The Providence news. (Providence [R.I.]) 1891-1906, 1894-09-20
FINANCIAL NEWS.
Statements In Defence Of Chicago
Gas From the inside.
London's Aggravatlng Weakness This
Morning-Rock Island to Pay Divi-
dend-Iig Cotton Crop.

NEW YORK, Sept. 20.-The attack on
Gas In simply blackmail. The fact of the
case is that Chicago Gas is not a trust. IL
is perfectly legal concern duly incorpo-
rated under the laws OF Illinois. There is
no cause for being scared into selling Gas,
either long or short. The property Is all
right, blackmailers to the contrary. The
application for a receiver for the company
is OF no Importance.
The Grangers ought to improve further
and even ID. q. II. should rally.
Insiders still insist that the regular
dividends of the Rock Island will be paid
and the matter will be acted upon today
or tomorrow.
Sugar is all right TO hold.
London is disappointing this morning
and it is beginning TO look as il the prices
were being manipulated. There was no
consistent reason for yesterdays strength
and today's weakness Of q per cent, as
Europe generally follows the New York
market.
Cotton futures opened steady at the de-
cline; sales II, 400 bales. Sept, 632 bid;
Oct, 6.35; Nov, 6.37; Dec, 6.42; jan, $40;
Feb, 6.56; March, 6.62; April, 6.6S bid;
May, 6.75; June, 6.Sl.
Wheat opens easy and Corn opens weak.
Buying against puts is checking the de-
cline.
The price of cotton is extremely low
and II the weather continues good the
crop will be unprecedented.
There is some selling OF long corn by
commission houses.
This month the Northern Pacific will
pay the final instalment of the 81 ,OOO, 900
loaned them by the Adams Committee in
June.
Brokers who represent the large bear
interests say that their principals have
covered their shorts and are not averse to
sharp rally in the market as, in that
event, il would enable them to put
out another line at higher figures.
master mechanic i'm Brooklyn has in
vented a machine which takes off one
third of the present cost of making
binder twine with the consequent annual
saving of half million in the making OF
cordage. 1t is said that those who con-
troll the invention will undersell the mar
ket.
Operators identified with some of the
most important railway systems have
bought small lines of the Granger stock
on information that there was some prob
ability of favorable action in Iowa on the
application for more liberal schedules
from the Railroad Commissioner of that
State.
The Wool Market
The American Wool and Cotton Re-
porter says today of the wool trade:
Outside of few large sales the market
since September II has been quiet, hav.
ing retained, in large degree, so far az
domestic wool is concerned. the waiting
attitude noted at last writing.
Excepting the worsted men who have
taken a considerable amount of territorial
wool, manufacturers have shown little
disposition to buy domestic stock; fine
fieeces have been unusually quiet, discount
woods especially so. Medium wools con-
tinue strong with no quotable change in
any grade. There has been recently little
more looking around for coarse wools.
The market is steady, with a strong un-
dercurrent,. and a generally cheerful feel
ing.
Interest on the part of buyers has been
mainly in foreign woods; unusually large
sales OF Australian have been made. Deal
ers are rapidly getting acquainted with
the prices and qualities OF foreign stock
outside of Australian, and can readily
adapt themselves TO the new order of
things.
There is good deal better feeling in the
carpet wool trade, and the outlook for the
business is better than at any time pre-
viously for year.
The sales of the week amount TO $685.
$50 pounds domestic, and 1,767. 900 foreign,
making total of 4, ,i26, $50 pounds against
a total of 1888, 700 for the previous week
and total of 3, 1874, 900 for the correspond
ing week last year. The sales since Janu-
ary !, 1894, amount to 100. 49l 1886 pounds
against "a, ,732, 400 pounds a year ago. The
sales in New York aggregate $4,000
pounds. The sales in Philadelphia amount
to 1,l19,S