The Providence news. (Providence [R.I.]) 1891-1906, 1897-01-15
IN THE
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The market assumed considerable activity
at the opening and prices commenced the
ascent, showing several instances of much
higher prices before tho clo.e. The general
sentiment ON Wall street was bullish, but
those who are in position to know state that
there is a marked absence OF outside buying.
Americans in London were irregular. but
consols sold at li2 l.saI4, which indicated that
money was more plentiful and was to be
cheaper, and that a revival in speculation
was imminent Although the American
curities are firm, there is not much business.
Foreign houses in New York purchased Louis
Vile, S. Paul an Atchison moderately.
There is quite a scarcity of good bonds to-
day. A good illustration is given by Dow,
Jones a. Co. They say that the quotations
for st. Paul As yesterday, 90, ex. per cent.
interest just paid, was the highest price for
the bonds on record. Every bond house
untes in saying that as the demand for first
class investments cannot be filed, buyers will
soon give their attention to the second and
third-cass issues, and they believe that the
strength In bonds must soon be reflected in
tho stocks.
Price, in his advices 10 weeden, Kendall g.
Co. says: ''The balance ~ trade in favor Of
the. United States for the year 1896 is $780,
000,0N, the largest record. The gold bal
ance IN the United States treasury now ex-
ceeds $l40, coo. Since tho election the gold
in storage in the clearing house vaults has in
creased Sl50OOOJ0. The Bank of England
statement made public yesterday shows an
increase in bullion for the week OF 5000, 600.
The clearing house banks Of New York have
increased their deposit during the past ten
weeks something over Sll30O0,O00. Railroad
earnings are on a gradually improving scale.
Money lenders are seeking business. There
can be- only one result arising from such u
condition-increased activity in all depart
ments of business "
Haight & Freese wire Hallett, Anderson a.
Co.: 1.-THE country is inclined 10 look 10 the
future rather than 10 the past. There is GER
tainly encouragement IN our foreign trade
cond itions and in the increasing gold reserve
which reflects greater confidence in our money
standard. Much yet remains to be done be-
fore capital will cease 10 find dark clouds ON
our horizon Of finance"
Union Pacific affairs are reported to be in
a somewhat better condition General Har-
rison of Alabama will push his bill and il is
stated that the Secretary of the Interior and
the AttorneyGeneral are soon to negotiate
with the first mortgage bond holders with
view Of having the reorganization committee
buy up the government loans.
In regard to this. however, Senator Faulkner
is the authority for the statement that it is
new too late 10 do anything and that fore
closure is certain. Both the Senate and House
committees on Pacific railroads will hold meet
iDgs this week TO consider the Harrison fund
ing hill, but Chairman Gear admits that there
is little chance of getting anything through.
The United States Rubber Company will
pay today it's semi-annual dividend the
preferred stock of the company. The company
has passed semi-annual dividends of per
cent. on the preferred since May |, 1893, which
amounts to 50, 226,o coo, and does not include
the dividends passed on the common stock.
The value of the eighteen plants owned by the
company has been appraised at So 900 and
the worhmg capital at about sl2, 10000.
g. Franklin Nugent & Co., in their weekly
market lo ter. cay: THE currency question
yet confronts Us, and while the underlying
principle was rightly settled at the last cleo
tion, yet its reform and fnal settlement upon
a sound basis * yet to De undertaken with
the result in doubt, and II De accompanied by
an agitation liable TO hurt business
Clark, Ward s. Co., in special dispatch to
A. p. Weeden, state that the earnings Of the
Sugar Company last year were fully % per
cent, and they express the opinion that the
stock will go 10 l25 before it gors 10 10.
A dispatch from Boston states that per
cent dividend has been declared on Montana