The Providence news. (Providence [R.I.]) 1891-1906, 1894-12-17
FINANCIAL NEWS.
Why So Much Gold is Shipped to
Foreign Countries.
Changes I'm Carlisle's Currency Bill.
The Local Market-Notes.
specidl 20 fhc Nens.

unlikely that the shipments of gold this
week Will exceed those OF last week, but
In the best informed circles these inter-
missions are not causing the alarm the
bears profess to feel. The truth of the
matter is, the shipment Of few millions
at this season is not unusual.
Ip the first place Europe holds a good
many millions of our securities and much
OF the precious metal that is now going
forward and viii probably 60 out until
the 18th of next month is to liquidate
interest and dividend claims that mature
on or about the last of January of each
year. The very fact that we are shipping
gold should be a bull instead of bear
argument, since 1t must prove that
investment holdings OF Americans are as
teneciously held there as they are on this
side. 1t is q question that scarcely admits
OF debate whether 1t is better to remit
this interest periodically or to take back
the investment stocks that are lodged in
foreign hands. 1t is a conceded fact that
the tin boxes abroad only contain the very
best class Of securities. The books o! st.
Paul show that about twenty-eight mill
lions of the common stock are held abroad.
The bulk OF l.. & NJ, is likewise held there,
but these two favorite speculative proper
ties cen scarcely be regarded in the light
of daubs.
Those chromos that are still retained on
the other side are held at prices at which
they cannot possibly be sold.
Advices from Washington state that
the Carlisle currency bill will doubtless
undergo material changes before il passes
the house.
The attempt to revolutionize the cur
rency will doubtless cause operators in
the market to hesitate about
fixed position, although, it is
believed in best informed circles,
that the outcome of the present currency
agitation will be beneficial, since a COM
promise that will settle the momentous
question definitely will be arrived at.
1t is not unlikely that some attempt
will be made to put Sugar lower, es-
pecially as an attempt to force Congress
to take off the lilo per cent. difierential on
German sugar is to be made.
So far rs the local market is concerned,
even the most aggressively bearish con-
cede that it is much easier to sell stocks
than 1t is to buy them. The room traders,
1t is true, are inclined to bear the market,
but they only succeed in nursing the
short interest.
The Drexel- Morgan interests will give
support to their specialties. There is no
better informed man on the Western
railroad situation than j. p. Morgan and
he insists that the outlook is far better
than 1t has been in many months.
General Financial Notes.
Lazsrd Freres viii ship 5000 gold to-
morrow. This will make s., ,25o, 900 in all
reported this morning.
Advices from Chicago state that wheat
opens slow on public cables, but private
cables are firmer and some quote Liver
pool wheat y higher than Saturday.
Corn is quiet and 1-8 lower in face OF
clearance of 10000 from store.
Liverpool has lower tendency; spot,
y lower at 2 p. m.
Purchase of May provisions is advised,
at about Saturdays prices. Receipts OF
hogs are falling off and higher markets
looked for.
In the absence OF any general develop
ment in trade this morning gossip
centered on Congress There the effect ON
the stock market is divided between the
pooling bill and the currency bill, but re-
garding the latter it was felt that not hing
can be done at the present session.
London is n lower.
The real treasury balance is about 96b
millions.
The State bank provision will be met
with decided opposition.
President Greenhut said saturday that
the output OF spirits by the Trust would
be materially increased by January /.
Enough distilleries will be started to con-
sumo 10000 TO 1900 bushels of grain per
day.
The initial trading as a rule was at
slight fractional recessi ions from the final
figures OF Saturday last. Chicago Gas has
been very weak on resumption OF the
bearish pressure Of last week and Is of
1M. Sugar on fairly good buying has
recovered TO * above Saturdays closing.
Cotton features opened steady at the de-
cline; sales 1880 bales. JAM, 5.5i; Feb,
5.5i; March. 5.5s; April, 56i May, 5.6a;
June, ga: July, SIS; Aug, 5:s1.
Review OF Saturday in Brief
London prices came in heavy aud our
market opened frcctionaly lower In SYM
patby, but with business very limited In
volume, and fluctuations coafned within
a narrow range. The principal interest
OF the speculation centered In Sugar
and Chicago Gas, both OF which were
pressed for sale, the first named by trad
ers. who appeared anxious to realize. end
last by parties who seemed still In doubt
ca TO the next dividend rate. Officers nj