The Providence news. (Providence [R.I.]) 1891-1906, 1894-09-27
FINANCIAL NEWS.
Is There to Be Receivership for the
whiskey Trust?
Sugar Stock Declining as the Result OF
Havemeyer's Statements London IA
Little Better-Wheat Market Easy.


tion in the Grangers with the bull pool
in st. Paul as the chief objection. They
have made some headway, but the short
interest is largely increased.
London is fractionally higher, so that
stocks ought to be a purchase on declines.
The August reports OF the Pennsyl
vania II Reading Railroad Company are
most encouraging. The Pennsylvania on
both OF its lines gained 1884, 900, and
Reading on its main division gained
S7S9,OOO
The market today is apt to be very
feverish, but old time bull operators say
that purchases Of anything may be made
on today's dips for rally of one or two
per cent.
President Greenhut says that he knows
nothing OF any receiver for ID. &. F., and
the idle rumors about a receiver being
asked for furnish no good reason for SELL
ing the sto<k.
On the other hand there Is the state
ment that reorganization and assess
ment of ID. &. Il. Is inevitable. The COM
pany is said to have or nand only 900
in cash and equity OF only 100000 in
spirits on hand, while the debts are OF
II 5000 in rebates and million more in
bonds.
The st. Paul statement is expected to-
day to show 200, 900 increase.
The Mayor of Chicago has refused to
allow the Universal Gas Company TO tear
up all the streets asked for unless larger
deposit for damages is made.
Wheat opens easy with the local crowd
selling the May crop. The market Is
steady.
The Metropolitan Traction Company
has today declared the regular dividend
OF IA per cent.
There is a tip that cotton bought before
Saturday will yield good profit next
week.
The share speculation was generally
firm at the opening except for sugar,
which still suffers from President Have
meyers statement that trade condi-
tions are unfavorable. The common
stock has declined IA TO SO, and the pre-
ferred * to "a. Distilling il unsettled on
rumors of probable receivership. The
shares receded x ana rallied y.
The rest OF the list is stronger, Chicago
Gas being q, Long Island friction q and
l.. q N. and Cotton Oil Y. The market Is
still fairly firm.
Cotton futures opened steadily at the
advance; sales, $500 bales; October, 6.07:
November, 6.14; December, 6.12; January.
6.27; February, 6.33 bid; March. 6.39;
April, S.45; May, 6.51; June, 6.57.
Review Of Yesterday In Brief.
lower and our market opened at frac
tional decline with slight increase in
the volume OF business. The prin-
cipal interest OF the speculation
centered in the Changers and
Industrials, the first named group
moving up on the expectat'oS OF the
usual New York Central dividend. while
ID. {. f. and Sugar were vefy few n, the
first breaking sharply, and Sugar first
selling off on talk OF closing OF various re-
fineries, but afterward recovering to
above 90. At other points dealings were
irregular with weakness in the Gould
shares, but New York Central was
firm in tone, and later announce
ment was made of the regular
Ia per cent. dividend on the stock.
The action of the New York Central Di-
rectors was generally expected to have a
beneficial effect upon the market, out to
the disappointment of the bulls the in
terest in the speculation appeared to sub
side and during the early afternoon
the market was very dull with few
changes of importance except i'm
ID. {. Il. where the bears continued to be
active. During the last hour there was a
marked increase in point of activity and
prices yielded sharply under active bear
hammering, especially in the lndustriels,
Cordage and ID. &. +. showing ma
terial declines for the day. The closing
was heavy at general decline from the
opening figures.
The declaration of the New York Cen
tral dividend having fallen fiat ii is
thought that the bears will probably
press their advantage and that a lower
range of prices is not unlikely, especially
as the sugar directors appear TO be estab-
fishing lower range for that stock.
The Providence Clearing House.
The clearings of the Providence banks
today amounts to s62S, 700.