The Providence news. (Providence [R.I.]) 1891-1906, 1895-01-24
FINANCIAL NEWS.
Railroads In Such Shape That Reor.
ganization Is in Order.
st. Paul Earnings-Drive at Manhat-
tan-Bond Issue.

NEW YORK, Jan. 24.-Although those
who are giving the subject the greatest
consideration seriously believe that there
has been rift in the financial clouds and
that brighter times will dawn in the very
near future, traders do not take the same
roseate view.
They are inclined to be particularly
bearish and are going back once again to
the old theme or reorganization. They say
IT is not SO much question OF settling the
currency because this will probably be
done at some not very remote future date.
Railroads, however, are in very bad
shape. Plans Of reorganization make
their periodical appearance only to be
shelved again for the simple reason that
earnings have not yet fallen to that basis
| upon which calculations may reasonably
| be made.
Until something definite is done with
the Union Pacific, the Atchison, Reading,
Northern Pacific preferred, and the score
OF the other but less important railroads,
so that these can be put on their feet and
earn at least their fixed charges,
there can be no possible bull movement
for the reason that these vulnerable prop
| critics will crumble and fall and in so
uoAbF tnSJ DeflOICe DIlHB uOWu
whatever structures the bulls make in
! order 10 develop more active interest as
far as the outside public Is concerned in
Wall street affairs.
The earnings of st. Paul for the third
week Of January are about 200 better
than previous estimates. The falling off
was but s55,000 and the improvement in
the daily average that was noticed a week
ago not only continues, but is compara-
| lively pronounced.
The earnings are now running about
| $4,000 day for each working day, as
against $4,000 for the last week of De-
cember. The showing is all the moro
commendable for the reason that very
severe weather was experienced IN the
West during the early days of the week,
the statement for W hich is now presented
1t will not be surprising is there should
be a drive made at Manhattan, for the
reason that Mayor Strong insists that the
rapid transit project Is far from being
dead, and that he intends to push matters
in order that the proposition that was
voted for by the public in November shall
be carried through successfully.
General Financial Notes.
The demand for Liverpool cotton was
fair and easier; sales 1900. Futures
opened quiet but steady, with moderate
demand, and were quiet at the decline.
Later newsNtates that the market was one
per cent. down; sales, 1900.
Advices from Chicago state that unless
present calculations fail every mill at the
head Of the lakes will be grinding -four at
full capacity before the close of next
week.
H. II Iz- II
committee on finance ana currency pre-
sents this afternoon, for ratification of
the Chamber, a report on the currency.
The report advocates an issue OF bonds
sufficient to place the treasury III an in
dependent position.
London remains unchanged.
Gold TO the amount OF fl,50o,000 is
ordered for today.
The Wool Market.
Nearly three and one half million
pounds OF wool have been sold this week.
There is a visible improvement in breadth
OF demand. An improved feeling Ia quite
manifest. Manufacturers are taking
right along moderate quantities
OF various kinds of wool,
according to the kind OF fabric they are
making. 1t is believed, when one con-
siders that the January, 1895, importa-
tions of foreign cloths include three
months consignment delivered i'm one
month, that the bulk of it and the dispo-
stion of ii thus far Is not such as TO
confirm the apprehensions which were
excited last fall concerning the effect of
these goods being brought into competi-
tion with our domestic manufactures ;con-
fldence in thor ability To retain their grip
upon their own market for such goods
as they have hitherto found it practicable
10 make, seems to grow apaco in the
minds OF the generality of our makers OF
mems wear and dress goods.
Except for fine wools which are not in
excessive supply, the demand for domes-
tic heeces continues in about tho same
degree as in tho last quarter of 1894; there
has been recently moro call for territorial
wool than hitherto since the middle Of
Decem Der. Pulled woods have had anot her
good week; the price of some grades has
materially strength hened since ast writing.
Australian has sold well, and there has
been increased inquiries for South Ameri-
can cross breds.
The sales OF the week amount to 2,717,-
500 pounds domestic and $4,000 pounds
foreign, making a total OF 3, ,499, 800 pounds
agsinst total OF 2,773.0Oo for the
previous week, and total of 2,i72, 800
pounds for the corresponding week last
year. The sales since January /, 1895,
amount to 1851 100 pounds, against
6,267 100 pounds year ago.
Sales in New York amount to l,705, 900
pounds.
The aggregate sales in Philadelphia were
1885,, 800 pounds.
Providence Clearing House.
The clearirgs OF the Providence banks
today amounted TO $685.