The Providence news. (Providence [R.I.]) 1891-1906, 1894-12-13
FINANCIAL NEWS.
Improvement Will Hereafter Be the
Password.
Lackawanna TO Declare Regular Divi-
dend-Sterling Exchange Weak.
Special to The News.

bankers In wall street 10 tnhI the Cofuor
has been turned and from this on i'm
provement will be the password.
The Lackawanna directors will meet
Friday, Dec. 2S, and declare the regular
dividend of IA per cent The state
ment for the year will show about f2,60O,-
600 applicable to dividends, or in The
neig borhood Of 10 per cent.
The condition of the coal trade is poor,
but the earnings OF the roads are keeping
up well, because OF the reductions that
have been made In operating expenses,
but there seems to be little or nothing for
the time being upon which to boom Lack
awanna.
Sterling Exchange weakened consider
ably yesterday, and II IS by no means
certain that any large amount OF gold will
60 on Saturday, although couple OF
millions may be taken since this amount
has been Withdrawn from the SUBJ
treasury.
However. decided change has come over
the complexion of speculative dreams and
the operators who AS hours ago saw every
reason for espousing the short side Of the
market, and were thon predicting break
in prices, now take very different view.
They believe implicitly that almost
anything can be bought and that sub
stsntial gains may be made before the end
of the year. The Grangers have had no
rise and they are certainly, with the
prospects OF the passage through the
Senate of the Paterson pooling bill. worth
80 per share more than they were even
before the bill passed the House.
Chicago Gas will have its day. The
movement may start almost at any
moment. A prominent operator was
bidding one per cent. fHst night to cHft
Chicago Gas at rs for Ia days, with every
prospect of his exercising she privilege.
The London bank rates are unchanged.
The feeling is unquestionably GROWN
more bullish on American securities ana
these will probably become very active in
the near future.
The refusal of the Senate to take up the
free sugar bill, followed, as 1t was, by the
refusal TO consider the cloture resolution,
is regarded as unmistakable evidence that
there would be no sugar legislation at
this session, and that the sugar company
would be left free to work out whatever
benefits it might find in the present tariff
bill.
General Financial Notes.
There is considerable short interest in
London in st. Paul.
A Chicago special says wheat opened
very slow at x decline; corn steady, but
going higher.
The stock market opened firm and sugar
was in good demand, selling up ~ to 92.
In the rest of the list an advance OF X
per cent. was made, except in st. Paul,
which was heavy, and declined u per
cent. The volume of business was rather
light.
Cotton futures opened barely steady;
sales, 5000 bales. JAM, 5.59; Feb, $50;
March, 5.6S; April, SGT; Mey, 5.72; June,
$40; July, $50; Aug, 5.e5; Sept, $50
bid; Eec., 5.4S bid.
Stronger prices on provisions are looked
for, but packers will probably not sell
much product until the receipts OF hogs
are likely TO increase.
London is Il lower.
The gold shipment for Saturdays
steamer makes feeling bearish abroad.
Shipments promise to be about three
millions.
The loan crowd shows decreased short
interest.
The sentiment in the stock room was
running more to the bull -ide and while
there is no special activity the upward
movement in sugar helps the balance OF
the list
Liverpool opens ~ per cent lower; spot
sales, 10000 bales.
Review of Yesterday in Brief.
London prices came in fractionally
higher and our market opened at a mate
rial improvement except in the case Of
Sugar which was quoted ex-divi-
dend, which showed fractional decline.
There was some hesitation in Sugar dur
ing the first dealings, but little later the
stock began TO harden urder persistent
buying, and for the remainder Of the day
the tendency was toward higher range,
the closing price developing n very strong
tone OH the receipt of advices from Wash
ington that proposition 10 bring up the
the removal OF the difierential on Sugar
had been defeated In the Senate by vote
OF "a TO %. For the balance OF the list,
the speculation, while narrow. was
fsvorably influenced by the pass
sage OF the measure repeating the anil
pooling law and there were some pur-
chsses OF the Changers and other active
stocks on this account. The market was
very limlttu anu tdik IN ItlhllOu 10 pfOD-
able gold exports this week having had
the effect OF restricting trading,
but firm tone was maintained and at the
close some considerable gains were re-
corded, notably in Sugar, ID. G. f., the
Changers and N. Y. 4 n. Il. ID. q. +.
was advanced early in the
day on talk OF new bull
pool in the stock, and n. Y. a. n. l..
showed increased activity for time on
purchases by brokers who at times had
been identified with previous upward
movements in the stock.
The expressions OF opinion from rail-
road men in regard TO the repeat Of tne
anti-pooling law have been somewhat
mesgre. and most of the officials show q
disposition to await the final pass
age Of the bin before stating their
views definitely. so far a. could
be gathered, however, the drift OF opinion
appears TO be that the new arrangement
will be very important for the railroads.
g