The Providence news. (Providence [R.I.]) 1891-1906, 1896-02-06
FINANCIAL NEWS
The Stock Market Opened
Active and Higher.
London Cables for Americans Record a
Decline of 1-S to I 3-S Per Cent.
rpeciai to The News.

NEW YORK, Feb. 6.-Nearly every one
of the large commission houses was adj
vising it's customers yesterday afternoon
to buy freely because the bond issue was
such a success.
They all dweIt upon the advance last
spring and summer when the Morgan
syndicate took the bonds ar a low price
and when the railroads were doing little
or no business. The new bonds go prac-
tically q per cent. higher than the same
class of bonds went last spring.
1t is said that there will be plenty OF
money for merchants and all kinds of
commodities will soon begin to rise
again, and, generally speaking, within
80 days there oul be most active bull
ines In all departments.
Those who have watched the trading In
Sugar closely believe that the bull account
in the stock is a good Deal stronger than
has been supposed and that while most
operators have been disposed to sell on
account of the German complications the
buying interest has taken their stock
with confidence that the German situa-
ton can be turned to good account. Peo-
pie connected with SugIr interests have
been tolu recently that the stock was like
ly to work higher and that 1t was not
worth hills TO pay to much attention to
unfsvorable rumors They intima.cd
that the stock bought around ~f07 and
projected ty a z per cent. stop order
could be left TO run its course with a fair
average amount OF confidence. There was
a great deal of buying In the last hour
on statement from the Sugar people
that il the new German bounty bill
passed the increase in the bounty on
Raws would more than Offset the increase
On Refined, and the Sugar Company would
benefit a little instead OF losing.
j. g. Bache q Company say: "The
Bank of England rate is unchanged at 2
per cent. Consols are steady ct los Lie.
Americans are irregular. The active
stocks AVERAGE 3-S lower, while Illinois
Central and Canadian Pacific are / point
down.
As soon as the country at large recog-
nizes the overw helming success Of the
bond issue and the i'm mediate effect OF
restoring the treasury reserves IT Will not
be slow to turn its attention to Wall
street.
The Boston bears on General Electric
covered on the depression yesterday in
order to provide themselves with ammu-
milton to be used against the stock AT the
first opportunity.
Ii is stated on excellent authority that
the Standard Oil interests propose to
turn the full line of their Northern Pa
cific SIS over to TIE reorganization COM
mittee. This will materially help NJ ssouri
Pacific Securities.
The Liverpool Cotton report for today
is as follows: IL 80 p. m, the estimate
number Of sales %eInounts to 5000 bales;
Middlings 4 1892; futures about u point
up.
Considerable surprise Yves expressed
in the.street this morning over the fact
that the London cables for Americans re-
corded declines of 1-S@1 3-S per cent. be-
low New York parity. The feeling hsd
been almost general Oh the part OF the
traders that advances OF LAP per cent.
would occur in London. the local mar
ket opened active and higher, fractional
gains being noteu throughout the list.
After the first few minutes, however,
liquidation appeared, causing declines OF
la@7-s per cent. with Sugar, Burlington
and Reading. the most conspicuous.
The ~reactionary movement continued
I'm force until around 10:3l. Missouri,
Pacific and General Electric, in the mean
time. lost a point and Rubber two points
The latter was sole down on rumors that
the president Of the compnny had resign
ed. The market is now ruling steady ut
a slight recovery from the low level. Then
thousand dollar certificates changed
hands 67s4.
p CREEK AND COLORADO sTocKs.
The following are the closing bid prices
Of the listed stocks On the Colorado Min
ing Stock Exchange, Denver, Feb. 8, "a
reported by h. L. Davis & Company, 244
Washington street. Boston.