The Providence news. (Providence [R.I.]) 1891-1906, 1894-12-12
FINANCIAL NEWS.
The Pooling Bill Used as a Spurious
Bull Argument.
Immense Losses In Stock Values-For-
eign Exchanges to Close-Notes.
Special to The News.

nipulators; at least they are not deferred
by them from using the short interest
as lever with which to lift
quotations q point or two from time 10
time. 1t is true that gold exports in the
near future are apt to be larger, but it Is
also true that the gold reserve has been
rebuilt purposely 20 meet them.
The Patterson pooling bill has passed
the House and, like the bond issue and
the elections, it is q spurious bull argu-
ment.
1t will not raise the price of wheat or
that of cotton.
1t will not make good the great de-
fciency in tonnage due to crop failure.
At the same time, manipulators will
make use of 1t in the stock market
until its speculative force is spent and the
railway shares, especially the Changers,
will do TO buy for a turn. Had the bill
been passed week or 10 days ago, it
would have had more decided effect than
1t will have now az the short interest has
been materially reduced.
The shrinkage in stock values is worth
noticing just now. Thirty ocks OH the
New York exchange, representing
the enormous par value of IL, ,2s2,-
800, 600, were worth at the high
point of the year sSol,O30,0Oo, but
this total is shown to have shrunk from
the effects OF recent adverse influences TO
SOS, ,o79 900, a decrease OF sl2l ,3ol 900. This
loss is some 100000 900 more than all the
railroad stocks in the country received as
years diyloend.
General Financial Notes.
As compared with the ike period in the
normal year OF 1892, the decrease in 81
Paul last was $z3l, ,O0O; with 1881, Slo3, 3,OOJ;
with lo9O, sol, ,UUO.
IL is stated in the sugar trade that $780,,
600 barrels of refined sugar were bought
by the trade yesterday afternoon, ana mat
the A. 5. X. Co., as a result, took IN con-
tracts nearly sZ,O0O,0oO.
Diamond match Company directors yes
terday decided 10 issue ., ,O0O, 900 new stock.
London is II higher on passage OF the
pooling bill in the House by the vote of
lO6 10 Al. This viii cause quite rally II
IL passes the Senate.
sugar ought TO be purchase. 1t is not
thought tina. legislation Viii be resumed
today in the Senate.
Advices from Chicago state that the
weather IS very colo IN ne Western winter
whea belt.
a he executive committee of the West
ern Union recommended 10 the board of
directors the declaration OF the usual
quarterly dividend toosy of IA per cent.
Manhattan has declared a regularly
quarterly dividend of u per cent.
The foreign exchanges will close on
Friday evening and Remained shut until
the following Thursday.
Even after ded. cling the claim OF $685.
600 made by the city for taxes, and which
Judge Beach has recently decided in favor
OF the Manhattan Company, the company
has earned, it is stated, more than its div
idends for the calendar year.
An operator VINO has always been
friendly To the Gould stocks says that he
looks for Western Union 10 have sharp
and sustained advance between this and
the end OF the year.
The Illinois Agricultural Bureau raises
its estimate oil TIC corn crop 10 20, 10000,
being 81 7,0OO,OO0J more than last year.
Liverpool is u point better; sales TO-
QUO. The seDi-weekly movement this
week is 127 900 bales against $4,000 the last
crop year. Ii is .houg nt the movement is
a little too heavy for the market 10 stand.
Cotton futures opened steady IS sales,
41,OOO bales. jan, 5.59; Feb, Dol; May,
July, 5e6; Aug. $50.
The stock market opened strong and
active with a considerable advance in
most of the shares dealt in. Eur
lington and Rock Island gained
per cent, ct Paul x Il. d N, D.L. w. ana
Denver & Rio Grande preferred
Is, and Northwest, Canada Southern, New
York Central and Consolidated Gas ls.
Sugar sold ex-div. and broke Is, but soon
recovered the loss. Laclede Gas preferred
is down "a and Cotton Oil p, but the ten
dency OF prices in the general list is up
ward.
Review OF Yesterday ia Brief.
London prices came in frmer, the
Drexei- Morgan circular on Erie having
been less stringent than had been
anticipated, and our market
opened at corresponding improvement,
but with a material reduction in the
volume OF business. The contest in Sugar
appeared to be abandoned for the time
being, operators apparently preferriDg TO
await developments on the closing OF he
books, but Moore q schley were again
Offering the stock, their sales
for the pa. two days having been esti-
mated in some quarters as high as $1,000
shares. The tendency of the general list
was rather toward n lower range and the
bears attempted to make some demonstra-
tion in Manhattan and Western Union,
perhaps to give the impression that
the dividends were likely TO be reduced,
but the regular rates were maintained