The Providence news. (Providence [R.I.]) 1891-1906, 1896-08-04
Stock Market Opened in a
Bad Way.
The Pricklng of Bubbles and
Break in Securities.
Failure OF Diamond Match Company
Felt In Providence.

Yesterdays speculative failure for s20,-
600. 900 OF Moore Brothers, the promoters
of the Diamond Match Company and the
New York Biscuit Company, struck the
market hard this morning SO far as the
prices for stocks were concerned, and the
bears seized the opportunity with the
alacrity of the drowning man catching
at straws.
The Chicago stock market was closed at
tion characterized the. opening.
The result of the Alabama election has
had no visible effect, because IL was a
foregone conclusion, but today the bears
are harping on the effect that Bryan's
appearance in New York will make, and
are trying to make capital out of 1t to
keep up the feeling resultant from the
Chicago failure.
ToDAY's TRANSACTIONS
The stock market opened demoralized
under the com bined influence OF the break
in American securities In London and the
collapse in Diamond Match at Chicago.
Liquidation was or an extensive scale
particularly In the range groups and high
price industrials. The bear contingent
was aggressive and met with little resist
ance in forcing down prices. Burlington
broke 3 is to 90 l-2; Sugar 2 3-s TO l0l;
lie her preferred 2; Chicago Gas ga;
Northwest and Tobacco It's, Rock
Island Sd; Manhattan, l2,- and Louis.
vile and Nashville 3-S per cent.
Some further concessions in prices were
noted after 1O:l5, but the general list
soon steadied under the influence of
supporting orders and purchases by the
short interest. who were disposed to
cover at the present level of values. The
magnitude OF the Diamond Match failure
forms the principal discussion in the
street, and operators are disposed to move
cautiously pending further develop
ments In the commercial situation. The
sentiment at effect of the foreign traders
is reflected In liberal offerings OF the in
ternstional favorites. and in some o. the
speculative mortgages less activity was
noted at the rally and the blocks of stock
changing hands were normal. Burlington
advanced Ia per cent, 10 6Za, and
Sugar, Manhattan, Northwest and
Chicago Gas per cent. The market is
now rather feverish at the improvement,
but is not sensitive to an advance in the
posted rates for demand sterling of l2c.
to 490 by prominent drawer, owing to
the operations of the exchange syndicate.
The market relapsed into extreme dull
ness after IL O'Clock, and there was
marked subsidente of the uneasiness np-
parent at the opening incidental to the
announcement Of Moore, Brothers fail
ure This was due to the news that New
Bankers in this city have been reluc-
tant to lend on Diamond Match on ac-
count of 1t being trust stock, because
the pspcr was not personally endorsed.
In the New England manufacturing
towns, where large surplus capital is also
mediation proved tempting and many
loans were secured. Prices have been well
sustained at the early improvements. The
sales to noon were lls, 100 shares.
New York money on call nominalIy 2
per cent. Prime mercantile paper 6i2a7.
Sterling Exchange strong, with actual
business in bankers bills at 4.s9a4.S9la
for 60 days. Posted rates 4.sSlo and
L. S9lea4.90. Comercial bills 4.s7le sill
yer certificates esa.a69 is; no sales. Bar
silver, 6. .s5a5-S; Mexican dollars 53a5-S;
Government bonts steady. state bonds
dull. Railroad bonds weak.