The Providence news. (Providence [R.I.]) 1891-1906, 1893-12-14
1HE HELYT our IN WAGES IN NrHE
CARAEGIE NANUFA cT0RIEs
The Tsxstion of Options Suggested.
Chancellor Won capriyrs significant
Rsnsrh-Hsrk-t Unchanged.
Special to The News.

troduce the bill this week.
The cut OF wages at the Carnigie mills
will amount to 40 per cent.
The treasury balance is S93, ,365, ASS.
London market In steady. Erie has cut
rates 2h cents making the rate i7ik cents
in grain. Later London market is
stronger. 81. Paul u higher and the rest
OF the list X higher.
Chancellor Caprivi said yesterday that
Germany had to face the question OF ex-
porting wares or people, a. the agricul-
tural industry OF the country could not
provide for the yearly increase in popu-
lGtion.
Quiet Market During Holiday.
A rather quiet market is looked for
until after the holidays with gradual
hardening OF prices.
II Is thought that the decline in Penn
syivania stock will have an unfavorable
effect on the London market today. Spec
ialties like General Electric and Whisky
are likely TO be manipulated
for higher prices. Pending new
developments i'm conditions only
narrow professional speculative
is looked for, but while there is no reason
to anticipate the dislodgement OF long
holdings, there is nothing in the outlook
to encourage purchases, except on the
bear raids with a virsy OF taking quick
profits.
Long traders had points last night that
the return Of President Reinhart would
be accompanied by a couple of points rise
In Atchison stock bought on this belief.
sp~cnIafors Not In IL.
The speculative situation continues dis
couraging, and there Is nothing in sight
TO inspire confidence in any immediate
change for the better, or TO furnish legit-
innate basis for permanent improve
meEt. A week ago there was prevalent
bullish feeling because borrowers could
secure accommodation at nominal rates.
Or course any rise founded on the latter
condition would be- sentimental. Bull
movements based on mere den-
timent have usually resulted
disastrously to their promoters.
In the spring of 1890 prices were doomed
on the silver bill, but the boom was arti-
ficial, while the losses which followed
quickly on its heels were enormous.
The rise had been on sentiment purely.
The following year, after liquidation
was over, there was general and justifi-
able bull market. Prices were low, crops
larger, the foreign demand immense
That rise was based on conditions.
The contrast afforded by this compari-
son may be studied with benefit on the
present occasion, when conditions are
almost uniformly indicative OF further |
decline in dividend paw
ing properties. In the case OF
one OF the most prominent groups
the grangers' conditions are such as to |
make that outcome inevitable. With.
them it Is simply the poverty of the |
farmers as regards which the governments |
December crop furnishes a significant |
commentary In the shape of the average |
price received for wheat.
NO New Features.
The market has developed no new fea-
tnres. Yesterday foreign quotations were |
higher, but the arbitrage people weresnot |
acttye. General Electric second on the |
list as regards activity gained |
three points on the day and retained all |
its advance. 1t was a movement against |
the shorts, accompanied by rumor of |
something favorable soon to be announced |
In connection with the company's affairs
exchange was easier, but IL was reported |
that more gold would be shipped by Sat-
urday's steamer. Action was taken look
in the event of a continual drain.
One of the the peculiar phases OF the
is that strength develops when
one would naturally be led TO EXPECT the
opposite result. The fact is that stocks
have been sold TO that point where there
Is practically no supply TO meet even the
small demand.
The present dullness in general business
IA. |
questionably awaits the settlement OF
economic questions now before the coun-
try, but with these rightly adjusted
activity would follow and possibly. i'm a
degree, seldom II ever exceeded.
Ioui,vi'ia and nashville Wages Down.
The general manager OF Louisville
Ind Nashville has stated 10 the employees
hat as matters stand restoration OF wages
Is impossible.
A director OF Western Union saws:
Our earnings are falling of largely. They
effect the condition OF general
business throughout the country. The
aliing on, however, does not
mean that the regular dividend
will not be earned this quarter. On the
contrary II will be earned with n hand
'ome surplus in addition. Last
year at this time we were
making the largest earnings in the
history OF the company. The decrease in
telegraph earnings is no larger in proper
lion than the decrease in railroad earn
ngs."
The sales OF cotton at Liverpool for this
lay were 1900 bales, including 1000
American futures. The market was barely
steady.
The bears say the public is not in the
market a. buyer-a and this may be true.
The scarcity OF stocks, however, clearly
evidences that il is also out OF the market
" seller.
More Boom ror General Electric.
Higher prices for General Electric are
Predicted, based upon the improved finan-
nal eonaition Of the company. There i
'trong ball pool I'm Il.
The How OF money has changed and tho
movement IL now against this centre.
BANKERS express the belief that the ac-
stimulation Of money has now reached the
'op notch and that the reserves
VII begin TO show decrease The re-