The Providence news. (Providence [R.I.]) 1891-1906, 1894-10-12
FINANCIAL NEWS.
A Gigantic Railroad Trust Pre-
dicted.
London Unchanged-Sugar Talk Al
Most Bearish - Tho Western Out
look Brighter.
Specidl 10 the Neios.


There is a rumor that a giant railroad
trust is to be organized for the formation
of pool. The idea is TO include all the
railroads in the country running east and
west and those running between Duluth,
Minneapolis and st. Paul on the north
and st. Louis and the lower Missouri
river on the south.
The short interest is large compared
with the narrowness of the market and
yesterday turned prices on themselves. III
there interest covers the market should be
strong for or peg cent. The largest
a. Quincy, Western Union, New York
Central, Chicago a. Northwestern and the
Grangers.
London is unchanged.
The Minneapolis & st. Louis stock
holders bought the road yesterday at fore
closure for "A 100000.
Russell Sage has changed his position
on the market and the old gentleman is
quoted as saying, ''With the possibilities
of a feverish state OF affairs growing out OF
politics, i would not advocate the bull
side"
The general manager of Rock Island
says that the outlook in the West Is lit
tie better than was anticipated q month
lgo, still the loss Of one half the crop in
the big corn growing section is serious
matter and business will be dull this
winter.
Sugar is to be made active and possibly
I her, although no booms are promised.
EosDetter feeling exists amoug the insiders
end sugar Is not apt to continue TO be q
Arag on the market.
Chicago Gas is sound and going up.
The plan favored by the bankers con-
'Sention at Baltimore provides for circu-
tation based on 80 per cent. Of capital of
fationel banks instead of Government
bonds.
The largest distillery in the world
opened today at Terre Haute.
Review of Yesterday In Brief.
Cotton futures opened steady; sales
5000 bales. Oct. 5.67 bid, Nov. 5.73, Dec.
$50, Jan. 5.S4, Feb. J.92, March 5.99, April
6.04, May $40, June ole, July 6.2l bid,
London prices came in surprisingly
strong, the speculation there having been
affected by an idea that the figures of the
Government Crop Report greatly under
estimated the actual yield. Our market
opened firm in symathy with London and
also in consequence of a buying movement
inSugsr, w bich lad some effect in strength
ening the other lndustrials. During the
early dealings Sugar reacted from the first
prices, but later became strong, while, on
the other hand, the general market, led by
the Grangers, weakened under hammering
by the Wheeler party and other bear
operators in the room. Special prices
were made In the case OF Manhattan,
which was offered down on further
rumors as to competition and also General
Electric, which was sold by A. j. We'll.
The Changers were also noticeably heavy
and the tendency of nearly all the active
shares was towards a lower range. Dur
ing this interval OF weakness,
however, Sugar held surprising
ly strong, the bull manipulation
having been credited TO 3. V. White and
before the close the room assumed that
the bear movement ia that stock was
over, at least for the present, and covered
freely at other points through the list,
special instances being l.. * y. and the
Changers. Final prices showed gains for
Sugar, and l.. x y. and Cordage and frac-
tional losses for Manhattan and Western
Union.
The early trading was largely influenced
by the strength of exchange and 1he fears
of gold exports on Saturday, and the later
rally TO the fact that no shipments were
announced and also to the strength in
Sugar which showed resistance for the
first time in the face of bear movements
elsewhere throughout the list.
A further recovery in prices is predicted
i'm some quarters, although general move
ments VIII depend principally on the Ex-
change market and rumors as to gold
Providence Clearing House.
The bank clearings in this city today
amount TO II ,022,3Oo