The Providence news. (Providence [R.I.]) 1891-1906, 1895-12-23
FINANCIAL NEWS
The Market Shows Tempo
rary Improvement.
Trade Review for the Past Week Through
out the Country.



NEW YORK, Dec. %. Years ago Rock
Island wa, well supported on every break
as the largs dividends and the heavy sur
pluses OF the &C mpany made 1t very
cheap on any recession from above 9
per cent. bssis. After Rock Island stock
fell below 80 it became plentiful in the
street and has been widely held ever
since. Last summer there was inside
buying and realizing around SO but
there has been no organized support to
the stock for at least four years. The
company has several million dollars
loaned on the street and its earnings
last week were considerably better than
they have been because OF a freer move
ment In corn. People identified with
the property say that as soon as matters
quiet down . little Rock Island will be
one OF the very best purchases on the
list.
Louisville & Nashville is surprisingly
strong In view of being a London stock.
Transactions were only 5025 shares. This
is construed TO mean that London liqui-
dation is over for the time being.
As London still holds perhaps 2-3 of the
capital stock, this Is evidence that they
have sold all they intend to at these
prices.
The London market is under lead OF
st. Paul, and Louisville d Nashville have
gone up from one to two points. The
fact must not be overlooked tina. thou
sands of large stocks exhausted in mar
gins are awaiting q market, and will as
suredly be sold on this rally.
A private cable from London reports
that st. Paul is up points, Louisville &
Nashville / 5-S, and the balance of the
market proportionate. The buying orders
are good, and the Rothochilds arc sup
porting the market
At 2 O'Clock p. IN. London shows the
following advance: st. Paul up 3S,
Louisville & Nashville up /, Atchison up
!, and consiuera BILE buying OF Erie.
From Liverpool at 1890 the cotton de-
mand is fair, prices firmer, and the esti-
mates of sales 1000. Futures opened
steady, the demand ia good and the re-
corded advance 1-64 Middlings are at 4io.
The general opinion that the majority
OF brokers came to on Sunday was that
the less business was done would have
tendency to help out the situstiop.
The present condition OF the market is
only regarded as temporary rally, and
no permanent good can be done TO the
market until Washington acts.
There II said to he almost insurmount-
able obstacles to the issue OF Government
bonds to q syndicate of bankers as was
done bsfore. and for the first time Persi-
dent Cleveland will test public temper
by Offering bonds in such denom-
nations and in such way as to
make 1t really popular loan aud that
the issue VIII be sufficiently large to
cover all immed ate requirements.
II is stated that there is quite a dispo-
siiion on the part OF the administration
to ucge the report of the Bingham bills
now In the House to strength hen the gold
position of the treasury and 10 facilitate
the issue OF bonds at good prices.
Liquidation i'm Chicago Gas was by
houses not identified with the reorgani-
zation committee. There was more or less
Gas ell throughthe streets and this came
out on Friday and Saturday. Probably
more Gas for outsiders was held by the
Wormsers than by any other ore house
snu some OF these customers liquidated.
Tbs Gas position is unchanged ana favor
able Developments for the stock are ex-
pected this week. Insiders thought that
the forced sales Of the stock bad been
made.
Englishmen are watching the price of
the Government bonds rather than the
railroads, because tney see in the decline
In railroad stocks losses OF business men
who have been unfortunate In adjusting
their affairs quickly 10 changed tondi-
tion. Decline in Rovernmrnt bon q, how
ever. to the English mind, indicates the
natioual credit, and as long as govern
ment eonds do not change materially,
tney can see that rsi'rosd securities de-
clining on forced sales are cheap even 10
foreigner.
A meeting OF the New York Bank
Clearipg House has been called and certi-
hcates will be issued.
THE STOCK MARKET.
Though Wall street is not inclined TO
think that the question OF the Venezuela
boundary line will result In war, still
the bsd effect the stock market has ex-
perienced from the Pre-ident's message
and he present feeling OF suspense has
created an unfavorable eject upon specu-
lation and investors.
The impression abroad IL that the
United States Is exposed to.6nanciai diff
culties, which In shown in the selling OF
American securities the Uutpoui of for
eign holdings, the csnceling OF foreign
standing orders and the gold shipments.
The decline. IN stock has been general,
oven the industrials as we'll as tn ose
affected nv the London depression have
suffered as nave the low. priced securities
from lack OF support and the absence OF a
short security. This state OF affairs has
also forced out q large number OF stop
orders and weekly margins, causing an
indispos.tion TO purchase during the sell
ing pressure.
The untimeIy appearance OF the message
- apparently the lnulfect cause Ol tnc
sharp break In Paris OF Italian and Span
ish securities, as the foreign market was
aggravated from a sensitive 10 an irrita BILE
condition by the disturbance in this
co6ntry.
As n result OF the psnicky condition OF
the market ON Friday eight houses went
under before noon OF the following day,
four In New York, two IN Philsdefphia
nnd two in DostOn.
Mr.. Nugent of e. Franklin Nugent &
Co., SAID that the bad break In the mar
kei had not affected the Providence
brokers or investors 20 any degree nor is
there any danger as far as the local houses
are concerned as Providence Ia considered
conservative In speculation.
Mr.. Miller of Miller 4 Vaughan was in
clined to regard the gold situation as the
orislnsl cause OF the decline precipitstsd
by the Venezuelan question.
TRADE REVIEW.