The Providence news. (Providence [R.I.]) 1891-1906, 1894-01-08
THE FINANCIAL NEWS.
The Rally In Stocks Still Continues
Very Steadily.
The Bulls Happier Than I'm Many a
Day--A Big Transaction in westing
House Securities Gossip.



NEW YORK, Jan. S-Rock Island reor-
ganixation will be taken up this month.
London market is u to II lower, Louis
Vile and Nashville being the weakest.
Still it is thought that the market will
see high prices this week. Another
attempt will be made during the
present session of Congress today to Sc
cure modification of the Interstate COM
mercial law. IL is believed by many emf
nent railroad officials and lawyers that
the anti-pooling clause OF the law would
not hold in the courts,
but the railroad companies at
least those In the East are not willing to
make test case. Trunk Line association,
some time ago, appointed General Mana
ger Sergeant of the Grand Trunk, Presi-
dent Magee of b. and O., President Rob-
erts Of the Pennsylvania, and Presi-
dent Depew of N. Y. O., q
committee to take charge of the subject
and to zee that the case Of the railroads
was properly presented to the congress
ional committee. The three last named
members held meeting Thursday.
The closing of the first week OF 1894 was
the most hopeful and encouraging that
the bulls have had in some time, and bids
fair to encourage them to do better In the
near future. The rally which started on
Wednesday has, with the exception OF a
slight set back on Friday, been well main
tanned, and Saturdays market closed in
blaze Of glory. No one attempts
to deny that the bulk of the trad
ing Is professional, but assuming
such to be the fact that this class of ope-
xators see their way clear to espouse the
bull side of the market even IL only for
time is hope inspiring sign, because un-
less conditions warranted no such action
word be taken.
The Rally Gives Hope.
The commencement of the rally gave
promise OF nothing more than turn on
the shorts and many we'll informed people
believed that when that interest was ma
terialiy reduced or elimated the advance
would cease. There Is no question, how
ever but that the investor Is in the stock
market.
The bull party is showing more courage.
There Is no pressure OF long stock and
until new adverse conditions appear, pur-
chases may be made safely on reactions.
A Big Manufacturing Deal.
George Westinghouse, jr., has secured
control of the Westinghouse Machine
Co. The transaction involved 1000 shares
Of stock for q ,000, 600.
The work of surveying and laying out
the line of the proposed New York, New
England and Northern railroad, which
was intended to furnish New York city
terminus for the New England road, has
been abandoned.
The belief il strengthened that new
bull pool In st. Paul has been formed and
II has received much encouragement from
officers of the company in the way of
ngures of what has been done 30 far this
year and the prospects for the current six
months.
The Market Opened Fairly Steady.
BY The Associated Press.
NEW York, Jan. S.--Wall street, 1918
=. m.-The week opened on the Stock ex-
change with an irregular market,
the Industrials, except Chicago
Gas, Western Union, New England,
Burlington and Quincy, Northwest and
Missouri Pacific being small fraction
higher, while Louisville and Nashville,
Reading, st. Paul, Canada Southern,
and Northern Pacific preferred were
fractionally lower. The early dealings
were irregular, Distilling advancing 1A
from Saturdays closing, New England x,
New York Central and General Electric
y per cent.
Sugar after an advance OF u reached *.
Reading which was actively traded in
opened * lower and receded an additional
y per cent.
Ths market now Is fairly steady on
good volume of business.