for 30 per cent, Of their holdings
in connection With the bonds opera
tions, involves the turning over OF about
q, 5000 The market has not been in
fuenced thus far and conservative bank
ers express the opinion that no stringency
Will ensue In the mopey market owing to
the large receipts OF currency from the
interior.