The Providence news. (Providence [R.I.]) 1891-1906, 1895-01-11
FINANCIAL NEWS.
What People Think About Currency
and Pool Bill Legislation.
Gas aud Sugar Active-Yesterday's
Marlets-Gen Notes.
Special to The News.

NEW YORK, Jan. 1.-Wbile those who
are opposed to any Improvement in prices
attach a great deal of Importance TO the
failure of the English currency bill in the
House, and insist that Europe will go on
draining this country OF gold, they believe
that it will be but question of compare
lively short space OF time when the
United States will go on a silver basis and,
in fact, amor the discIedited currency
countries of the world the London Times
In a recent issue mentioned America"
Those who are Of a less pessimistic turn
of mind assert, with a great deal OF posi-
tiveness, that there is absolutely no dan
ger ahead. They rely too firmly, but not
too well on the iterated and reiterated
statement of Cleveland that currency
shall be maintained at all hazards, and
that the treasury will go on issuing bonds
as the gold reserve becomes depleted. IL
these bonds cannot be sold on 3 per cent.
basis, then they shall be marketed
on a 4 per cent, or even higher basis, but
that integrity Of the currency shall be
kept safe and sound as far as l have the
power"
The Granger shares are not liable to
yield more than few fractions because
the advices from Washington are certain
ly in favor of the belief that definite ac-
tion on the Patterson pooling bill will be
taken In the course of 10 days. In thein-
terval bills on the currency will be intro
duced SO that the outlook in this respect
will brig hten at least for speculation pur-
poses.
Chicago Gas continues to give most
excellent account of itself, and with rea-
son. Why the stock should not sell above
80 is one of those conundrums which the
bears alone endeavor TO solve or explain.
1t is certain that the people that know
most about the property are most persis-
tent in their belief that the big money OF
the almost immediate present and future
will be made upon the long side of Chica-
60 Gas. The meeting on Monday will be
very important one, but Wall street
will De badly fooled il 1t believes that the
present strong forward movement in Gas
will eliminate with the casting of the
vote on the 14th inst, in Chicago, which
will bring about a marked and agreeable
change in the directory.
General Financial Notes.
The Government crop report does not
make very favorable exhibit; that Is TO
say 1t is not favorable to the wheat carry
ing roads in that the estimate is but
460, 100000 bushels, whereas 100000, 900
had been confidently looked for. 1t Is
given out from the bureau of agriculture
at Washington that the outlook is worse
for wheat than it has been in five years
and the estimate now at hand is the lowest
since 1889
1t was estimated that about 1000 shares
of st. Paul were covered during ycster-
day afternoon. Buying in Rock Island
was called good. The stock showed more
strength than any othor of the Changers,
and there were points last night that it
would lead in the advance. The buying
in &. b. & q. seemed to be good, although
there were some Chicago orders which the
room failed to locate satisfactorily.
The pools in Sugar and Chicago Gas
were active. Northwest vas regarded as
heavy and was called the dearest OF the
grangcrs.
Tho present outlook for gold is that
between two and three millions will be
exported tomorrow.
The best local aut thority on wheat, in
Chicago says: "a year ago this week the
visible supply increased $4,000. The
movement so far indicates de-
crease OF about one and one half
million In next Mondays statement"
Hoskier, Wood & Co. will ship $500, 900
gold tomorrow.
Liverpool is a per cent. lower; sales
10000.
Lazard Freres will ship si,6ooooO gold
tomorrow.
Cotton futures opened quiet and firm;
sales 3400 bales. Jan, 557; Feb, 5.5S;
March, 5.62; April, 565; May, 6.09; June,
5.73; July. 5.77; Aug, 5.sl; Sept, 5.s4;
Oct, $50.
Late Financial News.
NEW YORK, Jan. 11.-Thoro was great
excitement this afternoon when the bulls
got move on f" and tic market be-
came more active than II has
been for six months, much to the