The Providence news. (Providence [R.I.]) 1891-1906, 1895-02-21
FINANCIAL NEWS.
UnmistakabIy Better Tone
Caused by Bond Sale.
Washington matters-Standard Oil
and st. PauI-6ossip.
Special to the News.

Special TO the News.
NEW YORK, Feb. 21.-There was an an
mistakably better tone in yesterdays
market. II appears to have had its origin
in the phenomenal success of the bond
sale, indicating clearly the greatest possi-
bic willingness Of Europe 10 accept the
Coin bond. This was regarded as fore
shadowing better feeling abroad toward
American stocks and as paving the way
for an advance in prices.
"It is time enough TO shake hands with
the devil when he knocks at your door,"
and believing implicitly in the wisdom OF
the aphorism, President Cleveland has
positively no intebtion OF calling an extra
session OF Congress. This statement is
made on the authority of one of the Ex-
ecutive's closest friends.
Now that the Silver men have been de-
feated and there can be no financial legis-
lation at this session, it is certain that IL
the treasury should need further replen-
ishing, appeals would be made
again to this country and
to Europe practically upon the
same basis of the present issue of bonds,
so ths, all the financial legislation that
will be necessary during the next year
will be provided for by the Admin istra-
tion.
With the absolute certainty that in the
course OF 10 working days Congress will
adjourn, there will be undou btedly an ef-
fort made to advance general prices in the
market.
The Standard Oil interests continue to
give support to st. Paul, and they are
buying Chicago Gas on a fairly liberal
scale. st. Paul, on prospects of fairly
good earnings for the third week of
February, the statement for which will
come out late Saturday, will gradually
work to the neig hborhood OF 56, or some
fraction above it.
The Wool Market.
At the close of the seventh week OF the
year this market Is experiencing a fair
volume OF trade, a very general demand
with steady prices. The sales for the
past week have been considerably larger
than in the corresponding week of last
year, while the amount OF wool moved
since January 1, 1895, exceed that for the
similar period last year, by more than
100000 pounds. There is no doubt
of a larger call for stock, especially
for fine Australian; the demand for
medium and below domestic fleece is
checked simply by smallness of supply;
there is more inquiry for fine heeces, par
ticularly for fine unwsshed. A good in
quiry exists for fine and coarse pulled
woods. OF course, business is being done
on close margins, but about everybody
deems 1t impossible that wool values shall
60 any lower.
Manufacturers are we'll employed, and
IL dealers show no disposition to exceed
their ordinary wants, it must be remem-
bered that the extent Of this market Is
so vast that the average weekly require
ments seldom fall much below three mil
lion pounds.
The sales of the week amount to 2,20i, 800
lbs, domestic, and 626,000 lbs. foreign,
making total OF 2,S30,601 lbs. against a
total OF 3,114,600 lbs. for the previous
week, and total of l,9lS,0o0 lbs. for the
corresponding week last year.
The sales since Jan. 1, 1895, amount to
%, SOC, $50 lbs. against 16, 73i, 900 lbs. year
ago.
The sales in New York have amounted to
/ 1874 500 lbs.
The sales in Philadelphia amount to
1 1886, 400 lbs.
England Bank Rate Unchanged.
llONDON, Eeu. Zl.-- nEOuEDOut tue year
ending today the rate of discount at the
Bank OF England has stood at per cent.
1t has been IS years since the
rate remained unchanged for year.
The directors of the bank at their meet
ing today made no change, so a second
year at 2 per cent. is entered upon.
The New Bonds.
WALL STREET, Feb. 21.-Tho new fours
were bid at 11S and offered at 120 at the
opening this morning and have since
advanced to 11sh bid, offered at 100.
General Financial Notes.
IL would be surprising IL the success Of
the Government loan was not reelected in
the stock market.
London is almost unchanged.
OF all the bull arguments which Wall
street has insisted upon in the past few
months, none has been more disappoint-
ing than the Pooling bill. Great things
were expected OF that measure. The end
came yesterday when the Senate refused
by 55 to IL to take itup.
The Southern Railway ~ ported yosteT-
day its earnings for the second week of
February ana the decrease was unusually
heavy, s5l 900.
The Missouri Pacific reflected the
Southwest and came in with loss of
$4,000, Notwithstanding that returns a
year ago were poor.
The Chicago car movement continued
small. OF 1ii cars OF corn brought In by
IL roads, Illirois lines handled 1l0.
Neither Northwest nor -. Paul brought
in n car.
The new Government fours were l17h
bid at the New York Stock Exchange
yesterday.