The Providence news. (Providence [R.I.]) 1891-1906, 1892-12-03
The FINANCIAL NEWS.

snce at Brussels had several meetings this
week, but it looks as IL no result would
come from the deliberations in fact
some of the delegates talk of going home
In couple of weeks The Rothschild
plan. which was presente this week, fell
through for the simple reason that it was
framed altogether In the interest of Eng
land. without giving this country any
benefit at all; in fact. it proposed TO
make us keep up our coinage OF 5i,0oO,0O0
ounces YER, while ali Europe proposed
TO coin IS, 100000 wor h Of silver, which -
about the same amount as they coined IN
the past twelve months. NJ. De Roths-
child is no doubt the mouthpiect OF the
English government, and they were no
doubt looking for soft thing but their
hopes have been sadly disappointed.
II gland seems 10 suppose that we are
really in the worse y sition, while II
seems to us that the boot is on the other
leg. We are reasonably sure TO repeal
the law OF 1890 during the coming session
OF congr SIS AID il this takes place Eng
land may Ind tself in rather a precarl Gus
state on account of it's immense interests
ia India. III the law is not repealed dur
ing the next twelve months, the results
may be disastrous TO the commerce OF tins
Ia d.
The market has been feverish all the
week. on account of rumors of the seri-
GUS illness of Mr.. Gould, and when his
death was announced tie market rallied
all through the list, as so many
stocks We're sold short, IN antic-
ipation of his death, they wished 10
cover before stocks should have re-
acted. The weakest stock has been
Northern Pacific but the rest of the mar
ket has all suffered a biz decline At
first 1t was expected that considel le
goia NO id 60 ou., but only 81, 5OO,OJ
were 81 ipped to-day. as the bank RS ship
only VII q they az ualiy require TO cover
their DIiis: benz afraid OF ADVERSE criti-
cism. Still the sterling exchange market
remains very firm.
There is really no reaaon why the mar
ket should be affected one way or the
other by the death of Mr.. Goula. He was
known TO be bearishly inclined for some
time and is said TO have paid for his bear
ish views in considerable amounts In the
last year or so.
The market to-day opened with the
bears on the run. on account of the strong
closing yesterday. The Cammock party
bought right and left, causing large
advance, and considerably reducing the
short interest.
AS regards the future of tho market il
must be borne in mind that congress
meets at the beginning of next week,
that the Presidents message will no
doubt be bullish in its tenure, and that
as soon as the conference adiourns a bill
for the repeal of the Sherman silver act
will be brought in. On the other hand
as long as gold shipments keep uD il is
impossible TO briug about a prolonged
bull market.
New York and New England preferred
and common stocks have been weak i'm
sympathy with the general market. 1t
begins TO look now as though President
Parsons would not have to vacate in
March at the annual meeting. IL is
understood that he himself has no idea |
of resigning. 1t Is difficult to see what
the Reading weHfd gain i'm I
having Mr.. Mcleod president Of the New |
England. All parties are now work |
ing harmoniously together and the New |
England IS getting very large amount |
OF freight from the Reading. Moreover,
in many quarters IL is Thought tnat Mr. |
has bitten off as much as he can |
ably chew. Mr.. Parsons can ac-
more good for New England |
stockholders by staying where he is and |
and giving his undivided attention TO the |
property, than can Mr.. Mcleod, who has |
SO many other responsibilities and duties.
some day and not distant one perhaps,
the New England will have an independ- |
cut entrance into New YORK. aud conse-
luently hold far stronger position than
{ d es day.
There is an easier tendency i'm the
money situation, and interest rates may
De reduced u trifie to-day. There is more
iemand for tinie money, principally from
mercantile sources for the holiday trade.
3rokers are also disposed TO borrow on
ime. Time loans on four add five
months time are quoted at 516 per cent.
,all money rules at per cent, with loans
both per cent above aud
'elow that figure. The clearing house
ate was per cent There was less activ-
ty in New York funds yesterday, and the
upply was larger. Sales were made at
ar, and 10 cents discount for each.
As to the recent New England alliances
4 the rosd, it has become quite clear that
he great interests which have heretofore
Imported Mr.. Mcleod have not yet be-
ONE convinced of the wisdom of the ex-
ensions of the Reading control There
;, however, no sign OF faltering on the
art OF the management, but new tariff :
chedules have just been issued.
naking through rates between the
teadlng system and points on the ,
Jew England road and Boston and Maine. ,
friends Of the company believe that when
he traffic begins to move. the bank RS
vill be convinced that business on our
ines will be but little interfered Will.
hat the Reading will give up its New
England arrangements before tine yalue
{ the roads has been tested, is not be.
eved by any one.
To-DAY's BOSTON MARKET. ,
Boston, Dee. 3.-The money market ;s
lightly easier this morning There is
ardly any change in the rates, but the l
mount OF money offered at the Cleariny
louise was larger than yesterday, and it
claimed that good proportion WAS
lrried home unloaned. The demand
as very good, as indicated by the fact
lat four banks loaned over 81, 500. 900 Z
o per cent. The bulk of the loans were y
ane at this rate. Still, there is soma +
oDey between banks at 81 The sales n
New York funds on cash basis are n
'ry iew They were reported at 10. l2iI n
Id ID cents discount. On a check basis
les were made at 12% and l5 y
nts premium. Rates are: Busi- y
,ss paper, $685. per cent. ]
operation loans, 5lS@6% per cent; col.
teral loans, 5I@6 per cent: call loans.
"a per cent. he sterling exchange
arket is UNCHANGED. except that Ion0
lis are stronger owing To the lower Lon ,
10 rate OF discount The stock market 4
owed considerable irregularity. with y
q Western roads the best fea- =
res. aud Sugar and New YorK )
ID New England rather waak. Z