The Providence news. (Providence [R.I.]) 1891-1906, 1893-12-08

ANLW Oitk, Dcc. o. Inc bCieihi i'hh'
ger OF a southern road says: business
Is dull with rs, but 1t is
worse in the northwest and WIZ
probably continue until April"
President Cable OF Rock Island saws that
expenses are being reduced rapidly. Grain
was taken from Chicago at 17la cents per
hundred. Proyivisions were also cut 2R cts.
In London Il lower, and lower market
Is looked for here
shipments OF grain from Duluth by
water for the season aggregated 3i,336,-
PA bushels, IN increase over
last year of 13, 100000 bushels. IL exchange
gets stronger some gold may go out to-
morrow, but il is not likely. Treasury
balance shows 80, 5,S26, treasury gold,
$50, ,6GO9oD.
The prevailing dullness is offsett IN u
large measure by big reduction III oper-
stiag ex Peases.- A&a rule gross earnings
of western roads present the worst side OF
the picture.
Should the exchange market crop up
little moro IL would not be a surprise To
see some small shipments Of gold next
week. AS regards the general situation
somewhat lower prices may be expected.
Nothing but narrow trading market
can be expected for the time being and
while it may be safe 10 buy on the weak
spots, it is the general opinion that pur-
chascs should be moderate and that profits
should bo taken on the rallies.
One of the gratifying signs of these
trying times is the report from the West
that the Populist party is decidedly ON
the wane.
The feeling in wheat is strong
and sentiment generally favors an I'D
vance. The price is 6yK on curb,
receipts light, cables firm, and the indica-
tions look like strong opening.
II is rumored that sou, QUO in gold will be
exported tomorrow.
Everything is now harmonious in
the National Cordage reorganization and
the president will soon be elected. Some
Boston cordage people expect that Mr..
Thalman of Ladenburg, Thalman a. Co.
will be elected.
At Chicago corn opened steady with the
crowd bcarish. There are few buying or
ders around 40A. Adyices say "buy on
any break from this price"
In one respect the financial situation de-
veloped a decided change. Sterling
and other exchange became unusually
buoyant, both the former and reichs-
r1Huks moving very rfusc to the peiftt ut
which gold can be exported. Natural
causes were responsible for the advance.
The new phase which the situation
developed yesterday, the rise
in exchange, is reminder
of prediction unfuliilled.
Before the silver purchase repeal bill was
passed there were many representations
as to what London would do
or would not do when the bill
because law, the confident cxpccta-
tions of the majority being that it would
invest largely in our securities. But
London instead OF buying has been
selling, and judging from the
material advance in sterling, upon a
larger scale than heretofore supposed.
The only stock on the exchange that
attained special prominence WAS
Chicago Gas which not only failed to re-
spond to the good news that a
cash dividend OF ~ per cent.
had been declared, but declined In tho
afternoon on rumors that its payment had
been enjoiued. There WIS n pronounced
rise i'm the Zig Four on the purchase of "A
few hundred shares.
Commission houses comment on the
line OF comment upon the absence
or business than with reference
60 values. There was a feeling, however,
that the market was reverting TO he cou-
ditions apparent ten days ago when at
tacks failed to bring out stock aud
scarcity OF offerings was Il feature.
Traders believed that tho market would
have closed strong but for the break in
Chicago Gas. Talk OF possible gold
exports had no influence. The loan crowd
showed an Increased demand for sugar
and ST. Paul, but otherwise there
was but small change either
in the demand or the rates, aud
was believed that Mr.. Connor bad
strengthened orders in Western Union ON
which traders covered. When oil bcr
stocks sold down Western Uuion met
buyiug orders more than half.
Commission houses are confident that
the tax Oh whisky will he Increased more
than 10 cents per gallon.
The following IL given as thc truth In
the matter:
President Roiuhart did not go to Lon
don to borrow money uoT to sell collateral
IN The treasury, uor 10 renew loans, nor
TO adjust any difficulties about
the guarautcel notes scheme,
nor to provide January lst interest He
had developed theory that payment Of
htchison coating debt would hc u re-.
marknhlc financial step and prepared
n plan similar 10 that Ivy which
tho Union Pacific collateral notes
worc issued aud the iloaling debt retired.
Tie had made per ceui collatrtal trust
issue and his he Offered To Lcndnu tank
ccs, but IN their judgement tue price he
asked was loo high aud Hcinhart refused
10 lower the Offer.
Mare Gold Gclpg.
Kuhn. Loah Co. VIII ship s-:aiHu ia
gold tomorrow, making atotal ~ $50 ,Np.