The Providence news. (Providence [R.I.]) 1891-1906, 1894-01-02

DETAILS or ERIE REORGANIzA-
TION PLAN MADE PUBLIC.
The Carnegie Works at Pittsburg Started
Up Last Night in Accordance with
Carncgie's Plan Of Employing the Idle.

NEW YORK, Jan. 2.-Louisville and
Nashville for November shows a gross de-
crease OF s222, 1872. Expenses decreased
S202,970. Net decrease, S19,522.
London market is per cent. lower
for l.. and NJ, and u lower for st. Paul.
The rest OF the list is steady. Chicago,
Burlington and Quincy will show nearly
5 per cent. earned on stock for the
year. Operating expenses in November
were 54.S per cent against 81 per cent. last
year. For IL months operating expenses
have been 64.3 per cent. against IS per cent
last year. The weak London market
will probably invite an attack by bears
but on raids the market is purchase.
The Erie reorganization plan provides
for S70,OO0,0OO per cent. 100
year bonds to retire seconds,
incomes, collaterals, trusts and
provide money for improvements, etc.
There is no assessment on stock.
. The Carnegie works at Pittsburgh
started up last night and it Is expected
that the mills will run throughout the
year.
There is some improvement in the iron
trade. Jay. Gould always used to regard
this as the barometer of the sit
uation. Mr.. Wilson, one of the Atchison
receivers says that statement will be is
sued this week and that he does not think
an assessment will be called for on the
stock.
The year 1894 opens with Wall street
discouraged, prices depressed and condi-
tions adverse. The lean period for
the railroads will probably con-
tinue. Earnings promise for the present
continual shrinkage especially on
the Granger roads and Trunk
lines. In the third week
Of December 81 roads lost nearly 13 per
cent, compared with their showing for the
corresponding period in 1892.
The prospects for the current
month are for light tonnage of
wheat, iron, building materials, general
merchandise and in fact nearly all classes
of freight which in good times contribute
SO largely to railway prosperity.
Statistics relating to the trade situation
show that the last weeks of 1893were with
out improvement. Banks clearing as
usual for a long time past were indicative
OF the stagnation. The total was but
$777, 900, 900, decrease of 1853 ,000, 900
compared with the previous weeks, and
OF $2s6 OOO, 900 compared with the CORES
ponding week in 1892.
New Year Greeted by Low Prices.
The new year as far as wheat is con-
cerned is ushered in by low prices
and large stocks. Last year
proved disastrous for the bulls. Crops
were short yet prices declined almost
continuously and en- ded near
the bottom. Those of 1891 and
1892, and probably that also of last year
had been underestimated. The reserves
were larger than any one sup
posed they could be in the light of
statistics. The summer brought a panic.
Financial stringency was every
where. 1t forced an abnor-
nal marketing of products by
the farmers, and thus it was that from
August to early November the
movement of wheat was on
an Unexpectedly larger scale.
It's volume in the Northwest was particu-
larly distressing to holders. With
the tight money market it brought
on rush of bears after which liquidation
was incessant, the shrinkage, save for
brief rallies, uninterrupted.
Transactions in regularly listed stocks
last week amounted to las, 1852 shares
against 1,497,960 shares the week pre-
vious.