The Providence news. (Providence [R.I.]) 1891-1906, 1896-02-19
FINANCIAL NEWS
The Market Opened Very
Quiet Today.
Holders of Sugar Stocks Have Advanced
the Asking Price.
rpecial TO The News

NEW YORK, Feb. 19.-The earnings OF
st. Paul and the London buying gave the
market its early strength. Realizing in
Manhattan, bearish rumors from Wall
street and very light commission business
caused the afternoon relapse.
The falling off in exports just about Off
set.the improvement in. the treasury situa-
tion. The feeling last night was that the
market was narrow and trading for short
turns was desirable until something oc-
Cured to justify new level OF prices. A
st. Paul official says: sour business out
look continues promising. Reports at
hand this week show about 80, 900, COO
bushels of wheat ana the same amounts
of corn in our warehouses along the
lines awaiting shipments. There Is
movement into the storehouses about as
large as the shipment OF them. The de-
mand.for cash wheat may be stimulating
the present movement little but as
whole there has been so much evennessto
the movement recently that it is undoub-
edly natural and not under special slim
ulus.n
Ii is stated that a director of Missouri
Pacific, who held block of stock, has re-
Gently sold most of his holdings. but the
selling was based not on any condition OF
the property alarming 10 him, but on
purely personal consideration }. People who
held the stock also sold.
An Exchange Place party, who il in
close touch with the most prominent in
siders, admits that the outlook for Louis
Vile q Nashville is better than ii has
been in months The stock is worth rela-
lively more today than IL was in Septem-
ber last, when II soia ebeve 55s --
Joseph says: 1.-THE market Will present
good trading opportunities. Buy Man
haitian around lO5. Hold Ut. Paul. but sell
United States leather prefe red and
Western Union on all reasonable rallies.
Insiders are arranging new deal in Dem
yer q Rio Grande preferred.
London N arket is strong for American
railroads. Consols ave selling equal to
100 5-16. This must be accepted as con-
vincing proof that all war s,ares are dis
| PEELED.
There is good buying of st. Paul, the
prices being equal to 77la. Louisville *
Nashville ia hrm, while the Vsnderhilts
are ID to 3 above our closing prices.
Traders are less bullish than they were.
| They seem to recognize that speculation
is so narrow that large new ceals are out
of the question. News of importance,
however, would undoubtedly exercise
favorable influence, especially as the
| temper of the street is more inclined TO
enthusiasm than 10 dependency.
The Liverpool Cotton market rerort
| for today is as follows: Il 80 +. m. Mid
lower. Estimated number OF bales sold
amounts to 5000.
The port receipts aggregate 5000 against
17,cO0 a year ago.
j. S. cache Il Co. say: "Raw sugars
are strong, despite the fact that large
stocks are TO arrive. Refiners appear TO
be in need of stocks. Holders have very
generally advanced their asking price" T"
A dispatch from Washington says that
the treasury net geld at he commence
ment of business today amounted TO $780,
439. 7s4.
The increase in the earnings OF the
Southern Railway for the second week in
february amounted TO $4,000.
BULL PREDICTION FRoM LONDON.
Mr.. Anssl Open helm, vice president OF
the thicago Great Western Railway Com
pany, arrived from England yesterday on
the st. Louis. Nv. Oppenheim was at
the Fifth Avenue Hotel last night, and
said: "1he Englishmen have stopred
selling our securities. i have been six
weeks i'm Eng ana and learned that the
English financiers believe that American
I financiers IRE e4l ight,-but they do not
relieve that we have enough revenue 10
meet our expenses
"They say that il we had this sufficient
revenue the so-called 'endless chain of
oepositing and Withdrawing gold from
the sub-treasuries would he broken. 4 here
is general 1eellng on the otner slue that
the whole world is entering on period
of prosperity. he Englishmen are now
buying our securities, all reports to the
contrary, Notwithstanding. In all this
recent trouSle they did not hesitate to ad-
vance me s1,0O0, 900 for the bettermsnt of
the Chicago Great Western.
'Beiore six months have passed all
frst-cass American securities will be in
great demand in England as there is n
large amount OF idle money which sooner
or later must seek investment here. The
Engishmen prefer American securities to
all other non-Engiish securities. Money
in LONDON is a drug at - Of per cent, a
year. The surplus revenue collected by
the English government for the past year
was e6,000, 900 or $50, 0J0 English
railroad earnings and dividends are on the
increase and things TOOK bright for
American securities In England"
New York stock OuotatIops.