The Providence news. (Providence [R.I.]) 1891-1906, 1895-09-23
FINANCIAL NEWS.
Manhattan Elevated May Pay
a Stock Dividend.
Feeling Generally BulIish and Stocks
Expected to Advance.
Special TO The News.

Special to The News.
| NEW YORK, Sept. 23.--It is useless to
| enumerate the reasons for looking for c.
g. & O. TO sell considerably above these
| prices. The company, in the first place.
| holds a far more substantial position
than do any other of the common carri-
| ers of the West. The G. b. d O. system
ern group of railroads Dividends will
| be advanced in this instance to per
cent basis, and 1t must appeal TO any
| body that by the time Chicago North
west gets ready to return 10 per cent.
rate, G. B. * O. will be returning an
| equal amount TO its tockholders.
There is quite an extensive outstanding
short interest in Manhattan. Those peo-
| pie who have been persistently selling
| this stock, and are still inclined to bear
| II on the theory that the company will
supplant the present motor power by
electricity, and will have 10 spend consid-
erable money to make the desired changes
are not familiar with the facts. In the
| first place, the amount involved will not
be large, and the stockholders will not be
made to suffer in any particular. 1t is
not unlikely that at the proper time, and
| in order to provide for desirable changes,
| the directors will make an issue of stock
instead of selling more bonds, and II this
be done, the shareholders will be entitled
TO subscribe pro rata at figures that Will
mean a good fat dividend for all who will
| avail themselves of the liberal offer. 1t
can only be repeated on the very best au-
| thority that some time in the future the
Manhattan Company will pay back to the
stockholders in the shape of stock divi-
dend, the money that has been taken
from the treasury, and which amounts to
nearly $1,000 900, paid 10 damaged prop
erty holders.
1t is believed by the most cautious OBJ
servers that this week will find decided
| change OF attitude on the part of Europe,
and that not only will Europe appear as
a buyer of our stocks, but England will
take round lots of grain. There is no
doubt whatever that crops are short
abroad, and that American wheat will be
purchased.
The feeling as far as the general market
is concerned is bullish. That is to say,
leading people look for stocks to have a
much further advance in prices. Condi-
tions all favor a hopeful speculation, but
discrimination and discretion are neces-
sary, of course. 1t will be surprising il
the Changers do not come to the front
and sell very much higher. The tonnage
that will come to the st. Paul road this
winter, and which will continue for
months to come, will be the heaviest that
has been handled at any time since 1892.
Dividends Will be earned at the rate OF o
per cent, gain upon the common stock
and it will be the question of but little
less tHun NIL u year Wntn the sLOCkUOlu-
ers OF the st. Paul Will, IL present calcu-
lations, pan out, receive substantial recog-
milton for the hard times through which
they have passed, and to an extent are
still passing. The earning for st. Paul
will show very large increases. Instead of
reporting at the rate of 300, 600 per week,
the company will be reporting from $685.
600 to $500, 600 week. There will be
gross gain of nearly 100000 for the
month OF September.
COLORADO RIVER IRRIGATION co.
In answer to correspondent, who asks
about the Colorado River Irrigation Com
pany of the United States Investor makes
the following statement:
Respecting the probable outcome of the
Colorado Irrigation Company, we can only
say that the prospect now is that the
temporary receiver, Waldo =. Morse, 10
Wall street, New York, will be made per-
manent receiver and that the affairs will
be wound up or probably reorganiZed
with John G. Beatty, the former general
manager, and his Providence following
out. The Providence parties will be
ousted in the reorganization because
their holdings are nearly all OF spurious
stock. we understand, which stock will
be Cancelled. The case OF Colorado Irri-
CATION Company will probably come up
for a hearing at the October term of the
United States Circuit Court for the south
about ss6,O00 of spurious stock issued
which is largely held in Rhode Island,
Connecticut and Massachusetts, -
TopAY's STOCK BOARD.
WALL STREET, Sept. %. - The stock
market opened strong and active, with
the leading shares fractIonally higher.
The tendency of prices continued upward
and current quotations record an appre-
citation in Sugar and Chicago Gas of 3-S
per cent. Distilling and G.. c. c., and st.
Louis 1, and st. Paul, rs per cent. There
was no check to the improving tendency
to speculation after 1915, and aside from
the fractional gains in the leading share,
Cordage guarantee rose 13i per cent, pre-
ferred, l 3-S and Iowa Central preferred,
per cent, Pacific Mail was rather
heavy and went down alper cent.
GENERAL FINANCIAL NOTES.
The settlement by the bond syndicate
Saturday is considered favorable, and the
bank statement points to higher money
rates.
London is quiet, with no pronounced
features.
Treasury gold this morning amounted
to s95, asa, 100
The Chamber of Commerce has can
vassed the next Congress, and finds 2l6
members definitely against free silver, IS
in favor, and 81 doubtful.
Secretary Carlisle had two hours con-
ference with President Cleveland.
Joseph says: "Unless all signs fail, the
present week will be banner bearer for
the bulls who trade with discrimination
and caution. Insiders say Rock Island
will cross 80; 81. Paul will sell at so; Su-
gar IL good for 40; Gas Will light the
bulls on their way and sell above 20; At.
Gibson is good for 25 and General Elec-
trio will shock the bears above a. Watch
Wheeling common and preferred, and