The Providence news. (Providence [R.I.]) 1891-1906, 1894-12-05
FINANCIAL NEWS.
The Situation al Washington and thG
Stock Market.
New and Interesting Points About
Sugar-Msrket Gossip.
Special to The News.

WIZ AhS oAA NAoaA
meter, 3S above.
The more one studies the situation at
Washington, the greater the conviction
grows that there will be nothing
done of Importance at this session
OF Congress. 1t is doubtful,
very, 40 the intimate friends OF promi-
pent Senators say, that there will be any
tinkering with the sugar tariff, or that
the sugar cnmpany will lose the X per
cent. differep inl. There may be a compro-
mise in that the lilo of q cent additional
laid upon the sugar imported from other
countries, paying a bounty on its export,
be sbrogsted, but Cyen this sop TO Cerebus
Is not assured. Sugar, however, during
the next few weeks will be likely TO fiuct-
uste wildly. There is one peculiar
circumstance in connection with he
stock. The friends of II. o. Havemeyer
say he is a much maligned man and he has
simply been doing what was right under
the circumstances, and hs cninions that
have been given vice rrea reflect only
the acu usl condition o. lht ougar trade.
Nevert heless, these same friends" tell
their intimates not 10 go long OF Sugar,
bat 10 sell on every rally as the stock is
destined to seek o much lower level of
prices, and will probably face to 20 or
under before the end OF February.
great many people incline TO the be-
lief that there will be general improve
mcut in the course of the next 90 days,
and many are certainly encouraged by the
belief that nothing more formidable than
"pop gun" measures will attract the at
tention of the country at this session of
Congress.
Parties prominently identified with the
Standard Oil interests say that St. Paul
will be made a leader OF the market and
that the stock in the course of few weeks
will be selling nearer 10 6j than 60.
1t 10 not unlikely that the Drexel-
Morgan parties VIII become active in their
specialties, and sugges ions that emanate
from fairly well informed quarters are to
buy Z. 4 o. ana Big Four The Gould
people are not likely TO remain inactive.
The directors OF Manhattan will meet
next Tuesday aud declare the regular
dividends and the executive board Of
Western Union will recommend the full
IL on January 2; the statement
for the quarter will show
applicable to dividends something like
1K per cent. There ia no doubt that
the winter quarter this year will be much
heavier than was corresponding quarter
OF 1894.
Concerning the various rumors affecting
Chicago Gas adversely, all that can be
said is: The directors will meet at their
usual time, in about "a days, and VIII
IL has been earned and there islittle doubt
that il will be ptid. T.. C. Benedict ia
authority for the statement that ne holds
all his stock ana has not parted
with a share. The invest
ment lines held for his friends and others
have not been touched, and the sugges-
tions that have been made emGnated from
strictly unreliable sources.
The estimated sales OF Cotton i'm Liver
pool amounted to 10000; speculation and
export, 1000; receipts, 600. Futures
opened steady ct the decline, demand
moderate.
In the New York market rallies set good
selling except in Gas where there was talk
OF a new bun pool.
The improvement in Rock Island earn
ings is due in part to the cotton move
mont and live stock.
Sugar directors meet today, but il is
doubtful II a dividend will be declared
this week
Advices from Chicago says; weather
map shows clear, cool, dry conditions
everyw here, except rain at Atlanta" There
seems to be some pretty fair buying this
a. M, Boyden taking quite little, crowd
selling and Kennett selling little wheat.
The earnings of c. and o., for the fourth
week in November increased Si5,s16;
Southern Railway increase, f25,67s.
The entire London market is weak. The
constant discussion OF our currency prob
lem and the prospect OF heavy gold ship
ments this month had weakening effect
there.
The market opens with losses of about
y for l.. Il n. and st. Paul. Foreigners
seem TO be selling the latter again and
bears here are helping it down.
The general feeling is that good stocks
are purchase on concessions on the
short interest, but no great movement in
sight.
sterling continues strong,
The rumors about the sugar dividend
are numerous and conflicting, but there
10 nothing definite about il.
Cotton futures: Sales, fO,5OO. JAN,
$50 bid; March, 56l; April, 5.6G; May,
oil; June, 5.78; July, $50 BID; Aug, 6.s7;
Dec $40.