The Providence news. (Providence [R.I.]) 1891-1906, 1895-03-07
FINANCIAL NEWS
Traders Market All That is
Looked for Temporarily.
Chicago Gas Directors Drive at
Manhattan General Notes.
Special TO the News.

NEw YORK, March 7.-Temporariiy a
traders market is all that Is TO be looked
for and those stocks in which the short
interest has been pretty fairly eliminated
will unquestionably be sought out by the
bears, especially as in the absence Of any
outside public nothing of formida Bile
rise need be expected. The improvement
that will become more conspicuous in
spots than in general direction
will not be pronounced, buC will grow as
spring advances. The feeling is bullish on
the Southwestern stocks, and MIR. Edwin
Gould, the president of the st. Louis 81
| Southwestern, says that the net earnings
this year will b. sufficiently great to show
asmall dividend on the preferred. Rela-
lively, St. LOUIS & Southwestern pre-
ferred is worth three times as much as
Texas Pacific, which is selling within a
fraction of better property.
The vehement denial on the part of the
ola time directors of the Chicago Gas
that they have any interest in the "Ogden
ordinance" Is accepted by the friends of
the Benedict party as most creditable to
these promoters of Chicago Gas" The
feeling on the stock is little
more bullish than it has been, and
there is undoubtedly a very extensive
short interest which between this and the
declaration of the dividends may endea-
vor TO cover. Any concerted buying
movement, Notwithstanding the trend of
the rest OF the market, in this particular
speciality would speedily put the price
back to those figures that ruled 10 weeks
ago.
II is given out sub-rosa tuat drive will
be made at Manhattan. The assault, il IL
comes off, will be based wholly on the
prospects of rapid transit as laid down
and. practically adopted at yesterdays
meeting of the rapid transit commiss ION
ers. AS far as the earninr capacity of the
Manhattan is concerned there is nothing
that need cause apprehension to the Sc
curity holders.
The bears have wondered why e. b. Il @.
will not down. They have never lost
faith that, although they are many thou
sands of dollars out of pocket through
hammering the stocks whenever the
chance presented, c. b. d O., is, of all the
GraDgers, in the most Vulnerable position.
The fact of the matter is, however,
the directors managed in good times to
accumulate handsome surplus, and this
has stood them in good stead during the
few years of comparative famine. One
years good crop along the line OF the c.,
b. d G., together with the acknowledged
fact that the road runs through the gar
den of the West, aud the road would in
these II months make up for all the losses
of the previous two years.
General Financial Notes.
A London special says: Americans
fat; Vanderbits firm. Every time we
show disposition to "bull," orders from
your side throw cold water on our efforts.
London will continue inactive until New
York takes the lead"
The Treasury gold reserve fell off e ,000,-
0C0 yesterday, but this is accounted for by
the fact that it is merely bookkeeping
entry and gold is in transit
1t Is rumored that the Sugar statement
will show material reduction in surplus.
Twenty thousand miners in Pennsyiva-
mia go out on strike today.
New England seems TO be on the way
for higher prices.
London unchanged, except st. Paul,
which is X lower.
Wheat.
The Chicago Price Current says: "Tn
some districts Wheat is somewhat less
assuring from weather conditions. In
localities west of the Mississippi the
situation is improved by recent rains.
The average position of the crop is not
appreciably lowered and CORES pondents
confirm the reports OF low supplies OF
wheat and fair amount being fed. Tho
total stocks are undoubtedly much less
than year ago.
The Wool Market.
With tn, exodus of Congress the trade
generally Is breathing more freely; the
market continues quiet, as was noted
last week. Australian wool is receiving
the most attention at date, and Capes
have reached the price at which they are
competing with territory wool, the Sc
lections OF the latter having become very
noticeably reduced; yet il is but few
weeks hence TO the new clip in the
Southern territories. Though IL was ex-
pected that qu.eter period would pre-
vail for few weeks after the extensive
purchases which had been made in jan
uary and the first half of February, yet
some considerable sales have been effected
this week, particularly of secured; when
10000 lbs. of secured are moved by nm
individual concern, IL is equivalent TO dis
posing of several hundred thousand in
the grease.
The aggregate sales for the week will
vary not more than 10000 lbs. from the
total OF last week. In the meanwhile,
prices hold quite firm; in this relation 1t
may ne remarked that domestic woods
have been for months on a parity with
those abroad; they reached a free wool
basis many months ago, and II they are
lower now II Is because OF repented de-
clines abroad.
yhe sales OF the week amount to 1,i9O,-
600 lbs. domestic and S77 800 lbs. foreign,
making total OF 2,O67, 800 lbs. against a
total OF 2,077, 900 lbs. for the previous
week, and total OF 2,913, 800 lbs. for the
corresponding week last year.