The Providence news. (Providence [R.I.]) 1891-1906, 1895-05-21
FINANCIAL NEWS.
As Wheat Advances the Ex-
port Demand Falls.
New York Central, Rock Island and
ST. Paul Compared.
Special TO The News.

New YORK, May 2l.-Those who are look.
ing for lower range OF prices draw atten-
ton TO the fact that, with the rapid advance
In Wheat during the past few weeks, the ex-
port demand has fallen considerably. so that
the balance OF trade is once again decidedly
against us. This condition, lt is insisted,
must inevitably lead 20 a much lower market
for all railroad stocks. Sight Is evidently lost
OF the fact that stocks are no longer abund-
the on che n0s.nS supplies esr exen
than they have been at any time in months.
The basis for the next important upward
movement in the market win doubtless be
found IN the short interest which is being
constantly created and continually nursed.
IL one needed TO indulge in comparisons,
the conclusion would inevitably be arrived at
that New York Central Is, comparatively
speaking, much cheaper than either Rock
Island or 81. Paul. The two last mentioned
yield at the rate of but per cent per an
were computed on the basis OF returns made
by the N. Y. c., their market equivalent
would te an average OF l.56; that Is 20 say, II
one bought sufficient shares of either stock
for a per cent. dividend return, one would
require 10 invest Sla 800, as against $40, 200
for New York Central. The same argument
might be advanced in favor of Lake Shore.
Naturally, IL will be admitted, in tune both
Rock Island and St. Paul will increse their
dividend 10 per cent. rate, and ultimately,
II III AL an calculations h pan out as they are poT
d. q, rs not likely 20 prove any laggard. IL
VIII come 20 the front again, and In time will
DO returning dividends on a per cent. basis
Dow, Jones g. Co., issue Chicago special,
stating that j. j. Hill says "You may put
~ down as an assured fact that the Great
Northern and Northern Pacific will never be
Consolidated under one management nor will
the Northern Pacific be broken up at ALL"
GENERAL FINANCIAL NOTES.
The market is reacting on reports of crop
damage and realizing sales. The bears are
much more aggressive. and the short interest
Is increasing.
London in the main is frmer. Erie shows
an advance of y; Northern Pacific Is down
the Rock Island @ says ss the only rea Damage to to
Wheat thus far was by the hard winter, and
thinks the present damage talk greatly exag-
gerated,
Joseph says: "On the authority Of no less
personge than President Cleveland, IL can be
stated that there will be no extra session of
Congress; The market was raided. and sold
mon should sell at l.SO, and the preferred
should cross lilo"
The Liverpool Cotton market is quiet.
Futures opened easy at ] point advance.
Later cables g, & say points decline, but steady.
.New York Cotton futures opened weak at
the decline. Sales. 1900 bales. January 40.
February 7,24. May 6;s5, June $50, July 6.9i.
August 100, September 7.05. October 7.0S,
November no, December 7.l5
ToDAY's STOCK BOARD.
WALL STREET, May 2l.-The stock market
opened quiet and shade off, Tennessee Coal
per cent. The trading was more
after 1915. and the demand for
stocks embraced every leading share. Linseed
OIL advanced per cent, New Jersey Central
lss; Sugar Ia Chicago Gas and Louisville
New Albany preferred u ;Distilling and Read
ing, a, and the Granger sea34. Some excep-
tions of note were Mexican National which
declined IA, and Tittsburg, G.. G.. c., and st.
Louis preferred, which rocoded per cent.
PROVIDENCE CLEARING HOUSE.
The cloarings Of the Providence banks TO-DAY
amounted TO III, OBS. 100.