The Providence news. (Providence [R.I.]) 1891-1906, 1896-02-25
FINANCIAL NEWS
Stock Market Opened Weak
This Morning.
Favorable Business Reported Of the Chi
cago Gas Companies.

NEW YORK, Feb. 25.-Yester days
market was thoroughly strong. 1t took
the heavy realizing in st. Paul with
oomposure and got along very well with
out the stimulus of London buying,
movements in speciaities did not encoun-
ter large selling and while commission
buying did not increase materially, thera
was bullish feeling in offices.
Inquiry for bonds. especially spectators
bonds, continues good and investment
houses say that there appears to be fair
amount of money peing laid away. The
standard oil interests were thought by
some brokers to have sold st. Paul and
bought Sugar. here are indications OF a
new pool in General Electric and there
were points TO buy Missouri Kansas d
Texas preferred. Switching in Atchison
continues on a large scale and still shows
iair opportunities for profit. The ten
dency in the money market to greater
ease is helping speculation and while
some of the shrewoest traders are afraid
of slump the more general feeling IL
that con Siderable further rise can lea
soma bly, be expected.
The output OF the Chicago Gas Com
pany in January, 1896, increased Sper cent
over 1855, and so far in February the out
put has increased 10 per cent. An effort
will be made by the attorney OF the reor-
ganization committee to have the Su-
preme Court prefer the argument in the
mandamus proceedings and take 1t up at
once. If the court decides to hear uncon-
tested cases first, the case may not come
up before the middle of the month, but
the gas attorneys think 1t will be argued
in the first ten days of March. Insiders
continue to buy the stock and say ii
should sell well into the 70's on its merits
~ ha nj
pected when the consolidation Is declared
legal.
Leather people were at loss to predict
the movement of the stock in view of a
good statement for the year of 1896 to be
made pubic this week and the probabili-
ties that board of directors would decide
TO-DAY not to pay dividend on the prefer
red stock. The rest opinion seems to be
that If the dividend was formally passed
the stock would sell down, because "A
good statement would te ignored when
the directors of said good statement
did not permit the payment of n divi-
dend. he company is understood TO
have reduced its stock OF goods on hand
since December 81, but the heavy sales
are understood to have been at decided
cut in prices.
The Liverpool Cotton report for today
is as follows: 12:3) y. m. Middlings,
4l2. Futures opened 1i9 lower. Spots 1-3l
lower. The estimate number OF bales sold
amounted to 5000. p. IN. One-sixty-
fourth lower than at II 80 report.
For the third week in February n de-
crease OF 1850 is recorded in the earnings
of the Denver x Rio Grande road. But
from July to Feb. q, an increase of
1897, 600 has been made in the earnings.
The stock market opened weak and
lower under the disquieting influence of
n reaction in Americans in the London
lot and nAn ata al loo for hot
count here. Concessions in prices were
fractional, with the exception of Leather
preferred which slumped 2 3-S per cent.
to 65li in the other stocks the most inn
portant declines were in st. Paul, Louis
vile Il Nashville and Denver preferred.