The Providence news. (Providence [R.I.]) 1891-1906, 1893-12-13
THE FINANCIAL NEWS.
SELLING OF NEW
EyGLAND FROM TRIVIAL CAUSE.
The Market stiil Remains Professional
and Very Narrow-Mure BuIiish Talk
About General Electric.

was long OF IL. treasurer Puruy OF the
Rock Island says that roads in the South
west will do relatively better than roads
in the Northwest. He says earnings of
North Western ard Omaha for November
are stated TO be very bad with promise
of still worse in December. Well
informed people say that Louis
vile and Nashville will not
pay any more dividends. The London
market is steady, except Atchison, which
is 3-S loser. Reinhart arrives today. Vice
President Sykes, in an interview speaks
hopefully OF the situation. He says he
expected a large decrease in the gross
earnings, but the reduced expenses would
tell in the net. He stated further that
the pay roll last month showed a decrease
of 100000. Trains were laid off
aud the volums of traffic being
smaller fewer men were required. 1t the
market were only higher times would inn
prove quickly. Later cables quote Lon
don strong except HtchisUu, which ts
still q of. The general manager of the
Louisville and Nashville stated yesterday
to the men that as matters stood at pre-
sent the restoration OF wages was impos-
sible.
|ge Thus far The bears have-bcen unsucces-
fri irle dis1odging long OF Investment
holdings, and until they succeed in doing
so their campaign is bound to fail.
Present Market Very Narrow.
The market Is SO very narrow that it is
affected to the extent of / per cent. I'm
seither direction by. the APPEARANCE of a
very limited bona fide order TO either buy
or sell.
The bears arc limiting about for some
news regarding the Reading which is soon
TO be made public which will affect the
stock favorably.
Since Dec. 1, the New York Central has
discharged nearly 1000 men at points be-
tween Now York and Buffalo. Some of
the men have been in the employ of the
company for thirty years.
General Electric Eullish.
The talk on General Electric is decidedly
bullish and some extreme fluctuations
may be looked for.
The special report TO the Lehigh Valley
directors yesterday showed that damage
from The strike TO equipment and loss on
traffic Is, estimated at S575,0D0. The divi-
dend,, as has had been expected, was
passed.
1t is understood that the General EIec-
trio people will discharge half of their
There is nothing in sight but con-
tinuance OF narrow professional dealings
and while occasional rallies on tho shorts
are to be looked for, purchases are not adj
vised except on the weak days for quick
turns.
1t is not expected that the general pub
lie will become interested while legislation
so important to the interests of the entire
country is yet i'm an embryotic state at the
seat OF government. FfNfTr
Indications of a change as regards the
movements of money are apparent. The
great inflow Is about over and in its place
is demand from the interior. Money is
wanted at the South TO move the sugar
crop and therefore among the conservative
bankers the feeling prevails that the sur
plus reserve has reached the maximum
and that In the near future even falling
off is not inproba bable. Call rates were TO
1h per cent. and time from to 4per cent.
yesterday.
~. Pau,'s Decreased Earnings.
The remarkable falling of in st. Paul
earnings for the first week i'm December
makes other decreases look small. The
most noteworthy of the latter reported
yesterday was that OF the Louisville and
Nashville, s74,430. This brings the de-
crease since January up TO S1,6i9,726
No more than a trading movement In
stocks was presented yesterday. The
market as q whole has been one OF the
quietcst of the year and at times the dull
ness was absolutely without precedent,
changes i'm prices as rule being ac-
counted for by causes peculiar To the
stocks affected. In bonds there was
quite fair trading and generally
at improving prices on the cue given by
the Atchison issues. The gains, however
outside OF those varieties were measured
by fractions.
The Whisky trust viii decide this
month as TO the Takamine process of
making whiskey.
The bullish sentiment engendcred by |
easy money only few days ago seems to |
have been pretty well run out.
Although II Is generally believed that |
negotiations for the acquisition of the |
Chicago and Eastern Illinois rairoad by |
the " Big Fourn are likely to be closed |
any day. President Porter OF the former |
company said yesterday that he was not |
aware that any sale had been made.
riccs Expected To Decline,
There is a general belief that prices usu- |
ally uccline III DeccinDcr on account OF the 1
closing up of accounts for the year. A |
comparison made OF the average OF De-
Der prices OF twelve stocks back 90 1885 |
reveals the fact that in eight years the |
moves have been exactly even each way. |
In 1885, 's6, 81 and 02 the high price of |
the month was made in the first ten days. /
In the other four years tho low price came
in the FIRST week. In every year OF the |
eight, except that in So the price |
at the end OF the month /
was a little higher than at the beginning, |
but IN most cases the difference between /
high and low in the month was about the /
average iuctuation, from three to five /
points. This year the average was high /
point at the beginning OF the month 1915 !
Dec. L. and 80 far il has fallen G572.
Vofdage Not Harmeni us
All ie not t,rncc ond rood will in tho