The Providence news. (Providence [R.I.]) 1891-1906, 1895-06-29
FINANCIAL NEWS.
Gas Dividends May Be Re-
duced or Suspended.
Bears Are Flushed and the Morgan
ties Are Bulls.
Special to The News

NEW YoRK June 9-The action OF Chicago |
Gas was the strongest possible
that insiders are thoroughly dlsapp0lIi!!!eu
over the failure to secure needed leRlslatoh
and are disposed to clean house h.'le II,
can be remedied. 1t would not be at all sur
prising ~ Gas dividends were reduced OF sus-
pended during this period. The company
certainly has TO moet a large outlay in con
nection with changing It's plant from .he
manufacture OF water gas TO the manuIscturo
OF coal gas aud this may be done out OF earn
ines knowledge Of something OF this klpd
kept insiders yesterday from supporting th9
stock The price has declined IA per cent anu anu
buying yesterday, as on the day pefore, WA, was
covering, or room. trading. IL did not not lSGk
like inside accumulation. Mr.. Nell ana mr.
Wheeler were believed 70 have bought 3,. aD1ut
600 each Wormsor a. Co. were generally
supposed TO have sold, although TINS OPINION
grew in part out of the fact that TINS Houso
has lately been the prominent onyer ol that Sn9
stock. Tho impression last night was that
on a substantial rally Gas wouid DO iouho
sale. ..... g..
ures The first was the fact that under tho
stimulus afforded by the Coal sales agents
agreement and the trunk line restoration o.
rates thero was an attempt to put the market
mn nsine the Grangers and Coal stocks as
lenders The second was the TACT tnat tho
break in Chicago Gas demoralizod=the INDUS.
trial market and created scramble 10 Bot
out ON the part OF those who had pro1ts.
Incidentally, the decline Ia the lndustrlais'
notably Sugar and Tobacco, showed the pres pres.
"A
quite general distribution OF stock during me
recent rise. One house was credlteu WiIh
selling 5000 shares OF lndustrials.
The railroad list showed some uneaslnsss
and there was a feeling last night mat prices
generally would be give way as resul. OF
yesterdays break. houses wnicp NAY nav ,Sern Se
more cautious In their utterances about BUY
ing but advised with some Gonna nee safes
on bulges. The broad line of argument was
that the market mad bad big rise and was
near the top. The temper had changed anu
there was likely TO be good deal OF resilzlhg
and the return of stocks TO strong hands
before the advance would again be pro-
| nounced, except in special cases 49,
The Bond market was lower, with reallbing
in issues which have had large ADVANCES
GENERAL FINANCIAL NOTES.
| Papers say that the action Of New York q
Now England looks unfavorable for tho min
| ority holders.
London is % to y higher -. .o..or,,v,s
There is no confirmation OF yesterday s
| rumor of financial trouble, cr gold shipments;
q. q. &. a. st. Louis earnings for tho thlru
| week of June increased S93Bt
| Bar silver Is up 3-l6 in London -,
Tennessee Coal a. Iron has advanced from ~
| per ton and increased wages 10 per cent -
| The reorganization committee OF II. " +
has applied fSr an Illinois, Illinois charter i'r '"'
Atchison earnings for the third week of June
| Increased S65, iG3. =,
Joseph says: fAfter the storm Of the past y
| hours it will not be surprising II some rumol
| inos continue TO be heard In the Industrial
shares. Large speculative and many invest
| ment holdings OF Sugar and Chicago Gas nave
| haen sold but the, bears have made pots o.
money. They are now flushed with success
Better stick TO the Railroad share list TN
Morganites are bulls. Hold 81. Paul, o., B .
O. and Reading. and do buy some Z. D. IL ]
all right"
LOCAL BANKERS OPINION.
Several Of the principal bankers wer
asked today what they thought OF the idea o
the new Exchange building TO DO erected %
the Grosvenor estate being used for head
| Quarters for banks and bankers. The con
census of opinion seems to be that there Is eu :
| one better location in Providence, and that !
the Marshall Woods building on Turks Head.
tho owner could be made TO sec the advisa
bility and feasibility of the scheme, and woul
| allow the city to take enough or the propert
To make good square at Turks Head
thereby facilitating car travel, a hne bloc
could be erected which would be the mos
desirable for stock exchange and bankin
! offices. But he won't. so tho other site Ia
the call.