The Providence news. (Providence [R.I.]) 1891-1906, 1895-02-08
FINANCIAL NEWS.
Belief That Prices Are on the Upward
Trend Again.
Reading aud Jersey Central-Bond
Issue-General Notes.


Special TO The News.
NEW YORK, Feb. s.-Traders still in
cline to the belief that prices are on the
upward trend and that speculation will
broaden during the next few weeks. Gen
orally with the approach OF spring wealth
or (although it is looking a little ahead,
and one, with the thermometer hugging
zero can hardly picture budding
trees and tropical fruits),
there will be more activity and better
prices for the general market than any
that have been experienced in many
months.
1t will be some days yet before the Read
ing officials Will be ready to announce
their program, but 1t may be stated
on the very highest authority
that the condition of the coal
trade il improving, and that better un-
derstanding than any that was thought
possible as recently as a week ago, has
been arrived at between the diversified
anthracite interests.
The directors Of Jersey Central will meet
In due course to take action upon their
dividend and 1t can be said on
the authority of one OF the highest
officers OF that company that under no
circumstances or consideration will the
dividend be reduced below 9 per cent.
basis, and as the dividend payment has
only just been made at the regular rate OF
per cent, it is impossible to even
forecast a reduction from the old-time
rste. Conceding that Jersey Central shall
continue to pay per cent, there is no
reason why the stock should not sell at
1l0.
Today,s Market.
NEW YORK, Feb. s.-The share specula-
tion opened dull and heavy, the defeat OF
the Springer bill in the House yesterday
having a depressing influence on the
market although it was we'll known that it
would be defeated when brought to a
vote. The declines were slight, the great
est being u in Lead.
General Electric and Louisville & Nash
vile went down * st. Paul and Balti-
more & Ohio "; Sugar, Rock Island and
Atchison * per cent. The street is anxi-
onsly looking forward to the announce
ment Of the Government loan,
After II o'clock the only changes OF
moment were an advance in General
Electric and decline in Northwest.
Railroad Earnings.
c. &C. & st. Louis-Fourth week in jan
uary, S344,095; increase, s41 1,56s; month,
81, ,041 ,3s9; increase, S101, ,17S.
Great Northern-Total for January,
$751;, 1888; charges, 3, ,s37, ,126; increase, si4,-
s12
Union Pacific net for 1894, estimated
S4,5OO,0OO.
Chesapeake, Ohio & Southwestern, net
for December, s6S, ,202 decrease, s4351.
Year, net, S760, 1892; decrease, s62 1892.
Cotton.
Cotton futures opened steady; sales
$500 bales March, 5.49; April, 5.54; May,
5.59; June, 5.61; July, 5.64; August, 5.69;
September, 5.74; October 5.Si; November,
5.s5; December, $50.
Cotton continues firm with an upward
tendency. 1t is, in fact, the only market
which is now attracting outside specula-
tors.
The market opened steady where it left
off last night, but Immediately hardened
on buying for local and European account,
frmer and higher market in Liverpool
and lighter receipts of cotton, both at the
port and interior towns, under the infiu-
ence Of wh,ch prices advanced to
points, the May option selling up to Sol.
In the afternoon realizing by local scalpers
and hammering by the bears caused a loss
OF part of the Improvement, but the under
tone continued firm.
Bill to Forfeit Lands.
WASHINGTON, Feb. S.--The next move
of the Western members who desire the
Government to take possession OF the
bond-aided Pacific railroads for default
in payment of their obligations, will be to
try to prevent them from disposing of
their gran ed lands until their financial
relations with the Government have
been settled. Representative Caminetti
of California has a bill which will be
passed upon by the public lands COM
mission at its next meeting, to forfeit all
the land unpatened when the companies
default in payment of their bonds, to
withhold action on all applications for
patent and to supend proceedings on APP
plications for patent in the case OF COM
panies that are bankrupt or in the hands
OF receivers.
Suit Against Union Pacific.
COUNCIL BLUFFS, Iowa, Feb. SIN the
United States Court, Attorney Burke has
filed bill of complaint in the s27, ,229, 900
first mortgage foreclosure suit against
the Union Pacific Railway Co.,
the United States OF America
and large number OF persons
who have, or claim to have, an interest in
the property OF the Union Pacific in Iowa.
+. Gordon Dexter ana Oliver Amcs, as
trustees for the holders OF the mortgage
bonds, appear as plaintiffs. This is supple
mentary to the recent litigation at st.
Louis.
General Financial Notes.
Commission houses found yesterday an
unprofitable day, several remarking that
they had seldom or never had less business.
General Electric was about the only real
factor.
London is unchanged, except l.. q N.
and st. Paul, which show decline OF "a.
~ Il.