The Providence news. (Providence [R.I.]) 1891-1906, 1894-12-26
FINANCIAL NEWS.
The Stock Market to Be One OF
SpeciaIiies.
Absence Of Legitimate Buying Orders.
Railroad Earnings-Notes.
Special to The News.

NEW York. Dec. 26.-The market will
probably be one OF specialties for some
time to come. 1t is believed, however,
that an important improvement will soon
set in and that those who will take
advantage of moderate recessions from
these prices will not fail 10 make most
appreciable profits. Perhaps it was the
holiday, or may be because those that
have large interests on the short side have
concluded for the time being that there
Will not be very much in bearing the
Changers. Anyhow the talk over Christmas
was inclined TO be little more hopeful
and the impression prevailed that II STOCKS
are acquired on concessions from these
prices, they will show profit OF no small
amount inside of ~ hours.
The one distressing feature Is the abb
senco OF legitimate buying orders.
The situation is best described by a
prominent banker. who yesterday said
IL do a representative commission busi-
ness when there 10 anything to be done,
but my house Is in the position OF score
of other houses in the street; that Is, we
are not carrying stocks on margins.
sour customers have either taken up
their accounts, or else the stocks were sold
some time ago. All that can bo said OF the
10 hour and day 10 day Is that those who
are running things Tor the moment are
betting hat stocks will go down."
Dealings are being made in phantom
shares and the character of speculation
is scarcely likely to change until some
thing occurs that will encourage those
who believe in better conditions to take
hold of their various specalties.
The advent OF cold weather should have
stimulating effect upon all the coal
stocks. Vice President Holden OF the
Lackawanna is authority for the state
ment that prices are being firmly he'd,
the output is comparatively limited ana
the condition OF trade Is decidedly
more healthfui than IL was q few weeks
ago. Let Us have reasonable spell OF
good winter weather ana the coal COM
panies Will be fully able to take care Of
| themselves"
Cotton Futures opened steady; sales
1900 bales JAM, Dab; Feb, 5.l7; March,
5.52; April, 6.S6; May, 5.6l; June, 565;
July, 6.7l; Aug, 6.T; sept, 5.79; Oct, 5.o-.
| Inc STOCK MARKET opened weak aud
most OF the shares traded in recorded de-
clines. Lead preferred receded Is, ST..
Paul and Sugar Is, Northwest snd Rock
Island u and other shares a fIa .on. In
exception TO the general market Reading
and Chicago Gas were strong. Reading
sold up y. and reacted " per cent. Chica-
go Gas advanced Is. speculation is quiet
and steady at this nour.
General Financial Notes.
No Liverpool or London markets todey.
The meeting of the Lackawanna direc-
| tors Tor the dividend will take place on
| Friday.
The earnings of st. Paul for the third
week OF December decreased $3.50;
Canadian Pacific decreased 100000; Texas
Pacific increased Si7S2; Ontario 81 West
erp increased s7935.
In the absence OF new gossip the talk is
confined 10 discussing The currency bill
and its changes. There are only 90 days
more of this Congress.
a dividend on st. Paul is out of the
! question. The read will be doing Well If
they oarn the full divioend on preferred
stock.
The net earnings OF 143 railroads for
| October showed decrease of I'LL per
cent. net, and for the year 10 November
| /, $50, ,0C0,O00. Fifty-four roads, reporting
| the second week IN December, show "a
! trifling gain.
/
morning, but looked more promising
later.
Late Financial Notes.
NEW YORK, Dec, 26--An effort TO down
| Gas proved abortive. BY all accounts
! Il. Z. Benedict Is taking every
body who has no right to know into his
confidence. lie is advising them To sell
1t. Those who sell will fare badly in the
| course Of the next 80 dnys.
The Changers, although weak, act in a
| stubborn manner. The short interest in
! St. Paul, Rock Island and T.. B. d q. is
| large.
ID. Z. Y. exhibited almost eggressively
ftrength holding up better than for a
| long time before.
Sugar lis temporarily relegated to third
rank.
l.. 4 N. for the third week of December
increased ,775.
81. Paul gross earnings for November
\ decreased so49,062; net, s292, $780, The de-
cline is generally due TO falling off in
freight business in South Dakota.
Providence Clearing House.
The clearings Of the Providence banks
today amounted 10 si,I6O,600.