The Providence news. (Providence [R.I.]) 1891-1906, 1896-06-17
FINANCIAL NEWS
Special to The News.

NEW YoRK, June 1.-THE rapid ad-
vancSr-in Consolidated and Brooklyn
Union Gas yesterday renewed the stories
of contemplated gas consolidation in
Greater New York, in which the compre-
hensive charter of the East River Com
pany would play a prominent part, and
under which existing Gas stocks, both in
New York and BROOKLYN, would reach a
higher level than ever before. Among
the large buyers Of Consolidated Gas yes
terdsy were houses identified with Stand
ard Oil and Brooklyn Union Gas interests.
The financial plank agreed upon by the
leaders was considered salts actory to
e cry sound money interest. 1t copiu not
well have been stronger, and its effect st
home sDd abroad was expected to be the
best. 1t was agreed that contdence would
be restored among men with money, both
here and in Europe, ana confidence is all
that has been wanted for several years.
The first great step TO correct the evils
which have prevailed since tine passage OF
the Sherman law has been taken, and
should the Democrats have n silver plat
form, the issue Is not for moment In
doubt by prominent men. Accordingly,
results are likely to be discontinued. The
men with money will support this plank
and the candidates on 1t, and one OF the
best ways OF supporting a candidate is to
advance securities. Last years bull
market was based partly upon Mr..
Morgan's purchase OF bonds replenish-
ing the treasury gold, end partly
which did not last. This years bull
market is apparently to be Lased upon
the cure OF the evil and when comm odi-
ties advance il will he because OF better
demand, which is likely TO be permanent
because OF the employment OF money
heretotors locked up by the silver scare.
The railroad situation is much better than
ii was last year and a good many roads
have large amounts of cash on hand,
Crop prospects could not be better.
Weak merchants and weak railroads have
gone TO the wall. Tire fall trade is hound
TO De large because of the return OF con-
iinence. lhe agitation OF higher tarjfi
will certainly help prices. Exchange has
already broken and Is likely TO go down
10 the importing point. but the best
test of all is that Government bonds have
started for the proper level, compared
with gold obligations of other countries.
The general outlook under those changed
conditions Is considered by expert judges
70 be the test since The resumption of
specie payments in 1879.
The report of tie Liverpool Cotton
UlHlktl lOF tOtdy IN hS IOiiONo.
l2:3J D. m.-Pfices easier, middlings 4 !;
sales estimated, 5000 bales; futures opened
quiet, demand poor, DOWN ON near
month"; anu ll2 down on late months.
l2:i5.p m.--Spot grades 1.32 lower;
sales oY Today estimated, 10000 bales.
y. M 3-61 down on near months and
1io on late months, from last night IS
close. The market is now ste DIV.
The earnings of 81. taul Tor the second
wees OF June are surprisIngly good, IN.
crease $4,000. st. Paul will sell IN the
neightUrhood OF 20 and become a regular
D per cent. dividend payer.
Councilman d Day report the Chicago
wheat market as follows: "LoDg sold
trade i'm wheat is very restricting aud the
market is very sensitive to any pressure,
either buying or selling. The opinion
prevails that Linn has loaned upon
wheat and grasps every opportunity 10 re
dGcs his line. he sentiment on curb is
bulIish.
l.. Won Hoffman & Co. will ship 800, 0co
gold tomorrow, to which will lie added
lseidelbach, .ckolheimor a. Co.'s, 800,
600 export.
ToDA.'s STOCK BOARD.
WALL STREET. 10 y. m. The failure oi
the London rrices Go feet the improve
mrnt prevailing iu this market yesterday
Iinlartca iIreg ularliy TO the openiu The
CHANCES were unilHpOr! ant, however. and
tho marker nt this time, exhibits an up-
ward tendency upon the leadership oi
the Gfa1ge't.
Local Stock Quotations
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