The Providence news. (Providence [R.I.]) 1891-1906, 1894-12-08
FINANCIAL NEWS.
Impressions That the Market Will
Broaden.
Grangers to Come up Soon--Rock Is
land Very Popular-Notes.
Special to The News.

a number OF directions. Although the
feeling, rs far as the Western stocks arc
concerned, is not particularly bullish, the
fact remains that a considerable out
standing short interest still
exists and this will have TO be
covered, especially as the moderate inn
provement OF the past few days viii tend
to encourage holders and those who have
not been compelled to sell their lines will
be in no hurry to dispose of
their property, for the reason that from
this on a distinct change for the better in
earnings may be looked for.
1t is certain that by the end OF
| this month not only will the
the r. l., N. W., G. b. & O., have turned
the corner in the lane OF depression. Jbut
the ST. Paul will likewise show up with
increased earnings both in the gross and
net.
1t is certain that the staunchest insiders
OF Rock leland have been giving consider
| able support to their stock for weeks
past, and ell they await now Is
an opportunity TO force the short
in crest to coverA Rock Island
can, with the possible exception of st.
Paul, which is particularly popular, be
advanced proportionately more than any
other Granger.
Considerable interest will be felt in
| the London market, especially as all
reliable reports from the other side are to
the effect that a more hopeful feeling pre-
walls, Notwithstanding the quotations
cabled to this side from day TO day.
Advices received yesterday by one OF
the prominent houses in The street states
"the brighter look OF the last board OF
trade returns augurs well for a renewal of
commercial and industrial activity.
AT last the modification OF he American
tariff is producing really stimulating in
| fluence on our export busiD IS, while as
regards imports any shrinkage is ac-
counted for by our being able 10
provide in larger measure for our
| own good requirements. When viewed
| from this standpoint, therefore, the lack
| of buoyance in imports is something to be
thankful for instead ofto regret.
American railroads are much more ro-
bust than they were In the recent past.
The realization affected by snapshot OPP
orators seem to have come TO an
end. Investment buying is certainly
feature. Although business is still
slack and intermittent, no old hand can
fail TO mark the general Improvement
partments, but is more especially
| noteworthy in the American railroads,
| where many OF the better sorts, such as
n. Y. c., st. p, l.. s. and even l.. u, are
being steadily lifted Off the market by
people who viii hold them for the better
| times that must come.
The manipulation Of Sugar would, under
ordinary circumstances, cause no inconsid-
ersble amount OF apprehension regarding
the future OF the general list.
| There Is one fact not to
be ignored, however, and that is the
declaration OF the regular dividend,
though taken out OF earnings made prior
to Sept. 1, 1894, maintains sugar common
| on IL per cent. basis.
Ii, and there il no resson to believe 9TH
| erwise, Congress does nothing antsgonis-
tic TO the Sugar interests, the company
will continue 10 earn its normal amount
of net money, equivalent to about
20 per cent. upon the common and Will
| continue to pay the dividends regularly.
General Financial Notes.
IL would net be surprising it Chicago Gas
is taken in hand in the almost immediate
| present. IL the stock sells off little it Is
good purchase. There was more busi-
ness yesterday than for any full day for
| months.
| The London mafket is a seller, prices
being 4 lower. Still this VIII not check
the advance in the market, especially as
the vote on the pooling bill in the
House is likely TO take place on
| Tuesday and all indications point TO tho
passage of this bill. This ought to bring
a number of buying orders and cause con-
siderable short covering.
Sugar will not be a sale until the reports
about tho industry become very glowing.
The Liverpool cotton market is very
dull and inclined to heavyness; spot sales
| 600.
Operators are more hopeful again, DO e
cause OF yesterdays movements, but buy
ing thus far has been largely shorts.
Bonds continue in demand and Sterling
is also very strong, pointing to further
shipments next week.
Tho stock market opened firm, with
Sugar again overshadowing the rest of the
list in point OF activity. These shares
/ opened higher at 92 ad-
vsnced TO 92h, lost the gain
and then moved up to ssk. In
the general lists, prices declined after the
opening u TO "a, the latter Wheeling q
Lake Erie. subsequently, rally Of X TO
| "a took place, led by Erie and Western.
Cotton futures opened quiet and steady,
sales 400 bales. Jan, 5.61; Feb, 5.63;
March, $40; April, 5.75; May, 5.7s; June,
5.si; July, 5.6S bid; Aug, 5.9li Dec, 5.b6.
The following encouraging comment
appears in e. franklin Eugont & Co. .
weekly market letter to-day: "The
Changers are showing evidences OF re-
nemed Yigor. The forcing process may
continue little longer but fortunate 1t
will be II the chilling frosts Of resliz-
ing sales do not nip the bud.
The short interest in the market Is
said TO be excessive. There will come n
/ day whom theso outaf n e tt.fv ifuss tuust 20