The Providence news. (Providence [R.I.]) 1891-1906, 1894-12-01

Special "a the Eelcs.
NEW YORK, Dec. 1.-Weather very dull;
3S above.
No one seriously believes even tithe of
! the narrowing stories that are being put
forth by the American Sugar Refining
| Company, Because 1t does not require
| much business knowledge to APP
| preciate the fact that the
| company in question is as much
monopoly and has perhaps greater earn
ing capacity, the Standard Oil Company
excepted, than any representative indus
country. The insiders, who are as
| expert in the manipulation OF
| the markets as they are OF the question of
/ refining sugar, have undoubtedly sold
| their speculative lines, and their ambition
| is TO recover these at as low price as
| possible, and in the meantime to draw the
| long bow and paint everything in colors
I of dark and dismal hues.
1t is certain that If all other means fail,
then dividends will be cut from 40
paid, even If they are not passed
entirely. Every expedient known 10 arch
manipulators will be resorted TO
and the history of Wall street,
SO far as Sugar certificates are
concerned, shows that when Mr.. N. q.
Havemeyer wants to make a brilliant
coup he does not stand on the question OF
choosing either weapons or methods.
1t is only few years ego that the sugar
company, then paying per cent. divi-
dends, rushed the price OF the stock up in
the market from the neighborhood OF so
to 127. The stock a few months after
| celsed to pay dividends, the company
went into the hands of receiver and the
| price fell back TO 90.
Taking Sugar since its reorganization,
the fluctuations In the market prove es-
pecially interesting. On Jan. IL, 1891, it
sold at 57h, while less than nine months
later, on Sept. n, it was 933s.
Four months afterward IL was 7Sh,
climbing by the following August to
| f155s, Yielding IN the pau1c OF fust yeur to
| 61A, after having been the previous Feb
| ruary, just before the declaration OF the
extra 10 per cent. in addition to the reg
| ular dividend, at the rate of II per cent,
advanced to 133A.
A director in the Sugar Company says:
at is difficult to say what Congress will
terday from member OF the
| finance committee OF the last
Senate to the effect that while the general
tariff question would not be discussed TO
any geeat extent it, nevertheless, would
| be discussed enough 10 arrive at conclu-
sion that all raw materials would be put
| on he free list, among them sugar"
| This, it is thought, would be the death
| blow TO the sugar industry unless we can
| prevail upon our operators To meet the
| European scale OF wages.
The analysis of the 3. @. report for the
month of October is creating more dis
tinct bearish feeling on thai stock than
any that has yet existed. With n singular
| unanImity every financial winter in New
| York points out today ttat the
management of B. @. is following closely
| in the footsteps of the old Atchison man
| agement, ana that unless they speedily
recognize the weakness OF their position,
Il. @. will quickly show the
effects of INSTRUMENTATION and
the injury done by operating a road at
| 40 per cent. will be permanent.
| Last year the B. O., because il carried
mostly passengers, was able TO do its busi-
ness at an operating cost of 81 per cent.
| The month of October this year was par
| ticularly lean from passenger point of
| view, and the company have TO depend
almost entirely on freight, which, under
ordinary circums Iances, would have
! cost from 4 to s per cent.
more to haul than any passenger business
can. Nevertheless the B. * q. claims to
have done their hauling at nesrly per
cent. less for freight than 1t took for pas
sengers.
| Chicago advices state that the bulk OF
| the cash wheat in Chicago has gone to
| Armour on deliveries July 1, Sept. and
| today. Keep your eye on II.
Wheat opened strong in Chicago and is
| now easier on a swing by local scalpers,
who bought yesterday for a turn. The
I market has a firm unuortUue and locks
like going higher.
! Until two weeks ago Wheat in tho
| Southwest was badly in need of rain and
| reports Of drought assumed a serious as
! pect coming from sections OF Kansas,
! Missouri, Indian Territory and Oklahama.
| The ground has been very dry and the
| plant was going backward rapidly.
| In fact, conditions have been
worse than year ago. Rains
! although not general, have inn
| proved the situation, but IT will take con-
! tinued rain 10 moisten the plant because
/ of the dryness of the sub soil.
Loudon unchanged.
| III is thought that the market ought to
| do little better next week on the Presi-
dents message.
Sterling exchange is very strong and the
| indications are that gold will be shipped
| at the end OF next week.
The gold reserve Is about Sl03, 900, 900
and the bank statement will show about
/ S30,000,0O0 decrease today in reserve.
Some surprise was expressed that Sugar
did not decline further, on account of
| large transactions.
Nobody can see any good in buying
stocks, and the sentiment rs so universally
bearish that q rally il about due.
! The Liverpool cotton market opens
Nth six points decline and closes firm at
two points recovery. Saturdays market,
I hlCu, ~ 10 tTNeFiOus no Chance lS vet
seen Tor n permanent advance.
The net October earnings of l.. & ".
were 500 ,552 against S696, ,204 i'm 1893
Hudson q Co., Alley a Secor, Davis q
Co., Potter q Co. and Flower Il Co. bought
sugar; kennett, Hopkins & Co. sold 100 ;
other sellers scattering.
II. IL. Crocker and Vermilye & Co.
bought Northwest. sayin q Co. sold 1000
B.Q.
Davis Johnson bought about 2OOO ST.
Paul, thought to be for Cammack.
Goodchild bought st. Paul; London
| sold.
| WesICrn Union 2H, while North-
| west advanced "a aud a few
other shares small fraction. Sugar
soon came into GOOD buying aud sold up
~. The general market also improved.