The Providence news. (Providence [R.I.]) 1891-1906, 1896-01-02
FINANCIAL NEWS
The Stock Market Opened
Easier This Morning.
Rumored That No Bond Issue Will Be
Made This Week.
Special 70 Tho NswS

NEW YORK, Jan. 2-Lonoon Is con-
siderably lower, but the premium of
per cent. on gold prices are very little
il any lower.
The bond issue has not as yet been
officially announced, but points are pretty
we'll understood and IL is quite evident
that Europe will take very few of the
bonds.
London foreign houses continue the
elling of high class bonds for London
account and from this and present indi-
cations II may be predicted that London
will be moderate seller.
The fact that 900. .0o0 600 will be re-
invested must disturb the markets for
other securities, especially as the sub
scribeis to the bond syndicate are only
undertaking speculative ventures.
The earnings of ST. Paul for the iourh
week of December are expected to be very
Chicago tonight.
A cable from Liverpool at 12:30 o'clock
p. M, states that the cotton demand is
fair, prices strong and the estimate of
sales 1900. Middlings are quoted at
47-32. Futures opened steady, with but
fair demand and an advance about
u to 1-6i.
AT = O'Clock p. M, Cotton Is quoted gig
to asa up from the cloEe of Tuesdays
market.
The Price Current says: The past
week has been favorable for the wheat
crop with future conditions improved,
as the crop is now well covered with
siow.
The Grain market is restricted by bad
roads and reluctance in accepting prices.
The seasons Cotton production esti-
mates 80 per cent. short o; last year.
Union Pacific is selling today at one
quarter OF what il was two months ago.
Something will he done at this session of
Congress on the Pacific Railroad debt
aud with the reorganization of the
Union Pacific, concerning the assessment
that will have TO be paid upon the stock,
the stock holders will be in good condi-
tion. 1t is only a comparatively few
years ago that Union Pacific paid regular
dividends and not even the most rabid
bear expected the stock to fall to the
depths in which it now finds itself
In the dividend paying list, st. Paul
will be the banner bearer. IL Is re-
talled that only few years ago, when its
condition was not as perfect az ~. Paul,
Lake Shore sold under 81, and now
similar conditions that existed for this
Vanderbilt property are applica bic in the
case OF St. Paul
The physical condition OF the road is
perfect, the stock is earning az the rate
OF 8 per cent. per annum and will make
per cent during the fiscal year, and
after paying its full interest at Chicago
today will still be leading the street be-
tween %, OOo 900 and sl,Oo0,00o in cash.
The record OF the past year shows that
the coafers,-the= Changers and Wander.
hilt issues have made fair advances, and
notw III hstanding the conditions of the
past month or two still retain much CT
the gains. II Is thonght in circles that
are unusually chservant that during the
present year the big money will be found
in the low priced properties. especially
those that are solvent and do not need
reorgan izstion.
The talk is all on the bond issue and
the proximity OF the announcement
should have a favorable effect on the
situation. In view OF this, ii Is hard to
understand the decline OF American
shares in London They are all down
and the important ones nearly per cent.
The London Stock Exchange todsy
opened with a decided feeling OF rneasi-
ness, due to the serious news from the
Transvaal repub blic. "Kafiirs, otherwise
South African securities and chartereds,
the securities OF the British chartered
companies. opened Big lower. DE Beers
opened 2la lower Gold fields deferred
sio iowor, east Rands, 3i2 lower.
"Ksfiirs," how ever, subsequently
rallied on the receipt OF a Berlin dis
patch saying that DIR. jameson and his
exlsdi;ionary force and Maxim guns
had arrived at Johannesburg, and that
he was in friendly communication with
President Kruger. Consols dropped Ola.
A dispatch from Washington says that
the total gold coinsge for tho month OF
December amounts to ss,o97, 14b, silver,
s75. 5o2, and minor coinage, sl07, $780,
The short interest In Wheat was largely
covered OH the advance. Course grain
rather weak, but the receipts arc large.
London quotations were lower. bat
arbi,rsgers did little or nothing in this
market. The general sentiment was bull
fish and traders succoied in getting the
prices higher bat the market fell back
arain and IL looks as ~ tho market will
go still lower.
The co rper market shows indications
OF still lower prices than heretofore. There
Is keen competition for business at ten
.,a,. o.. I.ys conpsr. for electro o.. and