The Providence news. (Providence [R.I.]) 1891-1906, 1894-09-26
FINANCIAL NEWS.
The New York Central Declares Its
Regular Dividend.
London Drops "a Fraction-Corn and
Wheat Both Lower--sugar Refinerics
TO BE Closed Down.


NEW YORK, Sept. 26.--The unexpected
happened this forenoon when the direc-
tors of the New York Central Railroad
Company declared the regular quarterly
dividend OF Ia per cent. When the
cables this morniDg showed London To
be lower the hope OF the stock
holders was materially decreased, hence
their pleasant surprise when the regular
dividend was announced and the cores
ponding disappointment of the bears. The
latter will attempt TO down the entire
market with the declaration that the divi-
dend has not been earned.
The feeling in London on the Reading
plan is generally unfavorable 10 its sue
cessful operation.
London in lower and will invite an at
tack on the part OF the bears.
Wheat opens weak and lower on lower
cables and selling of long wheat by COM
mission houses.
Corn opens lower and weak in sympathy
with Wheat.
The Reading plan Of reorganization in
wolves a contribution $50 per 1900 par
value of stock and income bonds, no mat
ter whether the holders subscribe to the
new collateral per cent. bonds or not.
III they don't they pay cash.
There is talk OF new railroad between
Harrisburg and Reading over rights OF
way now held By the Blue Mountain
Railroad.
The increase in the earnings OF the
Texas and Pacific road for the third week
OF September was 5000 The decrease in
st. Paul for that week, s65, $50; increase
for Wabash, S59,370; for Canadian Pacific,
$4,000; and the increase for Northern
Pacific, sos, ,403.
Bay State Gas. exclusively traded i'm on
the Boston stock exchange, is the most
active stock on that market and the fin
gers OF New York operators are itching to
get hold OF it.
The bears tried hard yesterday to break
the prices in Granger stock and failed.
A portion of the sugar refineries will be
closed down this week and by the end of
next week, President Havemeyer says,
that operations will probably cease alto
gether as business is being done at loss
under the new tariff.
The prevailing opinion is that the re-
ports OF damage to cereals have been
greatly exaggerated and that prices are
unreasonably high as result.
The stock market opened lower, Sugar,
95; Distilling, 10h; General Electric, 40;
Chicago Gas, $685. I; Burlington, 73%; ST.
Paul, 65k; w. u, $50.
Lower quotations were generally re-
corded during the initial trading at the
board this morning. The decliDes, how
ever, were coniinea TO fractional limits
except for Sugar which was depressed l
per cent. to 933k and Union Pacific, Ter
minal preferred, Distilling. Mobile q
Ohio and Readiro are each of half. Spec
ulation is shade firmer at this hour.
Review of Tuesday i'm Brief.
London prices came in shade firmer,
but our market opened generally lower,
with business very much reduced in vol
ume. The early transactions developed a
great degree OF irregularity, Sugar taking
short squirt and the Grsngers improved on
shorts covering, while Chicago Gas and
ID. &. +. were exceptionally heavy, and
delphia, apparently on the decision of
Judge Dallas placing the date as October
10Th in the petition as TO when the syndi-
Gates conmission will be heard.
The market was extremely quiet and
quotations nominal until towards the
early afternoon when the bear traders
made determined raid on the Granger
shares, Western Union ana some of che
lndustrials with the result of establishing
the lowest prices of the present movement
for L. IL. x q. The loss, however, was re-
covered later and the speculation moved
along sluggishly with 40 features of
Importance. Final prices showed very
small changes, with no variation as great
rs one per cent, losses having been re-
corded in Reading, Chicago Gas, Western
Union, and gains for l.. x N, General
Electric and Sugar. The Granger shares
were steady and practically unchanged.
The dullness of the market at the de-
cline suggests that the bear campaign is
possibly drawing TO a close and il is no.
ticeable that the market did not break
furt her In the face OF depressing talk from
the West.
Providence Clearing House.
The clearings of the Providence banks
today amount TO S704, 400.