The Providence news. (Providence [R.I.]) 1891-1906, 1895-05-20
FINANCIAL NEWS.
EnqIand's Parliament Likely
to Be Suddenly Dissolved.
This Would Naturally Have an Ad-
verse Effect Financially.
Special TO The News.

Special to The News.
NEW York, May e0-It is thought that
with tho advent of good, warm weather, and
| with brighter news from the crop-growing
| districts, the bulls will follow up the ad.
| vantage that they undoubtedly have, and will
| succeed during the present week In lifting
| the prices Of many stocks TO a higher level
| than has yet been reached on this campaign.
| The general feeling Is one Of hopefulness.
| Commission people have beon executing more
orders than in many months past, and they
insist that they have upon their books
sufficiently large number OF commissions to
| practically insure buyers against any very
serious eaction. Traders who were anxious
| 20 bag profits, and who sold out their stocks.
naturally preach reaction. They seem 70
| think that the pace has been a little rapid and
that, failing in any very marked support
from Europe, decided setback must take
place. Their arguments are founded on the
same lines that have been used for ~ days
| or so.
There is one very important fact that the
average professional does not take into con-
sideration, and that is that liquidation has
been thorough, not only in this country, but
likewise in all parts of the civilized world
Not within the memory OF the Oldest
|
for general speculation been lain as now ex-
lists. The ease with which Wheat mounted,
the increased demand for Iron the unques-
toned stability of Cotton, the brighter out
look for Silver, and the better prices that are
being obtained for all staples and necessaries
of life must be convincing to every student Of
political economics that the turn for the bet
ter started a few weeks ago. and is now run
| ming normal course.
There are a good many other incidents that
should be taken into serious consideration, be-
cause, while looked upon as individual symp-
toms, they might not amount TO anything. yet
in their aggregation thoy present formid-
able front that must attract and hold atten-
ton.
A gentleman. who is very well informed on
English matters, says that dissolution Of the
present Parliament is practically certain this
summer and may come at any moment. This,
| he thinks, may prove quite a factor in Lon
don dealings this summer. The present Par
| lament has lasted three years, and under
| ordinary circumstances would not dissolve
for two three years to come. IL would not
| be surprising If a sudden dissolution should
adversely affect the speculation markets in
view of the enormous advance that has taken
place and the large volume of business doing.
| NEW YORK & NE ENGLAND.
p. DeMedici says of tn ew York s. New
| Enlgand road:
"A member of the REQ -anization commit
tee said to mo yesterday: The committee
will sell the property under foreclosure soon.
We have cleaned up nearly all the old claims
against the company in the shape of deferred
dividends in preferred stock, etc. We don't
know who will be found to own the control
ing interest in the property, when we are
through with IL, but we know somebody is
buying the stock in large quantities around
40.'"
IN A DANGEROUS CONDITION.
The United States Investor of May Is
pitches into the Worcester Traction Company
Of New Jersey, which controls the street rail
road OF Worcester, Mass, and shows il up. as
it were. BY The Investors figuring, the COM
pany was short 500, 900 last year of the Sl2O 900
to be paid on its S2,O0O.OoO preferred stock,
and when il receives its full 10 per cent. on its
Worcester Consolidated stock will lack 200
of the desired amount.
The Investor says: 'It is generally under
stood that the power house in Worcester is
owned by the Worcester Traction Company,
and not by the Worcester Consolidated Street
is where part of the s6Oo,OOo over and above
the 81, 10000 spent for the Consolidated Com
panys stock went. The Worcester Traction
Company is a foreign corporation, and as it
has never received license TO sell power in
Massachusetts,, we fail TO SEQ why proceed
ngs cannot bo instituted against it for un-
! lawfully doing business in Massachusetts,. +"
After going through lot of calculation TO
back up its theory, Tho Investor concludes
| "It must be apparent TO everybody who
studies the situation that tho life is being
squeezed out Of the Worcester Consolidated
for the benefit Of New Jersey corporation.
1t is equally clear that in no honest way can
the Worcester Traction Company pay per
cent cumulative dividends on its preferred
stock. That stock is now quoted at 81 bid.
SOL asked. The ultimate holders Of 10 are
likely 90 find themselves in a distressing sit
uation."
PROVIDENCE CLEARING HOUSE.
The cicarinss OF the Providence banks today
amounted 70 500, 100.
ToDAY's STOCK BOARD.
The stock market opened active and easier
Northern Pacific preferred declined to 2 pei
cent, and after 1915 improved II. Sugar
was well in hand after 10 rs and marked NJ
~. the general list sympathizng in the rise
silver certificates amounting TO $4,000 wor,
traded in at G79s.
FROST BITTEN CROPS
ST. PAUL. Mimi, May D.-Dispatches from
, Dickinson, Grand Forks, Minnewauken
Jamestown. ST. Johns and Noohe N. d.. In
dicate that the frost during the night was tn,
severest in many years at this season. In
q, a sh. font ~
than an inch. Young wheat is frozen Off &
/. the ground in many localities. one repor
! places the damage "a high as 20 per cent
4 fft-a A. l.Is. a.. Is