The Providence news. (Providence [R.I.]) 1891-1906, 1897-01-04
IN THE
e*x<*

The market at the opening today snowen
markell activity and higher prices. After
while, however. 1t dropped into its old list
less condition and prices OF several securities
commenced to,sag slightly. Everything showed
however. that prices We're madc by manipuia-
ton, and such stocks as Manhattan, Reading
and Wheeling failed to respond, as anticipai-
cd, 10 the new and favorable conditions.
Ia London today the market for Ameyican
was steady to strong, but with little business
outside OF Reading, which was favorably IN
fiuenced by the decision of the at torney-gen-
eral. Atchison issues were firm and North
ern Pacific stock aroye New York parity. The
New York foreign houses today purchased
several thousand shares of Reading, but
otherwise had little business.
The report Of Jersey Central for November
shows net decrease Of s6l ,20. The net de-
crease for the eleven months ending Novem'
ber 90 is Sil4,8lS.
Money ON call in New York was easy at
per cent. Prime mercantile paper S1sa4t2
per cent. Sterling exchange steady, with ac'
tual business in bankers bills at 4S614a12 Tor
demand and 4.Ssl4ast for 90 days. Posted
rates, sS4Ib and 4.s7a4SS. Commercial DIS
As.IS. Silver certificates. C5; no sales. Bar
silver, 6, 7-s. Mexican dollars. 5Os4. Govem-
ment bonds firm.
THE LOCAL STOCK MARKET.
Contrary to what was expected, the new
firm OF Fletcher & Phillips, which was TO nave
started business in the Banigan building.tms
morning, will not be organized. ON saturday
both N Curtis Fletcher and Frederick >. PM
lips accepted q proposition by which they be
came members OF the firm Of @. Franklin Nu'
gent s. Co. This firm, however. will immedi-
| ately introduce several important Innovations
| Besides the usual business in New York stocks,
cotton and grain, they will hereafter deai IN
| commercial paper and all kinds ofrailroad and
| municipal securities. Mr. Phillips will be In
! charge of the local stock department, While
/ Mr.. Fletcher will conduct department for
the construction and reorganization OF corpo'
rations, work for which he Is particularly
well fitted.
Another new firm is that of Harris a. Babcock,
which has just opened offices at College
! street. The firm has the best of connec tons
being i'm correspondence with such houses ms
that of J.& W. Seligman a. Co. of New York
and has every facility for obtaining the bes
| OF 5 curities. The house will deal IN al
| kinds of first class Investments railroad bonds
municipal securities, local stocks and bonds anc
prime mercantile paper. They viii also d'
business in good first mortgages upon good 10
cal properties
The firm of Allen s. Lynch also opened thei
offices at "a Wey bosset street today. As boti
the young men are well known in financia
circles and very popular among local specula
tors and investors, they received many cal
lers today, all Of whom congratulated thea
upon their convenient and pleasant offices
The ew firm has direct wire TO Price, Nc
Cjrmicix & Co one of the well-known house
on the New York Stock Exchange.
The local securities as quoted by Albert
Miller, Jr., are still quiet he bank stock
are running trihs tirmsr, although few sale
have been made. With one or two exceptions
the usual dividends have been declared. an'
by the middle of the month the market vii
undoubtedly show some activity. The divi
dend in liquidation to be made by the Trader
National Bank will also throw some none,
into the market Tor reiuvostment.