The Providence news. (Providence [R.I.]) 1891-1906, 1895-08-22
FINANCIAL NE VS..
Lake Shore Said to be Gilt
Edged.
Everything Favorable for Railroad
Stocks, Especially Changers.
Special to The News.


NEW YORK, Aug. 22.-Although the
reactionists. sharp upon the fact that stocks
have more than discounted immediate
conditions and prospective Improvement,
and lose no opportunity TO attack What
they are pleased to call'' vulnerable spots
from time to time, there Is no doupt ina.
the best informed commission houses
are taking a more hopefai view OF tne
immediate future than any they nave
dared believe possible in more IN an 10
months.
One of the Vanderbilt people said yes
terday: "You would be surprised III you
knew how little Lake Shore is anoat.
III any stock could be cornered by the
speculative interests, Lake Shore Is In
position TO be run up TO almost any price.
| Ii is certain that il is no longer regarded
as simply per cent. dividend payer,
| because IL this were all that the stock
had to indorse it, ii would never sell, on
its present high basis. 1t shows that the
managers of the property, the largest
| owners and investors, down to the one
who holds the lowest number OF shares
| (three) feel satisfied that sometime In the
! future Lake Shore will be capable OF very
| great things. The prospective reduction
| in fixed charges is not the most import
| ant episode that those who own the prop
erty are looking forward to. Lake ohore
| could readily be put to TO ana, strange
! as the prediction may seem, 1t VIII sell
| at these figures and probably reach 200
1 and il will eventually pass from the llst
! of active issues, as all other truly gllt-
edged securities have done, disappearing
into strong boxes, never to again emerge
! therefrom.
Holders of the stocks are not disposed
| to sell their shares because they feel that
! the day Is not far distant when the value
that they represent will become greatly
enhanced. What greater bull argument
couldsone have, then, on the low-prlced
stocks? 1t was very clear yesterday that
| the list was divided into two divisions
one In which purchases would yield good
profits, and the other where short sales
were very profitable.
Everything is favorable with railroad
stocks, particularly the Changers, and
continued strength there is hound to
bring in outside buyers in plenty. Inc
| Industrial group Is evidently III for q
lower range of prices with Sugar anc
Chicago Gas the leaders. Tobacco Is some
| what more uncertain, and there may be
Developments speedily which will put th'
stock above par quickly. In Sugar th'
news Is certain to be bad.
The steps which are being taken to al
lust railroad rates to a profitable basi
will be helped materially by the large
VERY little is thought of gold shipment
In view of the syndicate's action and po
sition. and the reduction in posted rate
OF exchange yesterday reassured man
timid ones II is thought probable tina
at least 81, 600, 900 gold will go out SatuI
day, but the treasury surplus reserve VIII
be kept intact. -.
The deal between Northern Pacific in
terests and the Great Northern has nc
been abandoned, as reported yesterday
The American Sugar Refinery Compan
has reduced prices oil renneu sugar 10 pc
1
Foreign sugar was down liz for RAJ
beet this morning.
Joseph saws: .0Tobacco was offered an
sold at 92s, last night. The plug manr
facturers mean fight, and 20 Is predicte
for Tobacco within a month. The assau
on Tobacco will naturally affect the IL
dustrials generally. Railroads will nc
suffer proportionately. Louisville IS
| purchase; so is Reading preferred. Hol
| 81 Paul for so, and don't be afraid
bull the Coalers judicicusly."
The Cincinnati Price Current says
"Iate returns furnish no reason for r.
ducing the wheat yield estimates
TopAY's STOCK BOARD.
WALL, STREET. Aug. 22-The stoc
market opened animated and easier
tone. Sugar and Chicago Gas were II
chief objects of attack, and set down
il,GDs. respectively. Tobacco was
favor and rose 2 per cent. to 20, but wei
off to "a.
Sugar and Tobacco gave way an add
tional l., per cent after lO:l5, but suppo
was accorded the shares ana tney rai1II III,
IL, and ls, per cent. respectively. III
general market ruled higher with Lal
Erie & Western preferred up lis al
Chicago Gas "a per cent.
GENERAL FINANCIAL NOTES
L
London shows declines of 3-S for 5
Paul. i. for l.. & N. with the others
about Is.
INV yorK STOCK QUOTATIONS.