The Providence news. (Providence [R.I.]) 1891-1906, 1895-01-28
FINANCIAL NEWS.
Comprehensive "Sizing Up Of the
Condition Of Trade Generally.
Northern Pacific Earnings-Change Of
Locati0n-Gossip.


Special to The News.
NEW YORK, Jan. 2S.-"The oldest in
habitant" In Wall street comedies that he
has never seen a counterpart of the present
speculation. He argues logically that If
good news fails TO have any influence cer-
tainly the course OF the market shows
that bad news has been pretty literally
ing OF gold and the almost posi-
tive assurance that the shipments
of the immediate present will be, II any
thing, heavier han were those OF the re-
cent past, would cause chill 10 tho or
dinary bullish speculator that would be
reflected sympathetically in moderate
liquidation for the account OF
those who have actually held
stocks, .hoping against hope" 1t is
nevertheless fact that severe raids and
persistent depression fail TO dislodge
shares from strong boxes, probably for
the reason that people who have held
them through two years Of constant de-
preston will not sell them when they are
within six weeks or so of sight of the
promised land.
The country at large feels convinced
that this Congress. falling to take action
upon the currency question, will be super
seded almost Immediately by a meeting
of the Fifty fourth Congress, when Presi-
dent Cleveland will appeal in strong and
most forcble measure 10 the
patriotism of those who will
succeed his own party. II is almost cer-
tain that something will be done late this
spring that will put at rest all doubts as
to the nations ability 10 maintain all its
obligations upon gold parity.
Temporarily there Is plenty OF talk OF
premium being exacted on the precious
metal, but no one outside OF those who
hope o see a further decline in the market
attaches any Importance TO the direful
predictions.
The street is naturally anxious to know
wilnt Presidedt Cleveland will cay in his
message to Congress upon the financial
question, and until IL is received and
oigested, it is unlikely that the
market will become active, and
the message will have more to IL than will
proba bly, appear upon its surface, in that
IL will show the determination OF abe Ad-
minisiration.
The point that went floating around the
street TO sell Lead emanated from sources
which usually do not carry big lines of
stock. The Thompson crowd insists that
there is positively and cmphatically
nothing in the situation to warrant Lead
common selling at its present price
and maintain that the drop OF nine
points resulted only from short selling
and forced some liquidation, but nothing
commensurate with the concerted attack
ma6e upon it,. 1t is intimeted that Lead
will have rally of no small dime nsions.
and those who get aboard first Will mako
the biggest money.
The talk on Northern Pacific is not
bu0ish. The compsny's earnings for the
third week of January, which increased
SIS 1893, have fallen below the most peSsi-
mistic estimates and operating expenses
are scarcely being made.
General Financial Notes.
Heidelbach, Ickleheimer & Co. will ship
e 600, 900 gold on steamer Lain; laden
burgb, Tnalman q Co. will ship 81, 100000.
Lazard Freres will probably ship small
amount tomorrow, and so will Won Hoff-
man. Barring, Magoun x Co. VIII not
ship, so far as they know.
Liverpool Wheat dull, but steady; u
lower. Corn is unchanged.
Liverpool Cotton opened e lower; sales,
10000.
Washington special says: "The Presi-
dents message expected today. Treasury
officials say no pond issue at present.
Carlisle Ia said TO be utterly opposed 10
any further sales of bonds, unless autho-
rized by Congress.
Wheat opened steady, more selling
than anticipated. Adv!ces from Chicago
state that there Is too much wheat for
sale again and the market cannot stand
II.
There is rumor OF foreign BID for a
round amount OF bonds on 81 per cent.
basis. This cannot be confirmed and the
dullness of the London market tends to
discredit il.
East bound shipments were 54,963 tons,
against 5S,004 for the same week last
year.
London is X lower.
The earnings of the Three Ca for the
third week OF January increased S36, ,0i2.
The stock market opened weak. New
Jersey Central reacted ] S-S to S61-4; Lead,
1-2 TO 81 3t; General Electric, / is TO
80 IA; Cotton Oil, Sd Cotton Oil pre-
ferred, New England and Northwest, 1-2.
Cotton futures opened steady at the de-
cline. Sales, 900 bales. Feb, $40; March,
545; April, 5.4S; May, DOB; June, boo;
July, 5.oS; Aug, 5.63; Sept, 5.6I; Oct,
5.7S; Nov, 5.76; Dec, SIS.
Change of Location.
Edgar Nj. Dexter, for years connected
with the banking house OF c. Franklin
Nugent & Co. as cashier, and in the past
the author OF the weekly market letter
which has become feature on the street,
has resigued TO associate himself with
Shibley & Co. OF 10 Westminster street.
MIR. Dexter will have charge for The inn
mediate fdture OF the sale of the 9 per
cent. gold bonds and the per cent. pre-
ferred stock OF the Somerset a Johnson
burg Manufacturing Company, which be
has thoroughly Investigated and con-
fidently recommends.
Providence Clearing House.
The clcurings OF the Providence banks
today. amounted 10 $685. 500.