The Providence news. (Providence [R.I.]) 1891-1906, 1894-03-09
THE FINANCIAL NEWS.
Sugar Stock Takes q Tumble at
Dictation Of Trust.
" Really Afforded Little Protection by
Tarifi," They Say-Inclination To
Bear the Grangers- Market Gossip.

Special 10 The Nous,
NEW YORK, March 9.-London market
comes steady. Advices are for conserva-
tism until the market is settled by the
outcome OF the tariff measure. Feeling was
very bullish on ID. c. +. yesterday, but
the general statement on the Changers was
inclined TO be bearish. Sugar people say
the Senate bill affords very little pro-
lection. The Union Pacific people
say the earnings are now improv.
ing weekly. Very little gold VIII
own well and unless there are unex-
pectedly heavy gold exports prices
VIII do better before the close. Forelgn
houses are still unable to make definite
statements regarding the shipments OF
gold.
The important developments in the
market yesterday were the declaration OF
the usual dividends on st. Paul and the
publication of the tariff schedule by
the Senate subcommittee, particularly as
relating to Sugar, Whisky and Lead. The
sugar tax, as had been generally expected,
was graded SO as to furnish certain de-
gree OF protection on refined, the exact
hgure being according to technical es-
Inmates somewhat in doubt. Washington
advices stated that the outcome was
favorable to the Company, while refiners
and dealers here were quoted as
the situation, but whatever
may have been the exact status of the
case there was every Indication that the
pool in the stock had taken the oppor-
tunity to unload at least portion OF their
holdings. The stock, after violent fiuctua-
tion, closed weak at a net loss OF 6x per
cent. In the case of st. Paul the stock
was firm early in the day, but after the
declaration of the dividend it began to
fulfill the predictions OF the bears and to
decline in sympathy with the balance OF
the list.
Other features OF very irregular specu-
lation were spurts at various periods in
General Electric and ID. c. F., the traders
apparently taking favorable view
OF tariff action in the case OF the
last named, but in the later dealings the
decline in Sugar exercised considerable ef-
feet and there was free selling OF the
Changers, Western Union and other active
shares. The closing was heavy at about
the lowest prices.
AS for the near future the general feel
ing appears to be that the reaction is like
ly TO go further, as there is nothing more
In the way OF good news expected at
the moment and tariff uncertainties are
likely to be rather in favor Of the bears.
The market, however, is largely influenced
by the movement in Sugar and huctua-
tions Will be to great extent dependent
on the manipulation in that stock.
The changed conditions regarding Sugar
and the enormous liquidation by the pool
have had depressing effect on the mar,
ket. Traders were bearish late in the dAk
and had begun selling the Granger stock
and Western Union. AT the moment
prices look lower for turn, although re,
ports on outside business show returning
confidence. The feeling this morning
became q little too bearish
and there has been considerable covering
z in Sugar and elsewhere. The buying move
ments in ID. G. f., which was interrupted
by break in Sugar yesterday, has been re-
sumed.
Schepp, Prince & Whitley principal sell
iers of Sugar. Buying all scattering.