The Providence news. (Providence [R.I.]) 1891-1906, 1894-11-05
29l to297 WESTMINSTER STREET
LOCAL FINANCES.

The local money market about holds its
own, which Is not so good a condition as
might have boon expected for this season
oil the year, when money is in active de-
mand, but perhaps better than the condi-
ton OF New York or Boston, where ii is
generally acknowledged that rates are
such that scarcely 40 per cent. OF the de-
posits pay to carry. There are, of course,
renewals al u TO 8 per cent, but makers
OF good paper can practically command
their own rates.
The situation OF banks, to which have
called attention in these reports, has been
emphasized by an auction sale OF stocks
during The past week, of which more later
on. The favorable element in these stocks
derives Its force from the favorable pros
poets OF business. The total deposits
held by the national banks on
october z, last, were Sits, 900, 600.
and the loans and discounts were
II, ,992, 1000, 900. In 1898, on October 8,
the corresponding figures were 81, ,451 ,OO0,-
COO and 81 $3.50, 600, 900; while for 1892, Sept.
80, the deposits were S1,765, 100000 and
", l53, 900 900. These figures are full Of
meaning; they show that we have
gained in deposits over last year
more than S2l5,OOO,OOO, and that,
therefore, business men now
have again in hand for business purposes
practically as much as they had in 1892,
which was year of good business. In
other words when business fairly begins
this winter 1T will be helped along by q
condition of reserve funds now in the
hands OF capitalists superior to that OF
times OF prosperity two years ago.
Again the loans show an increase OF $780,
0OO,0OO over last year, but still lack almost
the same amount OF being the equal OF
1S92--showing that the credit and conf
dence OF business has gained about half
what 1T lost during the severe panic of
last year.
On the other hand. of the 35 clearing
house cities east OF the Mississippi and
north oil the Ohio, only two show so large
percentage OF decrease in clearings this
year as compared with last as does Provi-
denoe with 1874 per cent. for 10 months.
Those two are New York with 26.1 per
cent. for 10 months, aud Milwaukee with
1851 per cent.
There Is slightly better demand for
stocks this week, though a demand that
is backed by bid too low to bring out any
stocks can not be said TO have much value
as an indication. AS a matter OF fact,
anyone will buy bargains and a bargain
hunter is not generally counted as much
OF a factor in making markets. The pres
ent investors in local bank stocks are bar
gain hunters. The sales during the week
were few City National at So, North
America at 42A 70 43h and some consid
erable lots OF Narragansett Electric sold at
private sale from 5000 to s77.
OF the auction sale at Mr.. Burnham's 3
Office little need be said. Despite the as
sertions made by the bullishly inclined
the securities sold very low. We do not
recall a sele OF Atlantic National this year,
but tie last year it sold at 40h.
The president OF the bank was
at this sale and was not a purchaser at
37h. This is decline of three points.
Mechanics National sold at 5ll "a
in comparison with the last sale
OF 521l. Rhode Island sold at 2SM as COM
pareo with 27la during last month. second
National, an per cent. stock, sold at
12434, as compared with 1905 i'm July, n
time when both stagnation and dopres-
sion were acute. Eagle sold at "a as COM
pared with So recently. Thi5 is q
q per cent. stock and at the figure
quoted nets 5h per cent. and no taxes to
pay. Weybosset sold at 81 "A AS compared
with recent sales at 90. This Is also
per cent. stocs. Providence Gas sold at
80 as compared with recent sales at S2h.
These are few O. the sales that occurred
at what has been mistakenly termed
"good prices" MIR. Burnham always gets
all there il TO get. And an auction sale
always represents the bos. side Of the
market.
The advance in Stonington Steamship
confirms my predictions of last week
from 12e to 40 and above Is phenomenal
for n local security.
The assignment OF J. j. Reithmann &
Co. of Denver, WHO are prominently inter
ested as owners oil the stock OF the
Denver Cable Tramway Company, calls
attention to the condition OF affairs in