The Providence news. (Providence [R.I.]) 1891-1906, 1894-01-05
No Buli Pool on western Union-It 10
Doubtful II Gold Exports viii Bs
Made General Market News.
Specinl 10 The Neus.

from st. Paul to Chicago. The meeting
took place at Chicago. higher market
is looked for. 1t was understood that
when the new stock and bonds for
the st. Louis improvements were
fioated early last year, that G. b. q O.
had provided for all needs for some time.
The Burlington bond story Is probably
not correct.
Missouri Pacific for the last week In
December shsws q decrease OF $4,000.
The decrease for the entire month is
s262 900 and for the year $2,675,OO0.
This looks very bad for the road. 1t may
bring out little reaction in the market.
Considerable long stock came out at the
opening.
Upward Movement ut Hand.
Owing to the reduction in the short in
terest it would not be surprising to see
some reaction. 1t is now the gene
raj opinion that there has been distinct
change for the better in the
tone of speculation. A decided strength
has been shown and maintained which Is
most gratifying to note.
Chicago bankers say that the feeling In
business circles is better. The demand for
money is increasing and general business
is improving slowly. The bears in
New York are so confident that they sold
on the rally and it is doubtful IL the
short interest has been reduced much.
Every days advance from Jan. 1, with
out important financial or commercial
failures will see an Improvement
in the situation. There may
be some further liquida-
tion, but the great liquidation is behind
US, and from now on the security markets
are likely to be strongest when they
are apparently the weakest, para
doxical as 1t may seem. The
turn of the year is bound to reveal all the
poor timber in the financial struc-
lures, and when people fully
realize that corporations and indi-
viduals are now sound, confidence
will return intensified, and thus the real
obstacle against enterprise and values will
be raised. A favorable turn in the tide of
events is coming, in fact the preliminary
movements are already here. When 1t
does come the bear element will suffer the
greatest losses in fighting the improve
ment from four or five point rally.
No Buf ool on Western Union.
There does not seem to be much IL any
basis to the story that new bull pool
had been formed in Western Union stock.
The people whose names have been men,
toned in connection with it, deny any
interest in the matter.
small dividend is likely to be declared
on Worlds Fair stock about the middle
of this month.
In trade circles it is stated that sugar is
now selling at the lowest price on record.
The net cost to jobbers is 3.74 cents per
pound for refined.
The Reading receivers will meet the Sc
curity holders at noon tomorrow and an
nounce that they will then give all the
information desired by any security
holders present. The reorganization
plan,is is expected to be presented at the
meeting.
Gold Exports not Likely.
The bears are relying in great measure
for assistance in depressing the market
in the early future on TIE resumption
of gold exports. With the pres
ent condition of The United
States treasury, drain upon its limited
gold holdings would indeed be q
very discouraging event; but there
is no likelihood of it occurring. The
spring exports Of gold in years hereto
fore, were for the purpose of paying for
merchandise bought in foreign countries
during the previous summer and
fall. Custom house statistics
show, however, that since July last,
imports have fallen off tremendously y-es-
timated in round figures at
nearly 40 million dollars less than
for the corresponding period in
1892. Besides this, we have not alone paid
off an enormous amounts of loans, but by
reason Of the cheapness OF money in this
country, we are today loaning
funds in Europe. Foreigners,
it is fair to say have sold all OF our
securities that they intend to; and
our merchandise exports for the
last half of 1893 exceeded those for the
same period Of 1892 by about s12 2,OOo, 900.
Summing up all existing conditions, IL Is
fair and reasonable in the circum-
stances to assume that we will not export
any gold this spring for pay
ment OF obligations. IL we do ship
any OF the yellow metal, it will
simply be as loan, and because money is
easier here than abroad. Everything thus
far favors gold import movement later
on on balance.
Money and Exchange.
Bv The Associated Pres
NEW YORK, Jan. 5.--Money on call
easy at I, 4 y per cent. Prime mercantile
paper 3h, 5k per cent. Sterling exchange
dull with usual business I'm bank
ers bills at si.S5k, sis5A for
demand at 4.S3 1-2, 4.s3 81, for sixty days;
posted rates ASS, 4.s7; commercial bills
4.s2 1-2, 4.S2-3-i.
silver certificates 60 5-s, last bid, no
sale.
Bar silver IS 1-2, Mexican dollars 81 1-2.
Government bonds quiet state bonds
steady, railroad bonds strong.
~. n. Clearing House Report
Tu The Associated Press
NEW YORK, Jan. 5.-Clearing house
statement; Exchanges, ssS, ,is0, ,764; bal
ances, 1895, 156.