The Providence news. (Providence [R.I.]) 1891-1906, 1896-07-17
II Is GrOundleSS But Never
theleSS Effective.
The Bears Still Have Things
Their Own Way.
No Business on Providence Stock
Exchange Today.

1.-The bears navenI given up tho .gnost
yet" was what Broker Vaughn remarked
this forenoon, when the tip came.in from
Wall street that they would hammer st.
Paul down to 20 before they got through,
and at the same time sugar took another
tumble toward par.
The oears are fattening on the do
moralization of general business, and
silver ecare, groundless as it may be, Is
furnishing them golden opportunity,
and securities almost as gooa as govern
ment bonds do not escape the effect of
the general onslaught.
All things com bine for the one general
result-the decline right through the list.
RUssELL's DEATH AND THE MARKET.
The announcement OF the sudden death
of Ex-Governor Russell was nowhere re-
ceived with more regret than in eastern
business circles and the stock exchanges.
Together with Vanderbilt's sickness even
this death has had its effect on specuia-
tion through the channels of politics.
He was the logical candidate of the gold
Democrats, and his decease has put q
quietus on the movement for third ma
tional ticket.
ATTACK ON VANDERBILT STOCKS
There was q consultation of physicians
at the Vanderbilt residence st 3 O'Clock
yesterday afternoon, but no Official bulle-
tins have been issued. In the meantime
the rumors that his case is hopeless are
sufficient incentive to keep the pears
active and their attacks on tie Vanderbilt
stocks continue.
THE DAILY ABsCRDITY.
Every day has its particular piece Of
craziness. Yesterday 1t WAS the report
made out of nothing whatever, that j {.
Pierpont Morgan and August Belmont
had already offered 10 take one hundred
million dollars worth of government
bonds and today rumor's speciality was
that the gold Democrats had practically
decided to nominate Grover Cleveland.
And there are those who even believed
that. No human being is so susceptible
to the reports OF the improbable as the
man who has q fortune risked on the
turn of q market.
The New York stock market opened
irregular with the changes in either
direction light. After the initial dealings
q general selling movement began on in
creased activity. The grangers and in
dustrials led the declines. The lower
trend OF prices was partly due to late
London cables reporting lower market
for American securities and expectations
Of large gold engagements for export.
REORGANIZATION OF THE OREGON ROAD.
PORTLAND, Ore, July 17.-Anotner
official step toward the reorganization OF
the Oregon Railway and Navigation
Company was taken today by the bling
in the office Of the county clerk OF arti-
cles of incorporation OF the Oregon Rail
way and Navigation Company With
Henry Failing, T.. Mcneil and w. w.
Cotton as incorporators. The capital
stock of the new company Ia fixed at
S35, 000, 900. The company Is TO operate
and conduct the lines OF the former
Oregon Railway and Navigation Company
system, both railroad and steamship, and
to build all the new lines contemplated
by the former company. The capital
Fir~t, preferred stock 10 the amount OF
S1l 900, 900; second, common stock to
the amount of S24, 100000
The preferred stock is to be entitled tC
receive dividends. III declared. to the
amount OF four per cent per annum,
non-cumulative. before. any dividends de-
clared during the same year, up to four
per cent. per annum. and after the pay
ment Of such dividend 10 the common
stock all dividends declared during the
year are to be distributed pro rata 10 the
preferred and common stock.
The preferred stock is not to be In
creased without the consent OF the stock
holders OF the corporation.