The Providence news. (Providence [R.I.]) 1891-1906, 1894-12-20
FINANCIAL. NEWS.
Analogous Positions of Wall Street
Brokers.
Special to The News.


the very latest II Is thought some action
will be taken in the currency question,
and az soon az this all important measure
is out of the way, business will pick up
and the period of convalescence will be
short and recuperation quick. In
the interval the accumulation of funds,
carried by heavy interest and dividend
disbursements, can only result in in
creased speculation. 1t is quite common to
hear anumb Der of Wall street people remark
'Wo feel bullish on bonds, but bearish on
stock" They then give as a reason for
their analogous position that while
money continues as plentiful as 1t is for
the moment, and long time loans can be
effected at 3h per cent, there is compare
lively little risk In buying even speculative
bonds, because they are selling at price
that warrants their absorption, and be-
sides they offer excellent chances for q
speculative turn on the bull side. They
express the fear lest future retrenchments
will not be sufficiently radical to
enable net earnings TO Offset the extraor-
dinary decreases that are being made in
the gross, and consequently reductions in
dividends and in snme cases the passing
OF dividends altogether may be looked
for.
1t Is only fair to add that railroad people
do not take the some gloomy view OF the
situation. They insist that we are COM
ing to the end OF the lane Of de-
preston, and that within
very short time the railroads will
emerge from the unfavorable conditions
that now surround them, and that earn
ings will pick up and in the interval the
economies that are being prsctised will
enable the Western roads, especially, and
others In general to tide over the hard
times.
Commission people have made up their
minds that there will be iittie or no busi-
ness doing until after the New Year holi-
days. They believe that Wall street will
witness the usual January advance, but
they are disinclined TO anticipate any
thing of a boom.
Even the most pronounced pessiniist
does not look for st. Paul to sell below 90
and the predictions that &. b. d G., Rock
Island and Illinois Central will yield from
three to five per cent. below present, even
IL fulfilled by the time the apple trees
blossom again, will not establish per-
manent value for stocks.
General Financial Notes.
Bankers OF repute believe that money
will continue q glut until well in the
summer, even II it does not lend at abnor-
mally low interest rates for the entire
year of 1896.
While temporarily something of de-
cline is looked for, 1t Is not believed Sugar
will sell as low as 1t did before the decia-
ration of the dividend.
The Liverpool cotton movement during
the past week has continued very light
and holders have been indisposed to sell
except at-prices above x, above market
parity. Reports from the country indicate
very little more cotton remaining on the
Mississippi plantations than last year.
Advices from Chicago state that Presi-
dent Greenhut OF ID. Z. +. says that the
company anticipates the sharpest kind OF
competition for some time to come.
In Cincinnati the ID. Q. r. circular is re-
ceived with a great deal of indignation.
The statement that Canada Southern
has declared Ia per cent. is pronounced
unofficial.
The Southern railroad earnings for the
second week in December increased sIS06.
Michigan Central has declared 2 per
cent. dividend.
Lake Shore has declared tho reg ular
dividend OF per cent.
The gross volume OF General Electric's
business is reported TO be now more than
81 100000 per month and the balance
sheet shows q reducing deficit on the
capital account, notwithstanding the
charging-off process, which still goes on.
The cash balance of the company remains
over $500, 200.
Wheat opens easy in Chicago, but there
Is not much for sale except by scalpers in
small lots.
T.. c. Benedict says the growth of the
city is compelling the Chicago Gas Com
pany TO make very large extensions Of its
pipe lines. He is neither able no. willing
to attempt to forecast the probable deci-
sion OF the directors at the January
meeting.
Director Frieberg OF Cincinnati is sal to
be fighting Greenhut and working for
reorganization OF ID. c. & f., with Green
hut left out.
Michigan Central show a surplus OF
s97,472, against S46,976 in 1893, and $685.
in 1892. This after 81 per cent. dividends.
Lake Shore surplus s3s,576; in 1894,
s22s, ,653; 1892, s26s,s37
London IL unchanged.
The Withdrawals OF gold yesterday were
for bank in New York.
Exchange is in such a conditions that
indications point TO small shipments on
Saturday.
Cotton futures opened steady; sales $500
bales. Jan, $50; Feb, 5.57; March, 5.62;
April, 5.e6; May, 5.7l; June, 5.76; July,
$50; Aug, 5.s6 bio; Sept, $50.
The stock market opened generally firm,
Sugar, however, was an exception
and was pressed for sale at the
opening, the first quotation given
out being $500 shares from
s9h to sSK, and q further decline was
made to <h, which r. ~ below yester-
days close. Western Union Is also heavy
having sold down to S9h ex-dividend.
G. Franklin Nugcut & Co., bankers, ere.
offering limited amount OF Haverhill and