The Providence news. (Providence [R.I.]) 1891-1906, 1897-05-20
FINANCIAL NEWS

The market was very irregular at the open.
ing today, several of the stocks being very
weak while others were relatively stronger
In London today consos werf at ll3 5-s and
the Americans were practically lower. The
hank rate remained unchanged at per cent
In New York the foreign houses had orders
10 sell few thousand shares OF Louisville
and ST. Paul ON balance Otherwise they
were without orders.
Jersey Central was the feature of specula.
tion on tho exchange today. Opening yes
tordny at rs, ~ dropped 10 ~ 3-S, and today
the decline continued until tho stock, dur.
ing the first half hour, touched 1C34 IL is
we'll known that the insiders have been sell
ing Jersey Central for several weeks IL Is
also known that the company is in about
tho worst possible financial condition and
that those who know anything about the facts
OF the cas are willing 10 admit that they see
little in the anthracite trade outlook 10 prom
ise better times for the company. All this,
taken in connection with the coal trust in
ye,tigation at Albany, mas had a very dis
couraging effect upon the long holders, and
the solling today was very heavy. As mat
ter of fact Jersey Central Is probably selling
for $50 a share more than IL is worth. and
the most conservative OF market judges be-
lieye that il is destined 10 sell many points
lower.
Chicago Gas is another interesting speciality.
The defeat OF the gas bills in the Illinois
Senate Yesterday is explained by the fact,
or so says the Chicago Herald, that there was
a senatorial combine short Of tho stock. II
TINS was the cause. OF the defeat IL would APP
pear to be a good gamble 10 buy Gas, for il
the Legislature should change its mind,
which seems possible, the stock will go 10
s., and even if yesterday vote should stand.
there j. little reason to believe that the stock
would sell much lower
There is good reason 20 believe that the
Benedicts, who are heavily interested in Gas,
are in no way disturbed by yesterdays vote,
and Wortlsy wired Weeden, Kendall ~ Co.
that one house with connections in Chicago
and good political information has been a
gooi buyer today.
In speaking OF Gas, Joseph says today
Buy Chicago Gas on recessiOns. 1t can only
be reiterated that while temporarily profits
Of per cent or so may be on the short side,
the big money of the future will be lodged
20 the account of those who are long Of this
particular speciality"
Tho puts and calls Gas today were
offered At figures ranging from i7Ia to s3
Il. &. |. was weak again today and easily
declined 10 II within an hour after the open.
ing TIE bear argument used was that the
annual statement showed the company 10
be s o, 900 behind on its fixed charges.
Burlington was one of the strongest stocks
on the list today, and in spite of the selling
by Wormser, the buying of the stock was
regarded as exceptionally good
The trust" stocks were rather dull today
and an effort was evidently made TO support
the Goulds. In spite of this they were heavy,
ana will undoubtedly work lower when the
operators decide.to take them in hand. All
the coal stocks were inclined TO weakness,
owing 10 the generally unsatisfactory condi-
ton OF things, but the Changers were
strongly held by good people.
London closed heavy. The market there
was depressed all day by the free selling for
New York account. The general tone of the
market on this side was not good. Commits
sion,business was small. but there was some
little covering by people who SOLD yesterday
afternoon.
The regular quarterly dividend OF Ia per
cent on Lead preferred was declared today.
1t is payable June Is.