The Providence news. (Providence [R.I.]) 1891-1906, 1896-07-20
Price AnnihilatOrS Still
Hold the Market.
More Definite Statements
About the Bond Issue.
Gold Withdrawals Thought to Indi-
cate Raid on Treasury.


Wall street declared last Saturday that
the bears had reached the end of their
rope and that this week would bring bet
ter prices and greater confidence in the
market. But the sbrewdest gnessers
made their cheerful prediction too soon.
There is nothing today to ;adicatea better
week and on the contary six more days
of successful bear attacks on good securi-
ties are looked forward to.
rhe program for the week gives Tobac-
co a leading Fart ana ii will be downed
before Saturday; there Is movement
on foot to break the coalers; heavy gold
shipments are scheduled, in fact, Il, 000, 900
went today from Heidelbach. L. Won
Hoffman, & Company, will send $780,
600 tomorrow; liquidation will be renew
ed.
MORE BOND ISSUE TALK.
The talk of bond issue which was
denounced as idle nonsense last week Is
resumed and the large shipments for the
immediat future lend considerable color
to the statements which have acquired
some defiuite form.
The Withdrawals today are considered
as the beginning OF the raid on the Treas
ury and il the reserve goes $40, 90, 600
lower the issue will come and the peo-
pie are TO have an opportunity to buy
the bonds.
This talk is to be taken with several
large grains OF political salt. Theoretl-
cally nothing would aid the Bryan end
Sewall ticket more than another bond
issue In the midst OF the campaign. 1t
would 10 made capital OF and used as
star argument by the silverites against
the gold party.
The more proba BILE rumor is that the
hcp nj Lyer w a N nd a m m ~
by which the reserve may be protected.
They have at least succeeded I'm discourage
ing further Withdrawals for the purpose
of boarding
HOPE THAT VAS FLEETINo.
Early this morning the bulls pinned
their faith to the steady absorption OF a
few favorite stocks like St. Paul and
Louisville & Nashville by London as a
sure means OF ultimately rallying the
market. But the market had not been In
operation an hour before IT was cabled
that London had commenced to sell ST.
Paul, the bears winked the other eye,
and these stocks, which opened at 20 IL,
went below 6S.
No concentrated buying power that can
possibly stem the drift OF bearish opera
tions need be Immediately expected.
The shorts have generally covered.
JosEPH's POINTER.
Joseph cries out from the midst of the
chaos of prices, "Buy General Electric
and hold on TO it like grim death"
That is what Keene will do as soon as
the long side.
The downward tendency Of raw sugar
will aid the sellers to beat the stock
down to par.
Wall street trading at the outset in
stocks was characterized by decided
weakness in the standard railway shares,
and in some of the industrials, particu-
larly sugar, whica on resumed liquida-
tion fell rs to 10l 5S. The general
market was unfavorably Influenced by
lower London prices, together with the
early announcement OF the engagement
of ESQ, 900 in gold and estimates of fur
ther large Withdrawals. The marked con-
cessions occurred in the internal ionai
shares, St. Pan dropping 1-2 TO 6S rs.
Trading was in large volume and the
market appeared TO be entirely without
support. A considerable amount of long
Missouri Pacific came out, depressing the
price 5-S per cent. Burlington fell 2s,
to ga, houses with Boston CONNIE ctions
being conspicuous sellers. Among the
specialties was Tennessee coal, which
sold off 2 rs to 13.
The lesding bear operators were active
in forcing values after 10:15, and suc-
ceeded in uncuverDg stop orders In some
properties, particularly in the. Southwest
ern aroup.in which Kansas X Texas pre-
ferred figured for a concession OF 2 "a
per cent to 16 The high priced indus
trial shares also suffered severely, and the
rather liberal offerings OF the interna-
tional favorites by the foreign houses
kept these stocks at decidedly lower level
I he reactionary movement was checked
for a brief period around 10:30 on cover
ing ny the short interest and the little
inquiry by the commission houses The
improvements were mainly of fractional
character, with tennessee Coal excep-
tionally gaining li2 percent to IA i-2.
MONEY.
Money on call easy at per cent. Prime
mercantile paper 495 l-2 per cent. Steri-
.ng exchange firm with actual business in
bankor's bills ASS 3-4ais9 for demand
and 4SS60iSS1a for 60 days. Posted rates
ass 1-2uiS0 1-2. Commercial bills 4S7
Silver certificates, sales 10, 600 at SO. Bar
silver is Cd. Mexican dollars SO 5-S.
Government bonds weak. State bonds