The Providence news. (Providence [R.I.]) 1891-1906, 1896-07-21
New York Bankers Are
Making Them Today.
Their Action Promotes Conf
dence in Market.
Sharp Rally Characterized T0day's
Operations In Stocks.

New York bankers haVo come 10 the
rescue aud commenced to dump gold
into the sub-treasury in exchange for
green backs. The National City Bank
started the ball rolling this morning
with 81, 0OO, 600 ana 10 lines as much Is
expected. The banks interested in the
work of restoring confidence, hold to-
gether about 500. 900, 600 in gold, and half
OF 1t might be spared.
The Willingness of the bankers has
stopped all talk about bond issue for
the present at any rate, and the market
has a better tone generally.
Wall street is.not worrying much over
the outcome of the Populist convention
tomorrow at st. Louis. Admitting that
Bryan may be endorsed, the Populists
will not approve of the rich man from
Maine. and will nominate their own man
for Vice President anyway. That Will
split tne opposition TO gold, and financial
people are more confident today over the
outcome of the election than at any time
since the Chicago convention.
This action of the banks and better
political feeling were the principal causes
for the rally which came in the stock
market today in sharp contrast TO the
rapid declines all along the line during
the past week.
The bears, over confident from six days
merry rio,ing with no effective opposf-
tion, were brought up short, especially
so far as their attacks on st. Paul, Louis
VILE IL Nashville, New YORK Central,
Lake Shore and Southern Railway pre-
ferred stock were concerned.
London selling OF st. Paul around SO
Yesterday, which enabled the bears to
knock that security way down has
stopped and the London buying today
OF st. Paul alone amounted to 70OO
shares.
And this incident illustrates todays
upward movement In all active stocks.
The short interest is large and still fur-
ther recovery is anticipated.
On the other hand conservative opera
tors are shy, and DO not advise heavy
buying. Their pointer Is to sell on the
rally, because the stiffening up of prices
is q little too pronounced to be safely
banked upon as permanent.
The stock market opened strong and
active on good buying for domestic aud
foreign account, at advances ranging
from IA to 2la. The favorable influences
we're su ubsfantially higher prices for Ame-
rican securities in London, and the steps
contemplated by the national banks to
protect the treasury gold reserve. At the
advances there was realizing of profits,
causing a reaction of Il to per cent.
Harry Havemeyer says that 200, 600 tons
of new sugar were bought in Europe
during the last slump in prices, and this
Will save the company -, 600, 600.
Tho stock speculation displayed decided
animation alter 1918, and further note
worthy concessions were made in values,
principally under the influence of realiz-
ing orders. Tho traders were disposed to
take profits on the sharp advances at the
close yesterday, and at the outset today,
incidental 10 .he improved financial stu
alton aud the sustaining influence i'm
parted by foreign purchases and higher
range of quotations for Americans
abroad. Chicago Gas. which scored an
exceptional advance of 2ie per cent 20
533., yielded TO 5l3,. Rock Island ano
Leather preferred also suffered similar
recession and Sugar, General Electric,
TOBACCO, Burlington and Man haitian
figured for 1la per cent. Wheeling and
Lake Erie preferred was quite freely
traded in and exhibited decided irregu-
larity. The initial price wss la per
cent lower at 24la, rally ensucd 10
26 5-S, a reaction followed to % is. and
the current Price Is 27. TIE market is
now ruling fairly steady at the low
level with prices IN some cases below
yesterdays closing.
e.. p. Huntington is authority for the
statement thnt California is all right
and will cast gold majority in Novem-
ber.
At private sale today 10 shares OF
Blackstone National Bank stock were
sold at 24ia. Twenty-four and three
quarter was asked on the exchange.
Money on call easy at 2 Ter. cent. Prime
mercantile paper 4a5t2 per cent. Sterling
exchange easier, with actual business in
bankers bills at 4SS3a Tor demand and
ass for 90 days. Posted rates 4ssla and
4S9l2. Commercial bills 4S7. Silver GER
tifieates sales S10 200 at SO. Bar silver
6S rs. Mexican dollars 53ai. Government
bonds strong. State bonds dull. Rail-
road bonds strong.