The Providence news. (Providence [R.I.]) 1891-1906, 1895-07-01
FINANCIAL NE WS.
Can the Railroad Shares
Stand the Racket.
ChaunceY Depw Knows Nothing
About New England Deal.
Special TO The News.

NEW YORK, July /. While absolute
conditions are conspicuous for further
advance in the recognized dividend
paying shares, it is not at all improbable
that temporarily at least the bears who
have succeeded in making money in the
lndustrials and are still short OF them TO
a considerable extent will turn their at
tention to some of the Changers, points
TO sell which are as prolific as the advices
20 buy the Western group were abundant
only a week or so ago.
President Robert Lincoln of the Chi
cago Gas Company is out with an Official
statement i'm which he reiterates in the
most explicit manner that the condition
of the Gas company is absolutely solvent,
"and, he adds, IL cannot understand,
much less account for, the recent attack
upon the stock. We are doing an excellent
business and are quite hopeful" Direc-
tors of the company made the semi-off1-
cial announcement that dividends Will
be continued on per cent. cash basis.
The Tribune has three-qusrter column
article today on the "control of New
England, ~ and adds: "It Is confidently
asserted that the Vanderbilts will secure
il" G.. M. Depew, when asked about the
rumor, said: "It may be true, but l
know nothing of 1t. | have heard the
story for a week past and have watched
il, but i am at loss TO know just where
the story comes from. The stock has been
lively and apparently there is strong
buying movement after it. That may be
what j. r. Morgan is doing, but he has
said nothing to me about it. / suppose
the true condition OF affairs will become
known ultimately, but just at present /
am as far in the dark as any one. " Mr..
Y pew seemed much interested in the Fe-
NOR Apparently, he was anxious to
know whether some one had let the
secret out.
The market problem continues to be
whether the railroad share list can stand
against the break in the Industrials.
Every day that railroad prices are main
tanned increases the chance that they will
not give way, but 1t is very hard for
bookers to believe that the development
will not be similar in kind to that which
occurred in 1893, when the Industrials
pulled down the railroad stocks.
Mr.. We'll was very prominent then in
breaking the Industrials first and the
railroad stocks later. He us quoted as
saying that there ought TO be similar,
although much smaller move in the mar
ket now. Mr.. Morgan, on the contrary,
is alleged to hold an opposing view,
SO that the case resolves itself into an in
quiry whether there is something in the
existing situation to make results differ
ent from those which usually occur.
ToDAY's STOCK BOARD.
WALL STREET, July 1.-Trading was
lively at the opening, but prices were
irregular. Chicago Gas was in demand,
and soon improved rs per cent. TO 81;
Tobacco opened under pressure and Is
now off 1l2 per cent. to 109; Northwest
Chicago Gas reacting / 3-S per cent, 10
go SIS; Coal broke 2l2 to 8, and Tobacco
went under pressure. The bears redoubled
their efforts after 1918, and extended the
scope of their operations against the
market; Tennessee Coal reacted 2 Is per
cent, to 81 3-S; Chicago Gas, to 5S 5-s;
Sugar, 2 3-S to 105 missouri Pacific, "a
Il, to 27si Lake Erie & Western, to 23a, /;
Burlington, rs to SO 3-S, and New En-
gland, rs to 463, The reactionary move
mept was checked, and on brisk covering
of short contracts, Sugar rallied is per
cent. Tobacco, 13i; Chicago Gas, / 3-S;
Northwest and Lead preferred, 1, and
Tennessee Coal, rs per cent Afterward
drive against Sugar and Tobacco, and they
yielded b and per cent. respectively.
The general list was steady.
GENERAL FINANCIAL NOTES.
The New York News prints Chicago
special saying that the Peoples Savings
Bank of Denver has failed.
Joseph says that he IS authorized TO bid
per cent. for the nxet dividend on Gas.
J. S. Bache q Co., say that there is lots
OF talk of gold exports, but none will go
forward.
Raw Sugar is at standstilL Small
arrivals have steadied the market. The
refined position is the same as raws; no
changes in prices.
London prices are IA better.
President ingalls, of c. G.. c. * st. Louis
says the Trunk Line agreement is very
strong indeed. Freight rates from st.
Louis TO the West and Southwest were
restored on Saturday.
NEW YORK STOCK QUOTATIONS
REPORTED ny MILLER a yAUGuAN