The Providence news. (Providence [R.I.]) 1891-1906, 1895-01-26
FINANCIAL NEWS.
Stocks Will Be Fevcrisa Temporarily,
at Least, Say Solons.
Nicaragua Canal Bill-Thc Currency
Situation-Gossip.
special to The News.

will be feverish and II is not unlikely that
those professionals who espoused the
long side of the market yesterday after
noon and bought for scalping profits an
ticipatory of good tidings from
Washington will throw them
over again today but in the
judgment OF the best informed purchases
made especially of Sugar, Chicago Gas, &.
Il. q O., l.. & N, w. L., and ID. & H., on
recessions OF from q TO per cent. Will
show profit in the course of az hours.
The passage of the Nicaragua Canal bill
through the Senate is an all important
measure. Ii was so amended as to give
the United States complete control. The
bill directs the issue OF 0,000, 900 OF Mica
ragua bonds, bearing the United
States guarantee and an additional
100000 900 OF bonds without said guaran-
tee. The Government will receive S70,-
1000 of the canal company's stock in re-
turn for assuming the liability OF the
bonds. great many prominent
Wall street operators attach
great deal OF importance to this bill, and
they think it viii pave the way for the
employment of tens OF thousands of un-
employed men and The work will be pushed
ahead IN most expeditions manner.
Tee currency situation overshadows
every other question, and the apathy OF
The officials meets severe criticism. The
effect thus far has bcs n to diminish trad
ing, but the bears are watching for any
appearances OF selling OF long stocks to
attack prices.
London is * lower for 81. Paul and
Louisville & Nashville. This is caused by
the nervousness on account of our tre-
mendous gold shipments. Ii is thought
that the magnitude OF gold shipments
will make speedy action by the Treasury
necessary. The Cabinet will meet again
Tuesday.
Cotton Moderate demand, prices un-
changed; sales. 5000.
London dull at declines of u per cent.
for active stocks.
Lessons From Prices of Iron.
Stephen N. Noble OF Anniston, Ala,
writes about the prices OF Iron since 1872,
as follows:
In 1872, when Grant was elected Presi-
DEM, the House stood IS Democrats TO 203
Republicans. The price OF Iron advanced
to ;4S.T5 in New YORK.
In 1874 the House changed from SO
Democrats TO Isl Democrats, making a
Democratic House. Iron oeclined TO
s30.25.
In 1876 the II use stood 156 Democrats
10 lSS publIcans, a Democratic House,
ana iron decline d 10 S2225.
In ,S78 the House s,ood 80 Democrats
TO l3S Republicans, a Democratic House,
ard IRON declined 10 sl7.51.
In 1850 Garfield was elected. The House
stood Is. Republicans to leo Democrats,
changing Republican majority, and
iron advanced to $3.50.
In 1882 the House slood 30 Democrats
to it9 Republicans. Iron declined 10
$3.50.
In 1884 Cleveland vas elected. The
House stood lSi Democrats 10 140 Repub-
leans, q Democratic House, and iron
declined TO sl07S.
In 1886 the House stood 10 Democrats
TO l5l Republicans. Democratic House,
and iron went to $3.50.
In lSeS Hnrrison was elected The
House stood l5) Democrats to i73 Repub-
licans, Rspub.ican House, and iron
advanced TO $40.
Since the election OF the Democratic
House OF 1890, iron has gone be ow ;15.
General Financial Notes.
TIE not increase of Big Four, earnings
for November were Sil,S53.
The United States Cordage Company
paid yesterday the second instalment
upon its collateral trust notes i:sued in
December.
Wheat opened q at one-half cent
higher, on buy ing pressure from shorts,
owing to the Unexpectedly higher Grglisa
markets.
General Electric started in to 60 lower
this morni z. People on the street are
sIiil unsettled regarding this stock.
These prices are from the American
Iron and Steel Associa ZION, Philadelphia,
and are for No. / IRON. Philadei phia
pr.ces are quoted for the reason that /
have gone back too far for Alabama
prices.
1 nc ckholders annual meeting OF the
Navassa Phosphate Company, was held on
Wednesday, 23rd inst, at the rooms of tho
company, 1i5 Broadway, New York city.
Captain George II. Eettis OF this city
was elected chairman OF the meeting, and
John III. Haskell, Esq, Of Baltimore, Md,
was elected secretary. The annual
reports of the president, secretary,
and treasurer of the corporation, were
read. received nnG ordered placed OF
file. stephen q. Mason, Esq., OF this
city was elected on the board of trustees
for the ensuing year The affairs of the
corporal on are said TO DO improving and
they viii again commence TO pay divi-
dends in he near future. OF the 1900
shares OF this company about two thou
sand are owned by persons in this city.
Cotton futures opened quiet; sales
1900 bales; Feb. 5.43; Mar, 55l. May.
5:57; June, 500; July, 563 bid; Aug, 5.GS;
Oct, $40.
Brief Review of the Day.
Theodore w. Myers & Co., OF New YORK,
telegrapbed the following TO Edward Il.
Sheldon & Co. a. noon today:
"The mar ket opened with renewed liqui-
da,ion and closed irregular. The greatest
weakness prevails i'm he stocks firmly