The Providence news. (Providence [R.I.]) 1891-1906, 1894-09-21
FINANCIAL NEWS.
Two Important Meetings Of Directors
To Be Held Today.
A Railroad Strike Threatened - The
Demand For Refined Sugar Was
Never Lower London Better.


place To-Day, ana rumor IL tnat ulVldend
of but per cent will be declared. IL that
is the case the Changers will be very ma
terially affected.
The ID. G. +. directors are TO meet at
Peoria today buI no one but themselves
know for what. There is report that
the company will reorganize and the re-
bate system abolished.
Nothing new in Gas.
In their weekly statistics Willeth a.
Gray say alt is very rarely that we have
TO chronicle so small a demand as now
exists for refined sugar A general re-
duction OF II cent per pound was made on
Monday but it did not have the slig htest
effect and the further reduction OF 1-16
cents which is to be made today is not apt
TO succeed any better"
An attempt will be made to make shorts
cover more of their contracts.
The fourth and last assessment on New
England is TO be paid Monday. A sharp
upward movement in this stock is inn
minent.
Sugar, Gas and Western Union are good
to hold, and no money will be lost in
bulling Missouri Pacific.
Cotton futures opened steady, sales 1000
bales. September, 6.2S bid; October, 6.30;
November, 6.36; December, 6.42; January,
GAG; February, 6.53; March, 6.59; April,
6.64; May, ell; June, $40.
London is y better.
The Brotherhood OF Locomotive En-
gineers and Firemen has issued an ul-
timatnm that unless its wishes are coin
piled with on or before Sept. 20 general
strike will be ordered.
NEW YORK, Sept. H.-Speculation on
stock exchange opened firm and fairly
active with Sugar, Whiskey and Gas lead
ing in the transactions, the business in
the rest of the list being limited.
After the opening sales the market took
a downward turn. Sugar after gain of
a. broke IL to soA. Distilling declined
/ per cent. to 10h; Chicago Gas "a to
10Y; Long Island Traction y to II;
st. Paul and Duluth one TO % and the
other shares traded in is to 1-2, except
Manhattan, which rose 34 to IL rs. The
Granger are inactive. There is quite a
little interest in the action of Rock Island
directors today on the dividend. There
have been but two sales of the stock this
morning, the first showinga gain of u
and the second a loss of h. The market
generally it heavy.
The plethora OF money in Europe is best
indicated by the quotation for discount
which is down to 7-16 OF per cent in Lon
don. This is the lowest on record
The New York Central dividend will
probably be declared this week.
The officials of the st. Paul Railroad
report good crops and improved business
along the line Of their road.
Bankers say that there is getting to be
more congestion of money at the princi-
pal cenrers than has been the case recently.
There are no time loans maturing until
January or February and this will tend to
make rates low now. Six months money
is offered at 3 per cent, and 80 days at
per cent.
The next active movement in Sugar is
apt to be upward.
The German demand for gold is strong
and bullion is now daily leaving the Bank
of England.
Review Of Yesterday i'm Brief.
London prices came in fractionally lower
and our market opened somewhat ire
gular in sympathy, with business very
much reduced in volume. The principal
trading during the early dealings was in
Chicago Gas, which moved irregularly on
the receivership talk, but some firmness
was developed in Granger shares and Id n
although fluctuations were confined with
in narrow limits. Trading for the first
two hours was lighter than for many days
past and action on the Rock Island divi-
dend, which was expected to have some
effect, was not taken and it was not known
when the Board Of Directors would meet.
Later in the Gay the market developed
a better tone, especially in the case OF
Chicago Gas, which moved up easily and
closed after considerable activity at a q ain
of 3 5-S for the day, indicating that the
street did not seriously regard the
movement in Philadelphia for receiver.
The strength in this stock also stm-
ulated sharp demand for Sugar,
the buying proceeding especially from a
prominent room trader who was thought
to have covered in large short line,
finally carrying the price above 81
Brokers who usually act for inside inter-
ests were reported as being considera bic
sellers. The closing showed important
gains for Chicago Gas, Sugar ana Tobacco
but in other instances final variations
were unimportant, the only feature be-
ing fractional gain i'm Western Union
and loss in New York & New England.
The late trading in the market indicates
nervousness on the part OF the shorts and
improvement followed by further
rally tomorrow, although the trad
ing has been strictly professional
and it is thought unlikely at the
moment that the bulls will enter upon
any prolonged campaign. 1t is worthy to
note that cotton ana wheat sold today at
the lowest prices of record.