The Providence news. (Providence [R.I.]) 1891-1906, 1895-02-13
FINANCIAL NEWS.
Dividend on Block Of Sugar Stock
Sold Last Night.
Manhattan Holds the F0rt-Cordage
Anairs-General Notes.
Special to The News.

Special to The News.
NEW YORK, Feb. 13.-The dividend on
1000 shares Of Sugar was actually sold yes
terday evening for 21s per cent, The
seller insisted that the forthcoming state
ment OF the Sugar Company would make
very mournful showing, and that while
the dividend had unquestionably been
earned on the preferred stock, the
figures for the spring quarter, be-
cause of the falling of in trade,
would show tba. the net
earnings applicable to dividends on the
common would not be above the rate OF
4 per cent. per annum. 1t was likewise
stated, ex-officio, that the directors
would reduce the dividend in consequence
to an per cent. basis, and that III. o.
Havemeyer intended to take such action
with the beginning OF the new fiscal year,
so that in all probability from this out
Sugar common would return TO its
original basis of an per cent. dividend
yielder.
There Is one very suspicious fact In
connection with the offering of the divid-
end at lower rate than that which the
street has received for more than three
years. The alleged friends of the Sugar
company claim to be doing nothing.
Brokers in Wall street who are generally
supposed to carry very large lines OF
Sugar were disinclined, when offered, to
buy the March dividend even at
the concession, and, in fact, it was hard
to find an active bull on the stock, al
though there were many who professed to
believe in the future dividend policy of
the company. The most remarkable thing
Is: Who Is buying all the Sugar, taking 1t
on very liberal scale and simply await
ing market TO marx up the prics rapidly,
appreciating that the short interest in
this speciality has grown to comparatively
large proportions?
The feeling on Grangers does not i'm
prove and II Is thought that while rallies
of from TO 2 per cent. may be looked for,
there Will be nothing in the market from
a bullish point OF view for some time to
come.
1t will be good many years before the
Manhattan has any competition, or, il
the consent Of the property owners is to
be obtained before rapid transit can be
built, there will be any greater facilities
for getting up town or across IL than are
for the moment offered by the aerial
system.
The liquidation in Northwest will
probably cause this stock to sell, say
per cent, or more, below its present price.
While the West does not feel particu-
larly bullish on Gas, there is no good rea-
son to expect any serious break in it. The
long looked for changes will be duly re-
corded and then some. of the largest in
terests at Chicago will become prom
inently identified with and active in the
Gas management.
st. Paul will not yield very much, and
the point Is logically made that the stock
is worth at least $40 per share more than
is Louisville & Nashville, although the
market difference between tho two is very
small.
Louisville & Nashville will not pay div
idends FOR some time to come. This state
ment Is made on the authority of men,
bers OF the executive committee.
General Financial Notes.
Sentiment, generally, is still bearish
owing to the uncertain attitude OF Con-
gress. The short interest is large, how
ever, and a rally is in order.
London opened with fractional ad-
vance, st. Paul leading at " per cent.
The people abroad do not seem to be
ightened on account of the action of the
Senate finance committee and foreigners
seem to have learned a lesson about our
peculiar politics.
The subcommittee of ways and means
agreed to report to the full committee
bill for 3 per cent. gold bonds.
In an interview with President Sturgis
of the United States Cordage Company
last night he says the decline is the result
of the bear raid and liquidation caused by
exhaustion of margins. He says receiv-
ership is nonsense. Their working capi-
tai consisted OF g, ,197 900 cash ana S6i7, 900
book debts at the start.
The book debts have been since COL
lccted. There is no profit on the goods
sold at present, figuring the original cost
of the material, but there is no justifica-
tion for the present prices of the COM
pany's securities, which he terms famine
prices.
August Belmont is quoted as saying
that the new AS will be offered on about
OK basis, which would be about 1l2.
There were 10 bidders for the City of
Worcester eight months loan for s10o. 900.
Tie New England Trust Company OF
Boston offered TO loan at 3.d75 discount,
and was accepted.
The annual report OF the American To-
bacco Company Is said to show per cent.
earned on preferred and 25 on common.
The hog receipts at the Chicago stock