The Providence news. (Providence [R.I.]) 1891-1906, 1895-09-21
FINANCIAL NE VS..
No Reason to Expect Any
Serious Reaction.
General Electric in Position to Ad-
vance Very SmartIy.
Special to The News.

Jew YORK, Sept. 2l.-There is no rea-
son to think that there will be any very
serious recession in prices. Most of the
commission houses in the street admit
that they would like TO see a set back Of
or 2 per cent, since they think that
such further reaction would bring in
fresh blood, and those people who have
been holding of, waiting for fresh goods
to be placed upon the bargain counters
would speedily be conspicuously evident
as buyers. Every thinking man in and
out OF Wall street knows that this is a
bull year. and that prices will be very
much above the present level inside OF 30
days Some go SO far as to predict an
advance in this interval of from to 10
per cent. and they believe that Rock Is
land, st. Paul, Missouri Pacific, and Chi
cago, Burlington & Quincy will partici-
pate equally in the looked-for improve
ment The question is pertinent whether
1t is worth while waiting for /, or say 1l2
per cent, set back when the margin OF
profit will certainly be found on the long
side OF the market, and il is by no means
assured that the stocks one wishes to
purchase will recede to the extent sug-
gested.
1t is conceded that the state Of the an
thracite trade Is demoralized; soon
ceded, because there Is not a trader on
the floor of the New York Stock Ex-
change who will combat the proposition.
Nevertheless, Lackawanna sells at l69,
Delaware * Hudson at 100, and Jersey
Central at 116. Now, does anyone sup
pose that the coal trade is beyond the
possibilities OF adjustment, or that the
capitalists behind the movement in the
market have not the absolute situation
In the palm OF their hands, and can turn
the important anthracite industry in the
right direction at a moments notice?
General Electric is in position to ad-
vance smartly, and there has been excel
lent buying of Louisville Il Nashville, st.
Paul and Atchison. Now that all the as
sessments have been paid on Atchison,
there is good reason for looking for this
stock to have more than an average ad-
vance.
Although the Industrials suffered Sc
verely, that is to say Gas reacted from
1ll2 to the eopening price of the previous
day, there is no reason TO look for this
particular speciality to sell lower. On the
contrary there is much to inspire the
belief that Chicago Gas will sell very
much higher. Ex-Governor Flower is !
large holder of the stock. as he says, and
there is every reason for believing that
his views regarding the outcome OF the |
Gas property are sound sense and will be |
substantiated in due course. Calls on |
chicago Gas at 20, good for the balance |
OF this year, are la per cent. bid, and |
some thousands of shares are wanted.
Coupsel for the American Tobacco Com |
pany, in the hearing Of Syracuse yester- |
day, stated that the price Of cigarettes,
both TO Jobbers and consumers, has been |
lower since the company was organized |
than ever before and that II increased its |
business in other lines of tobacco much |
more than in cigarettes II uses 80, 600, 600 |
pounds of tobacco annuallyin other ways
than cigarette manufacture, while 1t
uses but 1o, 600 600 pounds annually in
making cigarettes. 1t is admitted that
the trust fixes the prices OF its own
goods, aud also that in certain cases 1t has
refused TO consign its cigarette to cer-
tain jobbers but only because its own
goods were being improperly used. 1t
is denied that 80 per cent, of the cigar
cites sold in the state are its own manu-
facture.
NEW YORK CLEARINGs.
NEW YORK, Sept. 21. -Clearings. s1O1.-
us, ,59i; balances, s6, 1893, 242; for the week,
clearings, s615, ,O99, 1853; balances, S3S,
SOL.
GENERAL FINANCIAL NOTES.
The London market is 3-s lower for st.
Paul and ], lower for the rest of the list.
Foreign exchange market, 4.SSla to
l. S9le.
Treasury gold this morning, 95. 1877. 399
There Is a rumor telegraphed from Chi
cago that some opposition will be en-
II the plan of the gas company.
rs outlined yesterday, is put into execu-
ton.
Joseph says: "It is like finding
money TO buy Chicago Gas. Don't load
up with such line of stock that you will
have to LET II all go on point or 80 re-
'ction. Buy just what yol can safely
larry and keep ii for 80. Gas will surely
ell at these figures 70
Reading has placed with the Pullman
Company contract for 1000 coal cars.