The Providence news. (Providence [R.I.]) 1891-1906, 1895-10-22
FINANCIAL NEWS
Everybody is Feeling Bearish
!. Just Now.
Reading Seems TO Be Exceptional
Here and Abroad.
Special to The News.


NEW YORK, Oct. %. Speaking OF the
sagging tendency OF the market and re-
ferring to the facts that were printed
yesterday that there had been compare
lively little change in the past five weeks,
he question arises: "Who have been.
buying these stocks?" Certainly the
traders have not been bullish and since
the early part of September We have taken,
in the aggregate, as any OF the arbitragee
houses will assure you, an aggregate OF
$50, 900, 600 worth of securities. There are
fewer speculative lines held in Wall street
than there were q couple OF months ago
We have had In these two months katfir
disturbances, gold exports, speculation
in Cotton that promised 10 lead TO In
creased emissions OF the precious metal
and we have taken from Europe s5O,
600, 900 worth of our railroad securities.
Does anyone suppose that If Europe were
TO turn up today as a buyer of our stocks,
and continue purchasing them until, say
$50. 900, 600 worth of St. Paul, l.. N, La
s.. n. Y. q. and Reading were accumu-
lated, prices would be at anything ike
their present level? This absorption
could not take place without forcing
prices up from to 10 per cent;
There is quite an extensive short inter
est in Reading and the stock has certainly
been sold under a Misrepresentation as To
the facts of reorganization. Ii Is the In
tention of a strong capitaiistic party TO
put Reading upon its feet in course OF
the next few months.
The condition of the anthracite trade is
widely different TO that OF few weeks
back. On Thursday there will be another
advance by the Reading on tide water
prices, ranging from 20 10 40 cents ton,
that will take Immediate effect. The out.
put OF the Reading is a fraction over 20
per cent, but for arguments sake say
the company only receives one-hfth; 1t
will thus be seen that its status will be
improved to the extent OF -. 600 OOOO, the
total output of the coal trade this year,
being "A, 900, 600 tons, with advances all
along the line OF from 70 cents to VI per
ton.
As the experience of the next few
months will show, ii ill be a case OF
the Survival of the fittest. Railroad
earnings are bound to tell in the long
run, and il matters little, IL anything,
what tenn porary fluctuations may be. ST.
Paul, for example, will go on increasing
its earnings at tremendous rate. Ii Is ex-
pected that the returns that will come to
hand tomorrow afternoon will show a
| gross increase of over s175, COO and insiders
say the re ults for the month will be en-
| inently satisfactory. Ii ls impossible Tor
| progress the st. Paul is making without
having the results reflected in the prices
| OF the stock. tf
GENERAL FINANCIAL NOTES.
The Chicago Board of Aldermen last
night approved the agreement made with
! Mayor Swift and the Illinois Central as TO
the lowering of tracks. The road will
spend S2, ,0OO, 600, but it receives valuable
con cesslons.
Joseph says: "There is no doubt what
ever that lnman, Swami d Company are
bulling and buying Cotton. John III. In
man tells us he looks for January Cotton
TO sell around nine cents and he thinks
all weak holders have been wecded. out.
The Reading statement for October Will
be banner bearer"
London is the same as our close, except
for Reading, W hich is a little off.
Ex Governor Ames was supposed TO be
a large holder of Sugar common.
Atchiscn earnings for all lines for the
second week of October increased S2410;
Northern Pacific, increase, s115,715
Treasury gold this morning, s92, 997, 4i6.
Rock Island earnings are said to be gam
ing at the rate of $4,000 per day.
LOCAL STOCK OF CITATIONS
| FRuM MILLER VAUGHAN