The Providence news. (Providence [R.I.]) 1891-1906, 1896-11-13
IN THE
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| il the advance in prices would continue
until the end OF the week, put the bears
did not lose heart, and this morning tney
were ready to work the Spanish war
scare again. Within the past "a hours
there has been q feeling In certain circles
that the market was largely a sentimental
one, and that there was no actual excuse
| for such hign values. This morning,
therefore, when sucn papers as the New
| York Sun and the New York Tribune
appeared with stories of the possibility
OF war the Wall street traders begun to
attack the market vigorously, and the
result was all that the most sanguins re-
actionists could have expected.
| Whatever may be the basis of
these war rumors, they have certainly
had an effect upon all kinds of stocks.
Moreover the rumors are of such a gen.
eral character that the influence is felt
far beyond Wall street.
The Boston Advertiser, for instance,
| today said editorially that war with
| Spain was sure to come and the Chicago
Inter-ocean printed a Washington dis
patch TO the effect that the United States
! government has entered into communica-
| tion with all the trunk lines running to
Key West, New Orleans and otner Gulf
points for the purpose of obtaining
statements in regard TO their capacity
and their facility for conveying troops,
| arms and ammunition to the gulf. Ihe
despatch states that the information de-
mandeu was most minute and that one
of the questions asked was:
ssIf you are required to move 5000
troops with necessary equipments how
| vice?''
While the more conservative traders
regard these rumors AZ baseless, they
have been the chief influences that have
acted uron the market today, while the
fact that the low priced and worthless
stocks had commenced to respond to the
upward movement was used by the bears
as another argument to show that the
tail end OF the boom had been reached.
Yesterday Price said that the reaction
was certainly to come. Then he stood
practically alone, but today he has been
joined by other prognosticators. Many,
however, still, hold 10 the opinion that
any decline will he but temporary. Jo-
seph is very bullish today, basina his
opin ions on his belief that the bank
statement tomorrow will be excellent,
and Wortley says that until the character
of the selling has improved he sees no
reason why holders of stock should be
unessy.
BIC he q Co. go stil further In their
statement that conditions are SO sbap-
ing themselves that a marked further
advance on the Granger, the Vanderbiits,
Chicago Gas, Man. Elevated, sugar and
Leather preferred may be looked for, and,
they add, "Jhe bears will be a dreary
LOT Of weary wagglers before Thanksgiv-
ing. Terrell is builing American Spirits.
This mesns 20 for the stock. Get long of
Wheeling, Erie and Hooking Valley.
Bull Sugar. Hold &. b. & O., aud
Western Unton."
Ia the midst of such conflicting pr..-
dictions traders are at sea, DuJ it is
generally believed that any of the stocks
will be good purchasers on marked de-
cline.
Laciede Gas declared its Sc lmi-annua
and on common stock today.
1t was stated this morning that the
Ohio coaIers would restore coal rates on
November "a. and that the poor conoi
tion of the roads in the West had go effec-
ted current earnings on account Of the
small receipts of grain, that st. Paul.,
Rock Island and Burlington would feel it
keen'y.
Mortley. in his noon letter TO Weeden,
Kendall & Co., says:
Activity seems to' be centered in such
loH-nricad stncka- -cnrGlge--Amnrican
spirits, etc. The decision in favor of the
rebate system is thought to account for
the activity in these low-priced indus
trials. Sugar Is notably weak, the Gu ban
trou bic, according to the traders, being a
bear argument in sugar. As e matter Of
fact, it is ,thing of the sort. There Is
lots of sugar in the world, exclusive of
the Cuban supply, and / have IL from the
best authorities that at the present
moment, he supply il in excess Of the
demand. see no good selling in the
general market. and believe that when
the people come to their senses and reccg-
nize the absurdity of the war scare, there
will nc a scram BILE TO cover.
HOW PRICES RANGED ~ NEW yoRs.
NEW YORK, Nov. 10. The stock mar
ket opened higher. The ini,isl prices
were mainly above yesterdays q CURES,
but ir provements aside from American
Spirit, which rose per cent. were un-
impor tanr, In moderate volume and well
| q distributed.
Late the general market exhibited
weakness un der bear aggression directed
mainly against sugar ana Manhattan.
1he grangers also were prominent in the
downward movement and in most cases
current quotations went below yester-
days closing.
At noon the market developed decided
animation end weakness on revived war