The Providence news. (Providence [R.I.]) 1891-1906, 1894-09-24
FINANCIAL NEWS.
The Chicago Gas Stock is Booked for
Boom This Week.
London Is Better on 1T. Paul and
Lower on Reading-Last Assessments
on New England Stock Due Today.


lation. The initial dealings resulted in
Pullman rising x per cent. Long Island
traction "a and General Electric and Dis
tilling u. X. |. is now off "a, Burlington
es, st. Paul and Louisville Il Nashville, *.
Speculation still continues heavy.
The fourth and last assessment OF the
New York * New England Railroad
stock under the organization plan is
payable today at the rate OF - per share
on the common and $6.25 per share on the
preferred stock.
Nearly every man on Wall street of any
Importance has the pointer to buy and
hold Chicago Gas for bigger prices in the
very near future than IL has been recently
sold at. The stock is in a position TO be
much higher.
The Gould stocks, Louisville & Nash
vile, New England and Sugar are apt to
reach a highe plane OF prices.
The Changers are not likely to boom.
London is is lower except on St Paul.
The fire in Portland, Oregon, destroyed
zoo, 200 bushels of wheat, the Oregon Inn
provement Coal bunkers, Oregon Naviga-
tion Warehouses and IL car loads of elec-
trio machinery of the General Electric
Company.
The Whisky Trust has filed protest in
the revenue Office in Chicago against the
provisions of the new law regarding the
tax advance.
Cotton futures opened steady at the de-
cline; sales 0,OO0 bales. September, 6.ls;
October. 6.1s; November, 6.24; December,
$50; January, 6.36; February, 6.42; March,
6.47; April, sos; May, $50; June, 6.67.
Notes.
Today's Wall Street Daily News says
that Wall street Is the bluest spot in the
United States but outside lof its confines
there is a general feeling OF hope and en-
couragement.
The Distilling and Cattle Feeding Com
pany derives the statement that the com
pany has been and Is borrowing money to
pay its rebate vouchers.
The Clearing House Exchanges in the
United States for the third week in Sep
tember were sS97, ,007, 1886, an increase of
si21 1855, ,925 or is per cent. over last year.
The Government expenses for the month
have thus far exceeded the receipts by
s3000,O00 but all the heavy payments have
been made.
In the United States last week there
were 212 failures with aggregate liabilities
of 8, ,s67, ,764. For the corresponding week
last year there were 321 failures.
The average closing price in the New
York stock market for the week ending
last Saturday was 81 and the total number
Of shares sold during the week s43, ,735.
Review of Saturday I'm Brief.
The London market disappointed the
bear traders as it had been expected tina
the Rock Island reduction would have
depressing effect there. The prices on the
contrary showed fractional improvement
and our market opened strong in sympathy
with Rock Island showing a consdera bl g
fractional advance. In the first dealings
it became apparent that the principal
activity would be in the direction Of
covering shorts, and this tendency was
especially noticeable in Rock Island and
the other Granger shares, Sugar and Gen
eral Electric, all OF which showed a
marked Improvement from the depression
prevailing at the close Friday.
The market continued firm although
dealings were not especially animated up
| to the close, when there was quite a squirt
both in point ofstrength and activity and
the market closed strong at not far from
the best figures of the day, with import
ant gains for X. L., and the other Gran
| gers, Chicago Gas, Sugar and Reading
The Bank statements showed that the
banks have gained nominal amount in
surplus reserve and now hold about S60,-
600, 900 in excess of legal requirements.
The speculation Saturday turned almost
exclusively on the short interest and the
demand for Rock Island is not unlikely to
carry prices higher during this week. The
| market, however, is still in the hands OF
4. a. .-s.
vance is likely to be met by considerable
| realizing as the conditions do not appear
to he favorable for sustained upward
| movement.
Municipal Bonds as an Investment.
| The Bond Buyer of recent issue pub
lishes n somewhat elaborate table show
| ing recent sales of long term bonds of /;
| of the principal cities of the country; and
| giving the basis of interest which the
| bonds will net investors. The table also
shows the financial condition of tn,
| various cities named. In connection will
it the Bond Buyer says
This table will have interest in many
ways 40 various readers; but tine main ob.
ject in compiling il Is TO show that even
. at the present low rate of interest and tn,
| high price bonds now command, munlclpa
bonds are a better Investment than gov.
| ernments. Bonds of the city of Providence
X. L., one of the smallest cities named
with a very heavy indebtedness compare
lively, yields the smallest returns per cen
| on 30-year four per cent. bond; but thi
is better than the yield of the last sale o
five per cent. bonds of the National Gov
ernment. These municipal bonds arr
quite as safe an investment as those OF tn,
nation. Very few OF the cities of thu
country have ever defaulted on their bonds
and enforcement OF claims In those in
stances have generally resulted in benefi
to the claimants.
"The facts revealed by this table are o
very general interest. The tax rate o
New York, owing to its enormous a.
sossed valuation, Is much lower than th'
average OF cities generally. Chicago, tn
second city In population, with compare
lively small bonded Indebtedness, and
very heavy tax rate on low assess
ment, has To issue per cent
bonds, while smaller neighbors cal
I