The Providence news. (Providence [R.I.]) 1891-1906, 1894-10-05
FINANCIAL NEWS.
Chicago and Universal Gas Compa
nies Come to an Agreement.
The Market Ready for a Rally-Wheat
and Corn Strong-London Better
With One Exception.

NEW YORK, Oct. 5.-Chicago Gas turned
the market ana as the short interest in IT
is still large il is talked higher. The gen.
eral list is already for rally and every
thing points to further improvement.
London Is higher except for Louisville
and Nashville and Reading.
Progress Is being made with the new
Reading scheme.
Whiskey is still heavy because OF the
belief that the trust must be reorganiZed.
The insiders are buying Sugar on a
scale and think 1t will reach above 80.
ID. {. f. has made arrangements for
economizing to the extent of 100000
year.
The treasury department intends to
consider the subject of a new banking law
before the meeting of Congress.
Opening transactions were at an ad-
vance over the final sales of yesterday and
in the subsequent trading Sugar was ad
vanced x per cent, Manhattan "a, 81.
Paul u, and Atchison, Burlington, Chi
cago Gas, Northern Pacific preferred and
Western Union are up =. Erie preferred
moved up to q and Sugar after q recess
sion of x regained the loss. Speculation
is now strong in tone.
The selling of January pork and lard is
breaking the provision market. The out
side is very light.
Wheat appears to be strong and higher,
with good demand. Corn is strong and
very little for sale. Any small purchasing
would surely advance the market.
An agreement between the Universal
and Chicago gas companies was reache
yesterday and the stock went up four
points.
Brighter Outlook.
The large sale of print cloths at three
cents in this market yesterday is anot her
of those indications which point con-
clusively TO Improvement in business.
The transaction is of more pronounced
value because 1t Is better price than was
obtained in Fall River or New Bed
ford for any such quantity of goods
Small sales have been reported from the
Spindle City at cents, but the sale made
yesterday by local manufacturers was
about 10000 pieces OF spots and $1,000
pieces of futures. The value OF the sale
can be perhaps better understood when
it is remembered that the total print
cloth production OF B. B. u II. Knights
mills is between 5000 and GOO pieces
week. The sale OF futures. therefore,
would give employment TO that company's
print cloth mills for three months.
The print cloth market is he best bar
ometer OF cotton goods, and hence of
great Importance to Rhode Island. For
many months the buyers. and sellers of
goods have been hesitatiDg as to the
in fact, the local dealers have
offered large lines of print cloths
at 15-16 with no takers. This victory
for the manufacturers while it is spas
modic augurs well for the future. Spot
sales at 3 cents might be counted as a
forced purchase and a hand to mouth
trade. But the purchase OF three months
futures at the highest price obtained for
months can only indicate much stronger
and better undertone OF busine,s.
Review of Yesterday i'm Brief.
War talk from London apparently sub
sided and early quotations from that
quarter were irregular and our market
opened generally iirmer i'm tone except for
l.. n y. Sugar showed an Improvement i'm
the early dealings and gained further dur
ing the first two hours of trading al
though the stock was not so much of a
feature as for the past few days, accord
ingly the interest of the speculation
shifted first to ID. G. f., which was doomed
mp rapidly with reaction later, and then
Chicago Gas was taken in hand and
an advance started which was
maintained throughout the entire
dealings. The movement in Chicago Gas
was based on the report that a settlement
OF the difficulty had been effected with the
Universal Gas Company, and rumors were
also current that n new bull poll had been
formed TO advance the stock. In the early
afternoon Rock Island was raided with
some effect, apparently to enable cover
ing at other points through the list, but
the weakness was momentary and final
prices showed a marked recovery from
the lowest of the day.
In the afternoon dealings there was lit
tie interest in the speculatio aside from
Chicago Gas and Sugar, both OF which
continued the upward movement and
both closed strong at not far from the
best prices OF he day. The closing
showed important gains for Chicago Gas,
Sugar, Lead, n. Y. * n. f., Western
Union and ID. &. F., and slight losses for
some OF the Granger shares.
There has been an Improvement i'm the
general character OF the market today.
although aside from a few OF the leading
speculatives, dealings have been on very
moderate scale. IL is said that
Mr.. Keene has shifted his posi-
tion i'm the market and rumors
were also current of purchases by
other prominent street operators both
To cover and for long account. The grain
markets were firm on reports OF light re
ceipts OF wheat at various western points.
Providence Clearing House.
The clearings of the Providence banks
today amount 10 tS00G56.