The Providence news. (Providence [R.I.]) 1891-1906, 1896-07-23
A Better Tone Prevails
Today in Trade.
Action of Bankers Relieves
Depression of Last Week.
Stock Exchange Dull and Prices
Holding Their Own.

The good work OF tho New YORK pank-
ers In depositing gold to keep up the re-
serve In the treasury above the panic
point has already had it's effect on general
business and stocks. And this, coupled
with more confidence In the result OF the
presidential campaign has given a better
tone to the market than prevailed last
week. Inc American Excha nge National
bank has deposited $500, 900 In gold at the
su ub-treasury. and the Continental Bank
S2O0, 900. This makes the aggregate de-
posits OF the city institutions thus fax
6, voc, ,0O0.
WHAT Mr.. MORGAN SAYS.
Mr.. ]. Z. Morgan was asked today by
q representative of the Associated Press
whether a meeting OF the committee OF
the international bankers appointed at
yesterdays meeting will be called today
Mr.. Morgan says that he considered IL
inexpedient to advertise the proceedings
of the committee at the moment. but
expressed confidence that the COMMITTEES
would be sDundantly able to complete
the work IL has undertaken with success
and said that no news that could be prop
erly given TO the press will be withheld.
NEW YORK STOCK MARKET.
The initial stock prices at New York
today were fractionally irregular and
mainly lower, the depression peing partly
ascribed to Disappointing London quota
tions and realizations. Chicago Gas ex-
ceptionally broke l-2 10 53. IL. and Man
haitian, Louisville az Nashville and st.
Paul "a per cent. Gains OF 1-oal-4 per
cent. in low-priced shares.
The selling movement was arrested
shortly after 1915 on the execution OF
liberal purchasing orders in the Changers
and high-pri Industrisls. The traders
fan n IA m
side of the account and considerable
increase in commission house business
is noted. The progress making toward
the protection OF the treasury reserve
mas developed a more cheerful sentiment
in the street regarding the financial situ-
ton, which is encouraged by the con-
tinued purchases for foreign account. i he
rally carried the list fractionally. above
the closing figures of yesterday, with
Rock Island and Sugar gaining Ia and
ST. Paul, Chicago Gas and Manhattan 1
per cent over this me rning's low point.
The speculation is easier in tone at this
time on reafiging ORDERS.
The market relapsed into dullness after
| il, but a substantially lower range oh
prices ruled owing TO the realization OF
profits on the rally OF yesterday. The
concessions were OF most consequence in
Sugar, the grangers and n. j. T.. The last
stock yielded 2 per cent TO 80, with u sub
sequent recovery to 9ll2. The general
list was favorabiy Influenced by reduc-
tion of L. per cent. in posted quotations
of sterling exchanges for long and short
bills TO ass and 4S9. Sales TO noon 129, 300
shares.
During the first hour of the afternoon
the market lacked feature, aside from
decided irregularity in N. J. C., on in
creased dealings. The price moved up u
per cent. to 92, reacted to 81, improved
to 90, and is now ruling at 92Iq.
Keene is still Dearish on the political
ion, but he is not inclined to be-
come especially aggressive in the market.
With him, as with other bear operators,
who have made considerable money of
late, discretion is the better part OF
yalor.
just how investors, capitalists and
speculators will view the action of the
Morgan bankers syndicate, which Will
not only tend to restore the treasury
reserve, hut also prevent gold exports
until cotton bills come forward will take
| a day or two tn fino out
The convention at ST. Louis sttracts
general attention, bat no longer cuts any
ice as n bear factor.
stocks are selling on a basis that should
secure them immunity from further at
tack.