The Providence news. (Providence [R.I.]) 1891-1906, 1894-12-03
FINANCIAL.
The Increase in L. & N. Operating
Expenses.
The Meeting of Congress and Sugar
Bankers on the Demoralizationof SUI
gar-Public Confidence Unsettled.
Special to The News.

Special to The News.
NEW YORK, Dec. g. One OF the promi-
nent bears started the market Saturday
by covering q rather large line Of stock.
This set other traders covering and there
was some long buying for
ment came out. The decrease in reserves
acted as little damper and led to rsalix-
ing. There was no change in the general
sentiment
The prevailing expectation is that the
market will have further decline OF its
its own weight. The active bears laid
stress on this point, and commission
houses recognized 1t to some extent.
The loan market showed good demand
for all tbs leading stocks.
Quite large amount Of Sugar was bor-
rowed fiat and Chicago Gas commanded q
small premium. Al large amount Of L. L.
and J. G. were called IN carrying
supplied up to lie. The increase In l.. 4
N. operating expenses during October, 1t
is understood, is due largely to delayed
betterments, repairs and maintenancs,
and does not represent to any great ex-
tent the beginning OF the new policy with
regard to construction account.
In view Of the meeting OF Congress,
Sugar will by all ODDS be the great
factor In the market. There 10 great
deal TO be considered in connection with
the suggssti0ns that have been given
"free gratis" and TO those
whose assistance 10 asked on
the bear side of the stocks the question
should come up for consideration this
week. From all that outsiders can learn,
there in every reason to believe that the
directors will declare Per cent. for the
quarter.
Bankers point out that the recent de-
moralization in Sugar has failed to dis
- - srI
events of the past few week have perhaps
emphasized more than other conditions
the fact that liquidation has nearly run
it's course.
First came the break in Whiskey from
within few fractions of % to below so.
This was followed by the reduction of
dividend by the r. l., B. O., and N. W.,
dence, only to be followed By a
sharp attack on Chicago Gas. Then
came the "green goods" speculation
IN Sugar. The fact that neither started
liquidation afresh is accepted as an indi-
cation by seme that the market IL in safe
condition.
The stock market opened heavy this
morning under the influence OF higher
rates for Sterling Exchange which has
revived talk of gold exports.
The Changers were fractionally lower
and sugar refining declined one per cent.
on free offerings. Chicago Gas Is also
weak feature and the bear faction is active
In depressing values.
Chicago advices state that Provisions
opened dull. There were but two trades
in the frst few minutes.
Wheat is now practically placed and
provision made for carrying to May.
London market better.
There 10 no doubt that most OF the buy
ing Saturday was to cover shorts, but the
market is still oversold and likely to rally
still further.
President Harris OF the c. B. & O.,
denies that the road is being skinned"
Russell Sage says q scheme for consoli-
dating Manhattan Elevated and Metro
politan Traction is under consideration,
but the Traction people deny it.
The Journal Of Commercs says Carlisle
has decided to resume the issues OF gold
certificates.
Liverpool cotton market opened at
about Saturdays closing and 10 now about
one point easier.
On ON any my break, brs.., the leaders say they
The meeting OF Congress is Of course
the all-important event today. The papers
stated that the President will take
strong ground on the currency question
In his message. They also reported
strong talk against Havemsysr for his
Sugar interview and stated that the
Brooklyn rsfneriss will start up today.
Lake Shore in the loan crowd 10 y per
cent. higher. j. w. Davis called in con-
siderable stock on Saturday.
New York, Chicago st. Louis de-
clined Y, Burlington and Lacleds Gas u
and ST. Paul, Rock Island and l.. a N. x.
subsequently Chicago Gas recovered and
Sugar rallied u. Tobacco sold up per
cent. to 95. Canada Southern q and
Northwest " per cent.
Sugar S5h, Distilling ~, Chicago Gas
69A, Burlington 69h, Rock Island 60M,
st. Paul 5sN, Louisville 5iA, Western
Union, 81.
Cotton futures opened steady; sales
GOO bales. Dec. 5.44, Jan. SOL, Feb. 5.55,
March $50, April 5.67, May 5.72, June SIS,
July 5.S4 bid, Aug. 5.91.
Providence Clearing House.
The clesrings OF the Providence Banks
today amounted to SSl5 29s.
Local Gencraltties.
Wilbour, Jackson & Company begin the
week with newly tinted office walls and
freshly frescoed ceilings.
{. Franklin Nugent n Company have
$4,000 San Antonio (TsK.) 5s, TO sell.
These are considered fine bonds for the
rate OF interest they pay. More than one
half OF San Anionio's bonded debt 10 held
by the Union Mutual and New York Life
Insurance Companies OF New York.
New York Stock Quotations
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