The Providence news. (Providence [R.I.]) 1891-1906, 1894-01-04
THE FINANCIAL NEWS.
WALL STREkT A HEAYY LOSER IN
WHEAT IN CHICAGO MARKET
A Slightly Bitter Feeling Noticeable In
Coal and Iroa- Gossip Concerning the
New Epslana-- General Ma kst Notes.
Special 10 The Nems.

NEW YORK, Jan. 4.--Rock Island people
say that their road will show a net in
crease for December. Second Vice
President Greene OF the. e.Pennsylvanias says
a slight improvement in business
Is noticeable, namely in coal and iron
which are in better demand, and moving
more freely. Reading election takes place
next Monday. III Rice is elected
a plan OF reorganization will
be assured shortly which VIII
not provide an assessment on the stock.
London market is Il better for st. Paul
and Atchison, but y to u lower for other
stocks.
There is some talk that Russell Sage Is
trying to bring out a reconciliation
between the opposing New England
parties. Erie bond holders are
going to organize against the proposed
plan. Great opposition is being en-
countered in Washington against the pro-
posed income tax.
Par silver is unchanged at 21h in Lon
don.
The Texas Pacific company has this year
paid off all but 100000 OF the floating
debt carried over from last year and has
during the year 1893 earned all its fixed
charges.
1t is claimed that Wall street is carrying
from 10 to Is million bushels of wheat in
the Chicago market which shows an aver
age loss of about cents per bushcl.
An effort is being made to run shorts in
all along the line.
Boston Sugar Refining people are not at
all disturbed over the fall in the price OF
American Sugar Refining company's
shares.
Yesferday's Rally.
A materia rally in the stock market
yesterday was due to manipulation against
the short interest, and not to any change
of actual conditions or in the outlook.
While, therefore, further i'm
provement on the former basis
is possible whenever the wants OF the
bears shall have been satisfied,
prices will resume their natural tendency,
which, in view of the adverse business
and railway situations, is downward.
This does not apply to those properties
that have already declined to q level
which discounts their surroundings, as for
example, Atchison, New England, North
ern Pacific and others now in the
hands of receivers. 1t does apply to the
high priced stocks, the coalers, Trunk
lines and Changers, the future of which is
problematical.
No one questions but that all stocks are
cheap enough at present prices, provided
present dividends are to be continued.
The Corn Movement.
The corn movement at the
west continues large but re-
ceipts OF wheat are dwindling, and
nh ard az
large as for the corresponding day last
year.
1t is the uncertainty as to the distribu-
brought st. Paul to its pres
ent level-that and falling off
in earnings ranging from 500, 900 to S173,-
600 week. As to the causes for the de-
crease i'm these and other revenues they
are familiar to all and are still operative
General stagnation in trade,
the inordinately low price OF
wheat and poor rates are a combi
nation OF features scarcely calculated to
inspire confidence In an immediate return
of prosperity for the roads.
The situation seems to be one where
corrective measures will come natu-
rally, and as the result possibly
OF the very severe pressure
against credit and values. Sterling ex-
change is subsequently weak by reason
OF an EXCESS OF supply.
Confidence Still Lacking.
It Is confidence that is wanted more
than any increase to the already large cash
resources, but the small demand for
sterling exchange denotes a heavy
reduction in foreign obligations,
and marks one step toward that
business panacea which must
ultimately bring confidence. However,
few people have the courage to take hold
OF the advantages offered, and there is a
general holding back OF spectators.