The Providence news. (Providence [R.I.]) 1891-1906, 1897-01-13
IN THE
k.&*$$

few weeks ago the break Ia Whe ling. the
weakness in Union Pacific and the uncer-
tainty regarding Manhattan would nave
been sufficient 20 have caused big bear
raid To-Day the market was strong enough
10 stand all the adverse gossip with scarcely
protest. Ii op ned higher and active, but ar
ter the first hour II lost "a part OF its snap
an some lower prices were seen.
There was very little Atchison preferred
for sale this morning. London sold II last
night, and being unable TO buy IL back ON that
side OF the big pond were compelled 10 DID
for IL in our market.
In Lopdon the market for Americans was
only moderately active, but prices ruled
strong. ST. Paul sold at prices equal to 30
New York parity, gain OF 3S per cent.
Consols were firm at III 7-S New York for
eign houses purchased some st. Paul ana
Reading on balance.
In regard 20 the conditions ON the other
side, wortley wires A. F. Weeden: "Advices
from London are distinctly encouraging this
mcrning on account OF the decline that has
taken place in the discount rate Tbis decline
seems 70 be so marked that there Is some pos
sibility that tho Bank OF England rate Will be
reduced, IL not tomorrow, almost certainly
the following week. With the rate OF dis-
count mt a permanently lower level in Lon
don, there is good reason 20 believe that there
vii be SONS buying Of the better class oil our
securities by the foreigners.
A special dispatch TO Richardson a. Clark
states that il is possible that there will be no
annual meeting of the SUI ar Company today
on account Of the inadequate stock representa-
tion. IL there should be a meeting no report
will be made and Havemeyer, Dick and Math'
ison will be reelected directors The dispatch
Is particularly positive that no business OF inn
portance will come before the meeting II one
shculi be held.
A special dispatch from Washington to Hal
lstt, Anderson g. Co.. through Haight d
Freese, states: 1T is expected that the gov
ernment will bring suit within the next 81
days for the foreclosure Of the Union Pacific.
The matter was nsidered at the cabin t
meeting yesterday. and it is understood that
the President and his advisers were convinced
that foreclosure was imperative Receiver
Coudert said today that the reorganization
committee was prep red to buy the road and
e was OF the opinion that the death of the
! bill would make IL much easier for the com
mi tee and would result in speedy settle
| mcnt of the Pacific reads difficulties.
The decline in Wheeling has had the effect
| of bringing to the surface n number of facts
concerning he property that have heretofore
| been unknown. + inst nee, it is now learned
| that for months past not only has the general
| trade been demoralIzed, but there has been a
si,cci II fight between the Wheeling road and
one OF its local competi ors which has now
extended in TO the coal and commercial de
partments as well ~ into the traffic depart
ment Of the mpapy. No definite informs
| tion can be obtained in regard TO the report
| that receivsrship is to be asked for. Inside
| interests dery it., but il is now known tina
| the con pany has be N doing badly for some
time and that the competition in the bitumi
nous coal trade Is exceedingly been, Paltimor'
! & Ohio being FIRE ly accused OF cut ting rate
between the points at which profit can b.
| made.
In speaking OF this stock, in special wir
TO c. Franklin Nugent & Co.. Mason says
"'rhere has been no genuine msrxet in Wheel
ing for Yeas. / would not buy il at IN.
| price. 1t msy rally or may go out Of sight
II is something on which judgment is of n
value The very low price may make it ort
while for one holding il at higher prices L
run the chance of losing all rather ,han TAX
present prices"
Price. in noon letter to wesden, Kendall
IS Co., says: THE situation as Ii has de
veloped since the first of the year impresse
me as one of great strength and full of prom
ise IN nearly every direction. Money
cheaper here today han at aay other place i
the world Railroad earnings are on gradu
ally improving scale. The signing OF the al
bitration treaty between England and Anne
rica is in itself an Internal ionh al bull argu
meat Of great fo ce. The best info maio
thar can get from Washington is that Spai
and ths United States are gradually comm
TO an agreement as TO the CuSan autonom
that will remove any apprehension of troubl
between the two countries. l believe ths
from now on we are likely to see highe
prices"
A specill 20 Richardson s. Clark from Bo
ten states that S per cent was bid to ca
100 Montana ut !0J today.
Il. G. |. va, strong today on the report ths
the sale OF iron for exports had reached lars
proportions at high prices, and that the stoc
of on now on hspa-xas ss;fiei mt if seld
present prices, to pay every obligation of II
company.