The Providence news. (Providence [R.I.]) 1891-1906, 1894-08-07
THE FINANCIAL NEWS.
A Revival OF the Defunct Western
Traffic Association.
Crop Report Not Very Encouraging
Prospects Poor Cor Tariff Agree
ment--Gossip of the Market.

New YORK, Aug. Beginning on
Saturday one through train between New
York and Chicago, each way, will be taken
off the New York Central. IL is proposed
to form new association to take in every
! railroad in the west To be on a more sub
stantial basis than the defunct Western
Traffic Association.
| London is from Y to a lower. The
crop reports compiled by one OF the rail-
roads running through Iowa and Kansas
are very bad in Iowa. Reports make Corn
| 10 to 80 per cent. Very few higher.
Kansas reports range from failure to 20
per cent. with average very low. Moth
ing new on the tariff. The Senate confer
rees stand firm and say that House must
give in. Prospects blue
All traders bulling L. q NJ, while Eu-
rope is selling it. Weather map shows
whole corn belt clear, hot and dry, with
south winds prevailing, light showers, .O2
to .O4 inch at Rapid City.
Corn opened from 54H to 5s. At IL
o'clock 1t was 60. IL is estimated that
condition Of rs for corn in Government
report next Friday will indicate total
yield of about 1.60O, 100000.
st. Paul for June shows decrease gross
OF &521 ,049; expenses decreased, s422, cor;
net decrease, $98, ,442.
The London Exchange was again closed
yesterday, consequently there were no
quotations from that quarter, and our
market opened generally firm in tone
with considerable interest in the trading.
although transactions were not on a large
scale. The conflicting rumors as to the
outcome of the proposed Sugar schedule
led to considerable selling of that stock
directly after the opening, but the
loss was soon recovered aud for the re-
mainder Of the day the price held steady
In the neighborhood OF 1861, the specu-
lation not being SO much of a feature o.
for some days past. The bull cliques are
busy in Western Union, Missouri Pacific,
and there was some covering of
st. Paul with rumors OF buying by Armour
interests. but G. b. & Q. was heavy from
the opening, and Rock Island, after some
firmness early in the day, became one of
the leaders in the later decline. The
market was comparatively firm until
the early afternoon, wlen an engage
ment was unexpectedly announced of
100000 gold for shipment and during the
last hour, in consequence of the rapid
and excited advance in corn, both in Chi
cago and New York, the Cammack brokers
seized the opportunity to hammer the
Grangers with the result of establishing a
loss of 2 per cent. in c. b. q O., ~ per
cent. in Rock Island and frac-
Northwest. The general list was
also unfavorably affected by the decline
in the Grangers and lost considerable
portion of the early advance. The only
gains for the day were recorded in Sugar,
mi ND n h..
shares.
The news from Washington yesterday
was not especially significant and the
situation there is still as uncertain as ever,
consequently interest in the trading
has shifted from tariff matters
to the injury to the corn crop
and consequent losses for the corn
carrying roads. Some increase in activity
is expected for the next few days with
turns depending principally on the char
acter Of Washington and Western news,
and operations by the shorts in the
Granger shares.
Gossip of the Market.
News from Chicago reports Corn wildly
excited. September opened in Chicago
SAX and sold with few sales to 5S. Wheat
stronS iolloWlng corn. september % at
New York and 56 at Chicago. The
whole market hinged on excitement
in Corn which is Az cents up in New
York on Saturday and AZ up in Chicago.
All the news is bullish on Corn and bear
ish on the Granger stocks. Savin sold i'm
all about four thousand c., b. tS @. Day
d Heaton, kenntt d Hoppins bought.
Sanction sold G. B. d @. and Cammuck
brokers hammered it. Sterling sold
Sugar. Bear broker bought little G. b.
& q. TO cover. Boston now selling.
Feeling still inclines TO bear side on the
crop situation, although some doubt is
expressed as to correctness of
recent reports. Cammack brokers ac-
tive especially in c. II. q @.
and some long stock said to have been
dislodged. London prices show declines
for Louisville & Nashville and st. Paul
Others unchanged or iractionaliy higher.
Louisville d Nashville and 81. Paul lower
on disappointment as TO tariff matters.
Some OF the papers beginning to talk of
slight hardening in money notes.