The Providence news. (Providence [R.I.]) 1891-1906, 1895-01-02
FINANCIAL NEWS.
There Has Been Very Little Prosperity
for Wall Street.
Atchison's Reorsanization-Coa All
Right-General Notes.


NEW YORK, Jan. 2.-"Great expecta-
tions" have the butts, and these are timi-
ted almost entirely TO few prominent
capitalists, who believe that during the
course OF the next 30 days there
will be complete metamorpho-
sis in the complexion of
Wall street affairs and that better times
will dawn with the adjournment OF the
Fifty-third Congress than any that have
been seen in morethan decade. Since the
memorable Grant Ward failure, precipi-
tated by the suspension OF the Marine
Bank in May, 1884, Wall street
has known comparatively lit
tie, If any prosperity, and
with the exception of few spurts,
similar to those hat followed the N. Y. &.
| and Lake Shore deal in 1885 and 1886 and
| the conditions which led up to the
great speculation in Manhattan Railway
which collapsed in June, 1887, with the
downfall OF the big wheat deal in Chicago
and Cincinnati; the arrest of Harper and
. the hopeless insolvency of Cyrus Field,
there has been nothing to cheer or to give
business to the average busy Wall street
broker.
Some doubling Thomases believe that
the coal stocks will have TO yield con-
siderably below their present prices. They
ignore the fact, however, ~thRt these
stocks are IN very different po-
sition TO the Changers or many
of the industrisls, in that they are held by
capitalists that will not sell them unless
conditions should become very much
worse than they are for the moment.
Delaware & Hudson, on 6 per cent.
basis, II the directors should so decide TO
make the dividend for 1895, could not be
considered dear, especially as time money
for the year from date can be had for
per cent.
General Financial Notes.
In London the market for American Sc
curities is fully up to New York parity
and st. Paul, Erie, U. p. pref, l., &lN. and
Atchison show fractional improvement.
The Liverpool Cotton market opened
per cent up; sales 1900.
l.. Il n. reports for November net earn
ings OF s755,oi2; increase, S2651. The net
from July TO Nov. 80, was s3,376,251; in
crease, s196,655.
The weakness in Changers and Reading,
on talk of heavy assessments, is weaken
ing the whole market.
The announcement is made of an i'm
poIthnt tHt hthniuB pau,
but it is not yet clear that the interests
that have been opposing it have with
drawn their objections.
Rates of Sterling continue strong and
more gold is likely to lie shipped.
The Atchison joint reorganization COM
mittee failed TO hold meeting Saturday,
as no quorum was present. Another
meeting takes place this week. II is
said that as are to receive rs
per cent. In new as and
% per cent. in new adjustment on income
bonds. Second mortgage bonds are to be
assessed 2 per cent. and converted in pre-
ferred stock. For the two years coupons,
including that for next July, new
as will be given. Stock is TO be assessed
$l2 for oil assessments, preferred stock TO
be given the AS at GA, cheap to put away.
There will be considerable opposition
among the holders OF the as to this sac
rifice.
II is said that &. B. & @. will show 81
earned on stock for he year.
The stock market opened irregular this
morning.
Cotton futures opened steady at the de-
cline; sales f3J0 Jan. $50, Feb. $50,
March 5.6l, April 5.63, May 5.71. June
b.76. July 5.Si, Aug. 5.S6, Sept. 5SS, Oct.
6.S5.
Providence Clearing House.
The clearings OF tho Providence banks
| today amounted to 1881, 100.