The Providence news. (Providence [R.I.]) 1891-1906, 1896-02-18
FINANCIAL NEWS
Stock Market Opened Strong
and Higher Today.
Big Deal Made in Mining Property In the
Black Hills.
rrecisl to The News

NEW YORK, Feb. 18.-The market met
the expectations Of those who think that
the market is one OF short turns each way.
1t was pointed out early in the day that
the d ecline on. Tuesday and Saturday was
good ground for expecting recovery, the
same time of reasoning would suggest a
fair amount of strength today with a re-
lapse later in the week. Current opinion
In the room was that two or three of tho
large operators sold stocks early in the
day but finding that prices did not yield,
stocks were bought back with some ad-
ditions I'm the afternoon. The coal
stocks, particularly Jersey Central, gave
the market the first impulse. Sugar
helped the buying party, while the
strength in government bond had a good
general influence on the theory that the
syndicate probably saw its way clear to
getting bonds and would therefore be on
the side of better quotations generally.
London did but little and Indications in
the Missouri Pacific crowd are that insid-
ers have bought a little stock lately and
traders have been anxious TO know IL 1t
was bought just to STEADY the market
with the intention of S ling at a hall
point advance or not, but evidence on this
point has not been Forthcoming. lhe be-
lief that Missouri Pacific will not make
a good statement for the year 1895 is sup
ported to some extent by calculations
which seem to suggest a probable deficit.
Ii is quite possible that early information
on this point may have accounted for
some of the recent selling.
The talk of an extra dividend in Sugar
has crystalized confident opinions oh
way. Very well Informed people say that
an extra dividend has been under consid-
e%ration, while people perhaps as well
informed assert that nothing of the kind
is contemplated, ms is out of the ones
ton in view of the plans and require
ments of the company during the next six
months.
Joseph says today: "St. Paul's earnings
for the second week of February show 30
per cent. increase, or q gain of sl25, 800.
Hold ST, Paul for SO. Dc not re in any
hurry to see Sugar, Coalers, especially New
jersey Central, are working higher.
Manhattan should be sold for a urn On
a rally.
"1he natural sequence TO the unusual
Iy pacific speeches made in the House of
Commons on the Venezuelan question Is
a much higher market in London today
for all American securities. Under the
lead of New York Central, Louisville d
Nashville. and st. Paul, the advance ex-
tended to 81 per cent. The general
buying so private cables report, is excel
lent. Foreign holses will take round lots
OF all active issues with the exception of
Reading. Consois are up another point
and are quoted at 109."
The Liverpool Cotton report for today
Is as follows:
1880 p. -Middlings, 4 1872; futures
opened steady from 2 to 2l2 points higher
than quoted at yesterdays close. The
estimate number of bales sold amounted
to 5000 bales.
Tpe Port receipts aggregate %, 600 bales
against Is, 600 a year ago.
panha q Cannnanu eox,. sgTkn
directors of st. Paul meet in three weeks
and although tho insiders are evasive on
questions OF increased dividend still il is
stated on the authority of one of the
most prominent officials that the DIVIDEND
will be surely increased"
The wheat sentiment In Chicago Is
bearish on. the theory that ission
houses are pretty well loaded with wheat
above 67, and that their customers will
not buy at the decline but are more likely
to liquidate. Early local short attempted
TO cover on frmer cRtles advancing
values. Nature intended winter wheat TO
withstand the vicissitudes of winter
weather md reports of damage from freez-
ing and thawing should be literally dis
counted.
The increase i'm the earnings or the
Denver IL Rio Grande railroad for the
second week In February amounted to
$1,000.
FOR the same PERIOD wheeling az Lake
Erie reports a decrease of 5000, while
Chicago & Eastern Illinois reports an ia
crease OF s10. 600, and the Canadian Pacific
$50. coo increase.
The stock market opened strong and
higher on moderate dealings. London
came higher for Americans and the ex-
cellent statement of earnings of st.
Paul for the second week of the month
also encouraged bull sentiment. The early
improvements extend ed to rs per cent.
i'm Manhattan, with st. Paul, Sugar,
Louisville a. Nashville and Tennessee coal
also figuring for smart fractions.
BIG DEAL IN MININ PROPERTY.
DEADwooD, s. D., Feb. 1s.-The big
gest deal I'm mining property in the his
tory OF the Black Hills has been con-
cluded. For several months past a New
York syndicate has had a bond on a
large stock OF producing mines and after
paving Messrs. Hague q Daggett $50, 600
to EXPERT IL was satisfied with the
property, but could not raise the amount
of the fond, which was g, 600, 900. A
compromise has been made whereby the
New YORK parties paid over 81, 100, 600, or
one-third OF the capital stock OF the COM
pany. No change In the management of
The company's affairs will be made.
New York stock Quotations.