The Providence news. (Providence [R.I.]) 1891-1906, 1896-01-24
FINANCIAL NEWS
Stock Market Opened Inactive
This Morning.
Review of the Wool Trade throughout the
Country.
srecial to The News

NEW YORK. Jan. 2a.-The stock market
opened moderately active, a shade higher
under the influence Of encouraging cables
from abroad regarding the inspect Of political
affairs. and higher quotations for American
securities. There was an improvement In
price in local speculations, fractional values
being well distributed. Tobacco is now rated
at IA per cent. to 74s4. The general market
held well.
IL a. m.-The coalers doomed into promi'
hence after 1918. There were small pur-
chasers of Delaware g. Hudson, and New Jer-
ey.Centrsl advanced ~ per csnt.. the rest
was fractional. -
NEW YoRK. Jan. 24.-The fact that London
did not buy at the opening OF tho market led
traders TO realize that the weakness of the
dsy. outside Of specialties, represented simply
the turn OF traders from the buying TO the
selling side.
Manhattan was put up on a short interest,
and Tobacco was sold on an IDEA that there
was no longer an election demand for stock.
Money was admitted to be easier, although
none too easy, while political matters and
bond prospects were temporarily regarded
as non factors. There was q feeling. however,
that large operators would not do much until
1t was known who had bought the bonds. ana
TO what amount their purchases extended.
Among the commission houses the feeling
was quite definite that stock could be- bought
on reactions. and almost everybody named st.
| Paul as a first choice. There was thought to
be some indications Of selling railroad bonds
by institutions which wanted to sbuy govern
ments. ~. Paul's most ardent friends
realized that as only sl2, coo. 600 Of the common
stock is now held abroad. and as the United
States has absorbed more than SIP. 600. 900
within a year, the stock was liable TO fuctu-
ate more than hitherto in sympathy with
good or bad domestic news. A great deal OF
st Paul is certainly held by people Of com
poratively small means. because the earnings
justify the belief that It will be the banner
bull stock in butt times.
The earnings Of the 1T. Paul road for the
third week In January record an increase of
500, 900.
The Liverpool Cotton report for today is as
follows: 1880. The demand fair. with prices
steady. Middlings 4 o.l6. Futures opened
steady with moderate demand from u to LEA
advance, and is now quiet. Spot grades. l-52
higher. Estimate numter of bales sold 10. 600.
ESQ p. m. one'half point decline.
Reading is 3S OF a point Oft, due to the fact
'heN wa 90 w pN'h HbhS
the formation OF the coal tr2st. J. =. Bache
& Co., however. say that Information they
have received is that an agreement is being
made that will settle tho question OF ton
mage, and pave tho way for an advance of at
least b cents, and probably u cents per ton.
The Chicago Gas suit Is ~ be brought before
the Supreme Court in March, and some people
think that the company is in a position to
pay dividends. as an inj n ction docs not lie
against the Central Trust receipts.
The London Copper report is rs follows
Spot, Al ss. Futures, 4lA The market is firm
ami mp is OF a point.
Tine report of the earnings Of the Wheeling
& Lake Erie Road for the third week In Jan.
uary record nm increase of $3.50.
The dullness of the New York market due
ing the past hour was almost indescribable.
For example, not a transaction occurred in
Chicago Gas until just upon the minute OF
noon. This stock is highly speculative, and
ut the present time would appear likely to
attract unusual attention, owing 10 the con-
troversy now going on "a 10 III, legal status
Of the consolidated scheme. The general list
is featrreless.