The Providence news. (Providence [R.I.]) 1891-1906, 1896-05-20
The Stock Market Opened
IrreguIarly Today.
Lower Price for Gold In Ger
many Will Reduce Export.
Liquidation in Industrials Has Tenn
p0rarily Stopped.
Special to The News.

New YORK, May 2o.-The liquidation
In many OF the industrial shares has
temporarily run its course. Those friends
of Leather who made very handsome
turn out of the stock at this time last
year and who marked the price rapidly
up from 20 to 97, ano then succeeded in
unloading, will, they promise, give a
helping hand TO their particular special
ty. 1t Is iterated that in a few weeks
the directors will declare q quarterly divi-
dend OF one per cent. upon the preferred
stock and thus put Leather preferred
back again in the dividend paying ranks.
There is some reason for expecting tangi-
BILE support I'm Chicago Gas. Tue short
interest in 1t is larger than IL has been in
q long while.
Brokers in exchange said there were no
gold bills I'm the market as far as they
could see yesteday. AT present rates II 10
probably cheaper to send gold to Paris
than to buy bills and no doubt some gold
Will 90 TO that center on Saturdays
steamer. No one is very greatly concern
ed over gold shipments just now although
some are pointing to the fact that the
reserve stands at only about S112, 600, 900,
and that the month OF June Is ordinarily
gold exporting month.
Local causes do not move the market
out OF a narorw range. No great causes
have come near enough too maturity TO
have more than remote influence. Ii
looks as though the spring Wheat
crops were chrystalizing into
an unfavorable factor. On the
other hand corn conditions thus far
could hardly be better. The lowering
of the price for gold for Germany will
probably reduce the volume OF shipments
for time, but the exchange market Is
likely to call for a moderate outflow OF
gold. 1t is probably certain that Mr.. Me-
kinley will make no official declaration
of his financial views until after the meet
ing OF the convention. IL is pointed out,
however, that his associates are quite
uniformly gold standard men, which
would be consistent at least with his
holding sound money views.
The Liverpool Cotton report for today
Is as follows: II 80 p. m, market firm;
middiings 11-32 ..sales, 10000; futures
one To one and half advance.
Morgan & Co are advising the purchase
of Northern Pacific and Reading issues
for use after Whitsuntide holidays next
week.
Apparently 1t is not the intention OF the
Havermeyers TO let sugar.drop with dull,
sickening thud. The stock is in excel
lent manipulative condition and can be
made TO rally quIcklv. Yesterday the
selling was accelerated because OF the re-
port that the sugar refining company had
practically lost a million dollars because
of the lowering OF the price OF raw sugar
in London. Sugar will probably haye
rallies, but on all quick upward reactions
will prove tempting sale.
PROVIDENCE CLEARING HOUSE.
The clearing of the Providence banks
today amounted TO 1857, 200.
ToDAY's sTocr BOARD.
WALL STREET, Noon.-The Industrial
shares monopolized most OF the trading in
the past hour The changes in prices
were unimportant except toward noon,
when Sugar eased of as per cent. on
realizations. The general list exhibited
a reactionary tendency, but the losses
scored were light. The speculation is
now steady in tone. The sales to noon
were SO, 300 shares.