The Providence news. (Providence [R.I.]) 1891-1906, 1895-01-29
FINANCIAL NEWS.
Interesting Outline Of The Exact
Standing Of Sugar Sock.
Comparison With Railroads -Manhat-
tan's Good Chance Notes.

NEW YORK, Jan. ZD.-The action OF
Sugar is mystifying almost every one, ex-
cept those who are manipulating the
stock and who know that it matters little
what the certificates may do in the i'm
mediate present. They are destined to
sell very much higher in the near future.
Atrader who has been identified with most
OF recent movements and who has recently
switched his position, says: "There is
something going on IN the stock, and
although l have received a number OF
orders fail TO trace either the buying or
the selling to any direct source. Sugar
holds remarkably strong in the face bfa the
most adverse, not to say aggressive,
circumstances. From my personal In
vestigations, fail to find many
houses In the street that are
carrying any large line, either for GUS
toners account or for other persons. Yet
on the surfacethere is nothing on which
to null the stuff. Every man in the loan
crowd seems 10 have certificates innumer-
able to loan, yet the price does not yield
materially and IL Is so easy to bid 1t up
without apparently meeting any long
stock. Its action for some days must have
been nonplussing."
The experience herein related Is not
new; In fact it Is conceded that those
who are working in the interests OF the
lower Wall street people are doing their
level best TO create and nurse a short in
terest, as they appreciate that at the pro-
per time they can make this the founda-
tion for quite an important upward squirt
in their speciality.
The Sugar company ls now beginning
to earn money, that is to say, business is
picking up so that within few weeks
at the latest II will be on level with that
OF corresponding periods in previous
years. There Is considerable talk Of what
a.. a k.,t o. he. Inoo A.
tention one pays to these croakings the
more apt he will be, il not 10 make money,
TO at least TO save himself from losses, such
as the espousal OF the short side OF the
market for Sugar In particular, and other
industrials In general, would incur.
In five weeks from Thursday the Sugar
directors Will meet, and IL is safe to assert
that the full and regular dividend on
II per cent. basis will be paid. OF course
nobody for moment thinks Of compar-
ing an industrial with an active railroad
stock. IL, however, they would reflect
that in the las. three years the American
Sugar Refining Company has paid in ths
aggregate, including the extra 10
per cent. dividend, as much as
the LackavanDa would pay in
six and half years, or that the Lake
Shore would pay in seven and one half
years, they would soc where the money
from speculative point OF view was to be
found, and in making the comparison III
the difference OF price bet xeen Lake Shore
Lackawanna and Sugar be taken into
consideration, then the dividends have
been equal for three years on the lest
mentioned to from eight to nine years on
the gilt edgec railroad Investments.
One other consideration worthy OF at
tention is that while the sugar Company
processes not to have made any money In
, the last six months, the statements OF
both Lake Shore and Lackawanna showed
that these companies In one instance did
not earn within q per cent. of he divi-
dend paid, and in the case of the Lake
Shore the surplus for the IL months was
but s33, 600.
Bringing the comparison down to even
liner point and comparing Sugar with
the Western Union, which pays per
cent. and Is earning less than 6per cent,
one can see that the advantage In buying
Sugar, in preference TO bullirg Western
Union, Is all in favor OF the Havemeyers'
speciality.
1t looks as II there will be something of
a furry in the almost immediate future
in General Electric. A fact hitherto un-
published is that the company has re-
Europe OF the total value OF ,S,0O0O0o.
These will keep General Electric fully
employed Tor some months to come.
For reasons already stated Manhattan
should shape course, independently OF
its own, H. as there Is every reason TO be-
lieve, the report TO be submitted TO the
rapid transit commissioners should sug-
gest the advisability OF giving
the Manhattan extra facilities.
and as 1t is quite within the
bounds of probability that third track
will be given, the stock should not stand
this side OF 110, and probably would reach
l15 in double quick order. Incidentally,
1t may be said that the earnings of Man
haitian are picking up.
General Financial Notes.
The Presidents message was considered
sound and strong on Wall street. 1t Will
antagonize the silver men, however, and
the bears are preparing 10 attack the
market.
Londcn Is weak, with ST. Paul down u
and Louisville & Nashville down l per
cent; Others arc down about a.
Lead held out well until II began to
break and then 1t broke 10 points.
Net gold in the treasury this morning
was s52, 1853, 900. This Is the lowest since
the resumption of specie payments.
Liverpool cotton market quiet. Futures
opened easy, demand moderate; sales,
1000 bales.
Wheat opened very heavy under gen.
eral reselling of the wheat bought yestcr-
day on the Pres .dept's message. stop
oEuc1s carried the price uoNh one cent 10
522 for May. AT tho decline there was
some buying by elevator people which
steadied tho market.
n. Curtis Fletcher, formerly teller at
the First National Bank, and n young
business man OF varied experience, has
been oppointed cashier OF the banking
house OF {. Franklin Nugent * Co.
&. Franklin Nugent q Co. are Offering
5000 Todd County. Mimi, per cent.
bonds, 10 net tho investor per cent.
These County bonds are next TO Govern
ments as regards safety, and this fact
alone should commend them to the in
vesting public.
Cotton futures opened quiet; sales,
$500 bales. Jan, 5.31; Feb. 5.3S; March,
5.44; April, 8 AZ; May, 552; June. 5.55;
July, 5.59; August, 6.62; Sept, 5.66; Oct,
6.7i; Nov, 5.76; Dec. 80.
New York stock market opened weak,
unusually active. Cotton OH broke I 4 ;
Nickel Plate, second preferred, ~; Ten
nessee Coal, ia Louisville, IL, Rock ISL
and and Wabash preferred, X; Tobacco,
Reading, 81. Paul, General Electric and
DistillinR, q.
Brief Review Of Today.
Theodore w. Myers & Co. OF New York
fol heH hc foil IN II In m