The Providence news. (Providence [R.I.]) 1891-1906, 1895-09-24
FINANCIAL Jews.
Treasury Bound to Gain Much
Gold Soon.
Thinking Minds Realize that the
Country is Safe.
Special TO The News.


NEW YORK, Sept. "a - Perhaps the rea-
son that the treasury will gain gold in no
inconsiderable quantity from this on
may be due to q fact that has not yet ap-
pealed to the ordinary Wall street man.
For months past country banks and
other large institutions have been hoard
ing gold. The process OF drawing the pre-
cions metal from the treasury began
months ago, but now there is sudden
outburst of enthusiasm and the banks
that drew the gold from the treasury are
making offers to return IL, providing II Is
taken at its face value and that other con-
ditions are accepted by the secre,sry oi
better be described as shrewd business
methods. The banks throughout the
country know that their depositors,
many OF whom are farmers, will from this
on need money 10 move crops. A farmer,
when he draws checks on bank, week in
and week out throughout harvest, does
not want double eagles, gold eagles or
five dollar gold pieces. What he requires
and what be exacts are one and TWO dol
lar bills and small currency. The banks
have To get the wberewith in order to fur
nish their customers with the requisite
amounts in the required denominations.
Hence there springs up demand for cur
rency and small bills. 1t is not unlikely
that between $40, 900, 600 and $50, ,00O, 900
gold will find its way into the treasury
at Washington and while the action Is not
likely to be the result of any concerted
movement on the part of the banks, II is
certainly not likely to prove any great
amount OF patriotism or any desire TO
keep the gold reserves above the 800, 000,-
600 mark. 1t will prove, however, to all
thinking minds that the country Is not in
the hazardous position that many OF the
public believe. 1t will demonstrate that
IL the banks throughout the country will,
instead OF boarding gold, conduct their
business on business principles and have
some little faith in the stability OF our
currency laws there will be less grounds
for the periodical upheavals that have to
be recorded.
The friends OF st. Paul are enthusiastic
and they have every reason for looking for
a further substantial rise in their favorite
security. The earnings for the third week
will make another excellent showing.
The car movement has been simply enor-
nous and passenger traffic is keeping up
very WELL There Is no doubt that the st.
Paul Will be the banner bearer among
the Changers and that ii Is destined to
re-enter the five per cent. dividend paying
ranks in about five months.
The reorganization OF the Atchison puts
that road in better position than II has
occupied In more than seven years. Re-
ceiver Walker is quite enthusiastic over
the prospects of the Atchison and he in
sists that there is enough business guar
anteed to keep the road busy for u ore
that 1S months and that even with the
present low rates, the company will he
able to earn all its interest charges and
still have handsome surplus left over.
The friends of Rock Island insist that
their property will render a good account
of itself and that from this on for
months to come the long side of Rock
Island will be the remuneration one.
ToDAY's STOCK BOARD.
WALL STREET, Sept 24-The stock mar
ket opened moderately active and firm.
There was no marked inquiry for any of
the leading shares, aside from Tobacco,
which sold up to per cent. The bear
traders made determined drive against
the Industrials after 1915 and succeeded
in forcing Chicago Gas down 3-4, Sugar
5-S, and Tobacco per cent. The other
lndustrials, Changers and Railway shares
generally gave way to fractional extent.
GENERAL FINANCIAL NOTES.
London is 1-8 higher.
Money In London Is at /, per cent. rate
of discount In open market, 5-8 per cent.
for short bills and 11-16 for three months.
Treasury gold this morning, sos, S21, ,207
excess Of receipts by United States gov
ernment yeterday, SigS, ,S19.
Attorney General Maloney says he has
not been notified that Chicago Gas inter-
ests are about to submit to him q plan
for reorganization and consolidation. He
10 to see the plan this week.
The Reading Coal and Iron Company
issued orders yesterday to have its seven
mines in this region start work on full
time until further notice. About 5000
men and boys will be affected.
A Chicago special says the hearing on
the American Tobacco Company has gone
over till Oct. ].
Joseph says: "The market shows ex-
cellent recuperative powers, but it would
be idle, not to say expensive from a pur-
chasing point OF view to expect to
point rise every day.
NEW YORK STOCK auorAroHa