The Providence news. (Providence [R.I.]) 1891-1906, 1897-06-25
FINANCIAL NEWS
(For further financial news sec page 2. }

The stock market opened strong with good
buying throughout the list. but more espec-
tally among the Grangers Under this pres
sure Rock Island. before noon, advanced TO
81 Burlington, 81 3-s: st. Paul. STA; Omaha,
63 SIS; Manhattan, 80 b-s; New York Central.
1903 l-s; Chicago Gas, 92l4, and other stocks IN
compari rison. At these high prices there was
considerable realizing and prices receded.
In a special wire to weeden. Kendall a. Co.
this morning Price says; people may talk
as they please. but this market has now got
10 point where IL IL advancing too rapidly.
strongly advice taking profits.
To the conservative tr adors this appears TO
be very good advice. The msrket looks as ~
there was no end to the power 10 advance.
but those who have seen bull markets know
that there must always be reactions, and
there arc few who would advise the purchase
OF stocks at these high prices.
Joseph sBys: '"The Washington advices
state that the Republican Senator'S have de-
cidod in caucus by vote Of 22 TO il.to sustain
the action of the finance committee in plsc-
ing n duty upon hides, hut did not pass on
the question OF the amount of duty 10 be i'm
posed. The committee was also sustained in
the rate fixed upon imported wrapper to-
bacco."
In London today cansols wero firm Mt liz
1915. Americans wsre active and fraction
ally above New York pari y. There was q
better feeling there than there has been for 70
long time. and in Now York the foreign
houses had several good buying orders for
arbitrage account
THE LOCAL STOCK MARKET.
G. Franklin Nugent " Co. furnish the fol
lowing facts in regard to the local stock mar
ket:
The declaration OF n dividend AT the rate OF
one-half oi per cent. on the stock Of the
United Traction a. Electric Co. Is tho most
tangible feature of the local stock market
this week. II GENES in pleasing confirmation
Of what we said in our last letter. namely,
that business was improving. An examina-
tion Of the earnings OF the United Traction
Co. bognning. with 1894, will show that from
June, 1884, TO June. 1895, the amount carried
20 the surplus account, after paying all
charges, was s2i7.075: from June, 1895, to
June, 1886. il was s23I,939, and from June
30. 1898, TO December 81, 1895, IL was sl35 604.
That l., the amount carried to the surplus
since June. 1894. has been each year equal TO
about 3 per cent Oh the capital stock OF ss,-
0O0,0O). The gross earnings Tor the first three
months this year were sS7s, 400 as against
syS7. sos for the same period in 1896. In view
of the general business depression during
those months this showing is very good one.
From these figures IL will be clearly seen
thatIthe future for the United Traction Co.
gives promise of being good one. Their
business is Of the kind which, If properly
managed, always returns large profits, viz,
thar business whose receipts come In small
amounts, but which come very. very fire.
ouently. Furthermore, and this is an i'm
poriant feature, il Is n cash business.
Good investments continue in excellen. de-
mand at prices tending upward. In this con.
nection Providence and Pawtucket Gas, Mar.
ragansett Electric, the insurance companies
and Natl nal & Providence worsted Mills de
serve especial notice. We recommend any OF
these TO the attention of the investing public.