The Providence news. (Providence [R.I.]) 1891-1906, 1892-12-31
THE FINANCIAL NEWS.

NEW YORK, Dec. 3l.-There Is no pusi-
n,s. doing at the stock exchan1e to-day.
The members have turned the place into
a bear garden Ia celebration OF the New
Year A hugh Christmas tree Is one OF
the attractions, and the Seventh kegi-
ment band Is helping 10 swell the noise
And round oul the fun:
Boston, Dec. 3l.-The stock marSet
deyeIopei n very strong tone this morn
inr throu hout he limited list OF trans
action. Except for New York and New
England. The MOI prominent feat ures
we're Boston and Maine. Union Pacinc,
sugar AID West End common. AtchisJn
bonds were also somewhat nriAer'
Monday is "A legal holiday in New York.
Conseauently, there will be no business
of the New York or Boston stock eN.
cbanoe Boads--Atchison Is improved
IIto sls<; Atchlson 2is gained Ss 10 5314.
Wisconsin Central 5s hold Seuy at
sS West Michigan 5s al eo15. ana
yertible IS at 103S4. Stock.-lSoston and
Maine advanced ~ to l70A. Central
Massachusetts preferred gained "a TO 40 A.
Bosl on aud Albany is unchangel at 2Oo,
Old Colony at lS4, with New York aud
New England = lower at 4o9s oaIt Atchison
New YoRK, Dec. 3l.-This week has
witnessed the defeat of the bears again,
and they covered up their short lines,
winch we're quite expensive and produced
a decided rally throughout the market.
This rally was encouraged by the easier
rates of charge and also by the easier
mo ey markets which ruled at about the
legal rate.
TLe biggest rise was in Manhattan and
IL seems that the Tammany Hall people
and the elevated roads are now working
hard In hand. Although there was BID
..,.A ri IN m ggln
refused to accept 1t as 1t was extremely
low, and right away made overtures To
the elevated roads People are somewhat
yexed that the rapid transit commission
ers, after working hard for two years on
this very important question, should lose
courage after their first trial, but IL really
seems as il the strong hand of Tammany
Hall has had great Influence over this
commission. :,
The short interest is now pretty well
eliminated and all eyes are now directed
TO VIA hington in hopes that the silver
bill will be repealed and that wall street
can start boom on this.
The. bulls say that something will be
done. but politicians well versed are OF
the opinion that nothing can possibly be
affected during this administration. The
silver men are strong in their position
and will not give up this law unless one
is given to them which would improve
their cause
Everybody sees the dismal failure of
the working of this bill, and tina instead
of putting silver up 1t has put IL to the
lowest price in the history OF the country.
Since the bill has been in effect new
mines have been discovered, which yield
silver at 30 cents per ounce or less.
At the beginning of the year people ex-
pected a great increase in railroad earn
Jugs on account of the abundant crops
and the very low prices prevailing at the
time. but il must be said that the in-
crease looked for did not ma eria lize.
The roads so far have been running large
in gross, but the expenses so far have
been far in excess of the Increase. lt
shows concusively that rates are con-
stantly on the decline, put IL tue plan
which is proposed in Washington TO le-
galize pooling is effected, rates will be
steady, aud railroad earnings VIII chow
up very much better.
In com mmercial business IL has been an
exceptional year. The volume of busi-
ness has been simply tremendous. In
1892 there were fewer failures in business
than in any year since 1886, the number
being 10, 800, or about 2.00O less than In
1891. Ile indebtedness of the firms was
about STA, 900 in 1892, against 1S9,000
0O0 in 1891.
The market today was very strong and
the sentiment was quite bullish. Prices
gained ali through the list. The ques-
tion is whether gold will 20 out next
week III not Union Pacific will be tue
best stock to buy.