The Providence news. (Providence [R.I.]) 1891-1906, 1894-09-25
FINANCIAL NEWS.
Expected Attack on Gas in Chicago
Council Did Not Materialize.
The Market Nery Bearisb - London
Market Steady-C Cotton Quiet Cost OF
Whiskey Production 10 be Reduced.


NEW YORK, sept. 1Os- mere was no
gas ordinance OF any kind introduced in
the Chicago City Council last evening.
Treasurer Hobart says that economics
have been introduced by the ID. 4. +.
Company, greatly reducing the cost OF
production and Whiskey will be- made
cheaper than ever before. The resigna-
ton of Director Morris has been received
and the vacancy will not be filled until
the annual meeting. ! he company now
has a TO- year contract with the American
Distributing Company.
A good deal of short ID. T.. +. is being
sold today.
The London market is steady. Louis
willie a. Nashville ia little better while
Reading is "a lower on the reorganization
plan.
The decrease in the st. Paul earnings
for the second week in September is o.,
$50. This will encourage the bears and
put the manket lower this forenoon.
The Changers are being covered on weak
spots.
st. Paul is well protected but Is too high
for comparison with Rock Island and
Chicago, Burlington Quincy.
The net decrease in the Atchison earn
ings for July was s9l2, 1877.
Cotton opened quiet and firm; sales
900 bales. Sept. 6.i5 bid. Oct. 6.15. Nov.
6.4S. April $50, May 6.6O. June 6.6S.
The feeling on sugar II decidedly bear
ish among protest. ionsls and they make
the positive prediction that il will break
30 very soon. IL is claimed that the
Hsvemeyers have disposed of their hold
ings at figures considerably above par
and that they are not al all apt to take
these shares back until il Is known def
nitely that the next Congress will not de-
prive sugar OF the protection it now has.
IL is also asserted that the trade is not in
good condition and the decline of last
Saturday in the price of refined sugar
brings the margin between raws and re-
fined closer than at any time since he for
nation of the American sugar Refining
Company.
1t is expected that at their meeting to-
day the coal sales agents will fix he Octo-
ber output at not over three million tons.
Review of Mondays Market i'm Brief.
London prices came in irregularly and
our market opened generally a shade
lower with business still moderate in vol
ume. General Electric was a shade hig her
and some firmness was apparent in t.Paul
and l.. & NJ, but Chicago Gas broke on talk
of further attacks in the Chicago Common
Council and the general market was af-
fected at various times by conflicting ru-
mors as to the probable dividend to be de-
clared by the New York Central Company
this week. The stock of the last named
was feverish and variable with more
than the usual activity, the
bears making some effort to
depress IL with light offerings OF stock.
Az the close of the dealings nothing could
be ascertained Is to the probable action
of the directors, but the price was sha lie
firmer and IL was rumored that rs per
cent. had been bid for the coming divi-
dend.
In the early afternoon the Csmmack
Wheeler party made very determined
attach a n and the M har
Granger shares with the result of depress-
ing prices at other points through the
list. C., B. q. was especially heavy,
the stock touching the lowest point
reached since the last dividend was de-
clared, and the closing price for this and
other active shares were not from the
lowest ofIth day. Final variations showed
considerable losses in c. B. & O., and the
other Changers, l.. * N, Sugar and Chi
cago Gas.
The speculation was affected mainly by
the various conjectures as to the New
York Central dividend and also by further
very gloomy reports from Chicago operat-
ors as to the corn cropsnd prospect for bus
iness on the Granger roads. The short
interest is decreasing and is likely to form
a basis for a rally at any moment, but at
present the bears are in control OF the
speculation and may carry prices lower
before the next turn comes.
CHICAGO, Sept. 25.-The annual report
Of the directors Of the Illinois Central for
the year ending June 30 1894, has been
given out. Ii shows the total net receipts
TO have been IS, 1874 ,i93 The gross
receipts from traffic were s20, ,657,-
5S3 and operating expenses and taxes
tl4,369, ll5. The gross receipts from
traffic increased S562 .273 and the operat
ing expenses and taxes increased e ,4S1.
The report shows that during the six
months OF the Worlds FAIR, $780,
GIG passengers were carried over the nine
miles between the city and the grounds
without serious injury to any of them.
Freight receipts for the year decreased
S527 ,5S5.
Providence Clearing House.
The clearings of the Providence banks
today amount to sS57 300.