The Providence news. (Providence [R.I.]) 1891-1906, 1895-03-05
FINANCIAL NE WS.
The Commission House Now
Confident Of Better Times.
The Best Railroads London Prices
Advance-GeneraI Notes.


NEW YORK, March 5.-Commission
houses feel confident that there will be
something of revival in business, and
that in the course of few days Wall
street will take on a more hopeful aspect
than has been seen in many months. Now
that Congress is out of the way, there
is decided feeling OF relief,
and although the situation, from finan-
cial point of view, is far from being su-
perlatively wholesome. there is, never
theless, an impression founded, it must
be confessed, to O very great extent on
sentiment, that better times will soon
put in an appearance. For this reason
most of the staid old Wall street
brokers, men of years of experience,
tell their old customers and friends not
to be afraid to buy the low priced divi-
dend paying shares; particularly those
the outlook for which would seem to in
dicate the continuation of some distribu-
tion from net earnings and with the re-
vival of activity and better business
generally an increase in the dividend rate.
In this category Is to 5e found st. Paul,
upon which the directors will meet for
dividend action Thursday OF next week,
and according TO the information that
emanates directly from some of the con-
servative Officials, the amount will be
per cent. The old question involved In
ST. Paul is one of policy" Everybody
will understand that an Improvement Is
likely TO be the most conspicuous feature
OF the next II months.
American railroad securities are to q
greater or lesser extent discredited in
Europe. Foreign investors arc very large
holders of St. Paul. Upward of 10000
600 stock are held on tie other side.
What the board Will consider most is the
future of the St. Paul property and
whether its credit Would not be
jeopardized il, considering the circum-
stances and the fact that nearly lh per
cent. was earned in the hrst six months
of the year, the stocks were permitted at
this time to pass from the dividend pay
ing list.
Rock Island will probably pay one
more dividend at the rate OF p per cent.
and then resume upon per
cent. basis. The management has
no intention of taking any of the cash in
the treasury which was received from the
stock holders of the Minneapolis * st.
Louis and divert it to dividend purposes.
The outlook for the Rock Island is good
and the indications are that IL will i'm
prove more appreciably and more rapidly
than any other of the Changers.
Canadian Southern is not dear. 1t pays
regular dividends and is certainly worth
more, from a speculative point of view,
than Louisville & Nashville. Besides, 1t
enjoys the distinction of being Wander
bilt stock. IL there is TO be any general
or special improvement, reasons ample are
suggested for buying any of the before
mentioned properties in preference to
taking speculative chances on the long
side in many other directions.
Thus far attention has been devoted
mainly to the dIvidend-psying stocks.
There is still good feeling on the low
priced shares and it will be remarkable If
Pacific Mail does not some time or other
this year reach near 80.
1t will be surprising il the market does
not have something OF rally. Manhat-
tan In all probability will become partic-
ularly active and the stock is good for an
advance OF a couple OF points.
The lower Wall street people are not
giving much encouragement TO the bulls
on Sugar, that is, they are not advising
indiscriminate purchases. There is little
reason to doubt that the dividend will be
reduced.
The short interest in General Electric is
not as large as it was, but there are still a
good many contracts outstanding and on
covering the stock may rally couple of
points from these prices.
Americans in London.
LONDON, March 5.-Americans are
buoyant and advances extend TO ls, ST..
Paul and l.. & n. leading. The market
for Americans shows considerable activ-
iiy and now that Congress has adjourned
aud the United States will be left to re-
cuperate, it is firmly believed that ma
terial advances will soon be recorded for
all active issues.
Chicago Gas Losses.
CHICAGO, March 5.--The passage Of the
Ogden Gas ordinance, which Mayor Hop
kins signed last night, will cut into
Chicago Gas revenues at least a million a
year. Under tho Ogden Company fran
chise the price is to be 80 cents 1000
feet. Chicago Gas this year gets 81 10,
next year will get s1.05 and in 1897, sl.00.
Probably the new company will not be-
come powerful competitor for two years.
Chicago Gas sold last year 1000, 900 900
feet OF gas TO privileged consumers. a
reduction OF 10c. would mean 900, 900.
The difference to the city service would
be s217, 900, making s9l7,0OO in oil.
The new company filed its bond last
night. II ia understood that very rich
banker and others closely Identified with
city contracts are behind the venture.
Today's stock Board.
WALL STREET, March 5.--Tbe stock
market opened active and generally high
er. MI. advanced X to s63i; Cotton Oil
to 20k; Consolidated Gas 81
and Louisville IL Nashville, y.
Chicago Gas was notably heavy ami de-
ciined 1sl per cent. to 20, subsequently,
rallying to 70A.
The market was less active after 1;it