The Providence news. (Providence [R.I.]) 1891-1906, 1895-02-20
FINANCIAL NE WS.
London 0versubscribes for
U. S. Bonds to Our Relief.
Jersey Central Figures-Wheat and
Cotton-RaiIroad Earnings.
Special 10 The News.

NEW YORK, Feb. 20.-Comparison with
! prices made by Jersey Central for the past
10 years will prove very interesting and
they indicate that the stock az general
cent every II months. Conse-
| quentiy, the recent dip can only
| be regarded as the ordinary annual
drop from high pitch to a low grade.
| Beginning with March, 1885, Jersey Gem
trail sold at 81; the following August it
was o.; six months later, 42A, rebound,
| ing TO "a in September, 1884. IL receded
from that price TO 55 in January, 1887, but
got back to sCh In April of that year. Its
next retrograde movement carried it TO 73
In April, 1883, but by Christmas 1t was
9oA. Then IL took very moderate dip to
s2A4 in March, 1889, but getting leap, 1t
sprung to l31 six months later. In 1890 1t
struck 90, but by April next year it sold
for lZ2A. On January 10, 1892, 1t was Ill 1s,
| and 40 DAYS later, 145; then IL came down
| again to 81; taking just five months 10 do
II. IL reacted to 1l7%, at which price it
was on the Sth of last March, and then
| took its recent tumble with present evil
dences OF another upward reaction.
The market generally ought to be a
little better, even If the Improvement does
not last indefinitely. The fact that the
silver men have given up their fight, and
can no longer resort 10 filibustering tac-
tics, will have tendency TO encourage
cause little better feeling in Europe.
Ii Is certain that there will be neither
financial nor tariff legislation at this ses-
sion and under these circumstances pru-
dence should suggest the buying of a little
Sugar. Notwithstanding the almost
heroic efforts made by the press of
the country to get Congress, that is TO say
the Senate, to abolish the one-tenth differ
cntial, nothing in this direction Is likely
to be accomplished. 1t must be conceded
that the Havemeyers are the, masters of
the situat ia... and as there is positively no
evidence that these millionaires are liqu-
dating any OF their holdings, II Is fair TO
assume that with the adjournment of
Congress better prices viii prevail.
81 cannot see, for the life of me" as
the blind man said, what there is in the
situation to make one feel particularly
encouraged for the moment. Sentiment,
il is true, is somewhat more bullish, but
actual conditions are not such as TO
warrant either the cutting OF swath or
taking deep plunge into the seas OF
speculation.
A prominent Vanderbilt authority says:
~ do not believe for one moment that the
directors of the Northwest, unless con-
ditions should change very much for the
worse, will deviate from their conserva-
tive dividend-paying policy. In other
words, IL earnings keep up even at their
present low rate, the board, in my ludg-
ment, will declare a dividend of 2h per
cent. on the common when they meet on
June 3.
Wheat.
Liverpool Wheat quiet and 4 lower;
Corn, a higher; Paris Wheat, 5 to 10
higher; Flour, March, 10 higher; Berlin
Wheat, no change.
Railroad Earnings.
C.& O.-2d Feb, s127 1923; dec, s39, ,490.
c. & Z. I'D Feb, 5000; dec, $500.
Cotton.
Liverpool Cotton sales, 1900 bales.
Futures. quiet and steady; prices un-
changed.
New York cotton futures opened steady;
sales 5000 bales; February, 5.45; March,
5.52; April, 5.54: May. 500; June, 5.62;
October, $50; November, 5s4; December,
5.95.
Today's stock Board.
WALL STREET, Feb. 20.-The stock
market opened quiet and firm. The sue
ceeding dealings were slightly increased
in volume and there appeared TO be
good inquiry for the more prominent
speculative shares. c., c., &. & St. Louis
showed an improvement of ga per cent;
Sugar, Erie and New Jersey Central,
1-2, and DistillIng and Burlington,
~ Colorado Coal was heavy and reacted
q and New York Central and Tobacco y,
but the latter regained the loss.
Great Bond Subscription.
NEW YORK, Feb. 20.-Messrs. August
Belmont & Co. and j. p. Morgan q Co.,
the managers OF the bond syndicate,
closed the subscription list for the new
per cent. bonds at 1920 o'clock this
morning. During he 20 minutes 81 200, ,000-
600 worth were applied for, being 20 times
over subscribed, evenly divided between
New York and Londou; this with only
about S63, 900 worth for sale. The re-
suit was surprising only as regards the
aggregate, il having been anticipated for
some time that the new issue would go
"liko hot cakes" The bonds are at per
cent. premium in London now.
The Messrs. Rothschiid's Power.
LONDON, Feb. 20 -Messrs n. NJ. Roths-
child n Son, say that the new American
loan has proved a colossal success.
The Pail Mall Gazette this afternoon
SAYS that the success OF the loan is
tribute to the power OF Messrs. Roths.
childs. and a mark Of confidence in the
great wealth and financial stability Of the
United States.
What Local Bankers Think.
The local bankers and brokers are very
much pleased with the prospect sugured
bv the reception given to the bond ISSUE
| They do not think IL represents the
actual demand for these bonds, as every
body asked for more than he wanted TO
| make suro OF getting some. The man
| who can pay in gold will have the prefer
ence.
The general feeling il that IL ought 20
have a good effect on the market. IL will
| not influence railroad earnings today or
l..s "A.
confidence In the public mind.
III IL had not been for the bonds the
| country would have suspended specie
| payments, OF course, two weeks ago, but
| now with the Informal understand In Z
/ hat the great bankers will not drain IN