The Providence news. (Providence [R.I.]) 1891-1906, 1895-04-23
FINANCIAL NE WS.
Settlement Almost Arrived at
Between Coal Presidents.
Western Railroad Managers Taking a
Hopeful View Of Situation.
Special TO the News.

NEW YORK, April 23.-Reading was
offered last night at the hotels at l5K, as
against 1854 bid at the close of the day.
The announcement from Philadelphia
that no results had been arrived at at
yesterdays conference OF the presidents
OF the anthracite companies must be
accepted with very large grain of salt.
The fact Of the matter is, definite settle
ment has been all but reached. The
Reading insists upon q per cent. in the
new allotments, while the other compa-
mics Will readily grant 20h per cent, thus
it will be seen that the difference is not
very wide and the result that will be
attained little later on will
be eminently satisfactory. In consider
ing all the bear talk that comes to hand
concerning he coalers, the absolute con-
dition of the situation must not be over
looked. This is the second month that
restriction Of production has been
maintained, and prices, ell reports to
the contrary notwithstanding, are being
firmly held at schedule rates. Advantage
taken of recessions to pick up either
Lackawanna, Jersey Central, Reading or
southwestern preferred which as yet have
not participated in the advance, will lead
to the making of big profits presently.
President Marvin Hughitt and Chair
man, Albert Keep of the Northwest
arrived here last night. The books close
for the annual meeting today. These
railroad men take a very hopeful view of
the situation and are talking most en-
couragingly.
Houses which received orders yesterday
a. m. to buy 500 shares of anything they
saw fit welcomed the business. but
trembled for the market. The days
trading bore out this apprehension.
Western railroad people, interviewed
by the Chicago Herald, express confidence
in speedy restoration of prosperity to
the railroads, founded wholly on the
maintenance of freight and passenger
rates in all directions by the Western
roads. The increase in traffic, to follow
better crops, is all we'll enough, but
abundant traffic does not mean prosperity
unless rates are remunerative. Western
roads have maintained rates in the worst
seasons better than they ever did in the
for the future.
st. Paul earnings for the third week in
April should be given out in Chicago to-
night. They compare with a very small
week last year.
General Financial Notes.
Hesitation at the close last night gave
some expectation of a reaction, but
London is materially higher for nearly all
the aribtrage shares.
There is said to be heavy covering i'm
Chicago Gas and the demand for bonds is
still very heavy.
Joseph says: "The Coalers may sell off
little, but don't deceive Yourself con-
cerning the absolute condition OF affairs.
There will positively be an agreement.
Chicago Gas is going higher. Dividends
will be at rate of 5 per cent. Pacific Mail
and Atchison incomes are good to buy.
Buy Susquehanna x Western preferred
on any activity"
The Mollenhauer Sugar Refinery shut
down for repairs. The shut-d down will be
short.
Cashier Chase of the Rhode Island Ma
tional Bank has been confined TO his bed
since last saturday with severe form OF
grip.
MIR. Dexter OF &. franklin Nugent &
CO., who has watched the stock market
for about 20 years, Is OF the opinion that
a wave OF Wild speculation is abroad and
will eliminate by ucxt fall.
Transactions In OH.
PITTsBURG, April 23-The oil market
opened at $40 this morning, the price
of yesterday. 1t besan 20 climb up,
and at 1880 cock it stood at
S2:13 bid. There wers NO sales
here and On the Oil City Exchange, the
transactions sor the first half hour
amounted to only 1000 barrels. The
Standards price for cash OF: balances was
unchonged at 2:2O.
Cotton.
Liverpool cotton futures opened points
higher; spot sales, II, 600 bales. Later the
market was 8 points over last nights
close.
Providence Clearing House.
Tie clearings OF the Providence banks
foGav amouufed ~ gpsi 400