The Providence news. (Providence [R.I.]) 1891-1906, 1892-12-24


the heavy gold shipments that have taken
place ia The last fortnight. The gold ex-
ports naturally have drawn attention
once more TO the condition of the natl ona
treasury. Secretary Foster has lately
spoken very hopefully of his ability to
pay out gold indefinitely. but his re-
marks have not had the effect of entirely
calming the fears 1elt b many persons
regarding the ; ate OF our gold reserves.
The virulence with which gold exports
have set in at this time is probably occa-
stoned by the adjournment OF the inter
national monetary conference without
having accomplished anything. Un-
loubtedly there had been n tendency on
he part of Europeah governments and
European holders of a nerican securities
20 hold in abeyaace, until the result OF
the conference should be known, any
plans which they might be entertaining
TO draw god from this country. III some
conclusion had been reached making IL
clear that silver would be rehabilitated,
il is very possible that the gold scare
would have in n measure subsidized abroad,
aud we shonld have been left - more Sc
cure poss, ssion of our gold. The confer
nee, how ever, resulted otherwise, aud
the scramble for American gold begaa
anew.
At the moment there is not very much
encouragement in hoping Tor n speedy re-
peal of the silver law. The present ses-
sion of congress is not to be relied upon
to stop The purchases of silver, and there
is ground TO be ieve that there will be no
spring session of the new congress Con-
sequently the chances seem To be hat
the present Law viii remain In operation
for twelve months longer. WHAT the
position Of this country Will be v ar
hence Ii the present. conditions prevail,
cannot of course be predicted, put Is Is
we'll To call attention nv this time TO one
or two facts which may possibly have
Dowet ful iuiiuenc. In shaping the future
Twelve months moie VIII Increase the
amount of outstandl notes under the
law OF 1890 to about Sl15,OJOOOO. BESIDES
this there mre S,}2j,00J,0JO silver certih-
Gates issued under the Band act. Add to
these amounts the S346, 100000 OF legal
tender notes, and IT Will be seen that a
year from now the United States will
have outstanding SSi6, 100000 OK all obli-
4ations, against which IL VIII hold, possi-
bly,, n 500, ,000, 900 gold reserve. we say
possibly, because, the amount may b.
much smaller. The SlOO,OJO0OO gold re-
serve is generally regarded as n trust
fund but there Is no legal obstacle ia
the way OF tue secretary or the treasury
cutting into il, aud, as matter OF fact,
| he has before nov been advised TO do 40
by persons of greater or less authority in
| national affairs.
The Old Colony railroad will in n short
! time sell another 1000 share lot OF it's
stock by auction The comp my is quicS
TO take advantage of the opportunity
| offered il in the high prices ruling for the
| stock now. IL is an il wiad that blows
nobody some good, and, whatever may
! be the advantages accrutng TO the princl-
pals in the Connecticut River deal, there
| is a likelihood that when tho next block
| of Old Colony stock is sold, much better
prices will be obtained than ever before.
I in consequence OF The disp1acement OF 50
| much capital formerly well invested.
The master miud back of the Boston
and Maine deal for the control of the
| Connecticut River road was that OF
Charles A. Sinclair, who is also said to
have planned the movement which rasul.
ted in Mr.. McLeod taking hold OF tn,
Boston and Maine. This puts a some
what different color on the recent Con
necticut River deal. IL the money e
carry the deal through came out o
George Pullman's or any other leadin,
capitalists strong box, it is Que thing; 4
IL comes merely from loans negotiated by
Messrs. Sinclair, Jones and Mcleod il il
quite another thing, and stamps tn,
whole transaction as part and parcel will
| the efforts which the two former OF thes
gentlemen have been making for severa
years past TO induce the public TO repos
| tltlf CDNllUenCe I'LL DOclou anu NlhlD
stock The way the whole matter !
viewed by the public is best expressed b.
a decline in Boston and Maine since th
deal was effected aud "A rise In New York
New Haven aud Hartford and every othe
stock that would he likely TO be advers,
In affected by legitimate atte upt o.
the part II the Boston ana Maine 20 cou
troll the railroad situation of New Enl
land.
Boston and Albany, which. prior 20 en-
Connecticut deal, was quoted ut abou
203. has his week sold up TO 2l6iS OF yer
small transactions. The demand uI
doubted V came from Connecticut Rive
stockholders, who. having sold their stoc
at an enormous profit. have been lookin
round for new investments The prOht
accruing from their oil holdings were
large as 90 admit OF their paying yer
handsome price for Boston and Alban
and still making fine trade.
Conspicuous for its strength during a
, the recent decline has been New Nor
, | aud New Elgland IL has fiuctated ID
, tween 42W43, while other stocks ha'
I tottercd aud tumbled around it. Ne
York also stated early in the week thI
, when the market turned, New EnglNn
. would be thU tust purchase on tue rs
, There must certainly be 80 ne reason e
0 this ex raotdinary strength, which WI
n doubtless he revealed in the distant I
|. ture. The preferred Is cheap. The ro'
= Is earning considerably more than q
: preferred dividends aud the payment
y the latter will probably be begun ne
y May.