The Providence news. (Providence [R.I.]) 1891-1906, 1895-08-24
FINANCIAL NEWS,
Interesting Resume Of Mar
ket Fluctuations Of Sugar.
Eastern Stocks Have Improved and
Southern Ought to.
Special to The News.

Special to The News.
NEW YORK, Aug. 24.-Eastern stocks
| have improved. Lake Shore, Delaware ~
| Hudson, New Jersey Central, Lackawan.
ma and New York Central, have gained cons
siderably, not only in the market price,
| but likewise in prestige. This improve
| ment should extend to Southern stocks.
| These have had no rise OF consequence,
but they are in a position to sell very
much higher.
No one seriously believes even tithe OF
| the narrowing stories that are being put
| forth by alleged friends of the sugar
| Company. Some OF the insiders have sold
| some of their speculative lines, and their
| am mbition IS to recover them at as low
| price as possible, and in the meantime TO
| draw the long bow and paint everything
In colors of dark and dismal hues. Ii Is
only few years ago that the American
shares, then paying per cent. DIVIDENDS,
were rushed up in the market from the
neighborhood of so to 127. The stock a
few months later ceased to pay the divi-
| dends, the company went into the hands
of receiver, and the price fell back to
90. Taking Sugar since its reorganiza-
| tion, the fluctuation in the market are
very interesting. On January IL, 1891,
! IL sold at 57l2, while less than nine
months afterward it was SO 5-8. Four
| months later IL was 7Sio, clim bing by the
| following August to 115 3-S, yielding IN
| the panic of last year to 613i, after having
| been to 1343, the previous February, Just
| before the declaration of the extra 10 per
cent. in addition TO the regular dividends
| From its low price of 61a, on July 81,
| 1898, it rose 10 rs 5-S, where II stood on
the first of February this year. 1t re-
mained steady for a month, waiting for
| the House to pass upon the free sugar
bill. Today, when by an overwhelming
vote the House decided TO put Sugar on
| the free list, there was 75l4, and few
| months later, when the German bill was
agreed to, Sugar sold to ia Us. Then
| there was talk of another extra dividend,
| but as the insiders succeeded in unload
| ing their respective lines on an average
| of about 100, they concluded TO let the
| stock take its own course IN the market,
| and incidentally to help along the de-
clines by circulating the most heartrend-
| ing reports that were ever put ahoat.
| The question of dividend will come up
| in a couple of weeks and the report viii
| show that the company is making fully
| 20 per cent. on the common stock.
The leading bear traders are seemingly
| satisfied TO take very moderate pront
for the time being on their ventures.
| They do not believe that there VIII be
any big money in depressing stocks, es-
| pecially as conditions are likely TO con-
| tinue in favor of the bulls for many
months. There Is no doubt but that both
/ the {. Il. q. and Rock Island have run TO
the end of the lane Of low earnings, and
| for some considerable time, because OF
the very thin traffic receipts with which
they will compare for the corresponding
| period last year they cannot fail TO show
| improved earnings. The reduction In
operating expenses will naturally cause
the exhibit from month TO month in
net returns to be relatively reassuiing.
ToDAY's STOCK BOARD.
WALL STREET, Aug. "a. The stock
market opened active and fractionally
higher There was good demand for
therein and $40, 900 silver certificates were
traded in at 81. The animation partially
subsidized after 1915 and pronounced
| changes were noted in some shares. The
| Cordage stocks, second assessment paid,
were in question and gained i is to
rs, the latter in the guaranteed. To-
bacco was erratic, rising TO 9S rs, re-
acting to 97la, and later, ruling at 81 rs
| Northern Pacific preferred was very
weak and went off / per cent Burling-
ton eased off 5-S per cent. The two latter
shares continued to display downward
tendency.
Lake Erie & Western preferred rose 1
rs after o'clock; New England, 1io;
| Pullman, ! per cent. and the other shares
traded in fraction except Sugar, which
broke is and rallied 3-S per cent. The
i market closed strong.
| MONEY.
WALL STREET, Aug A- Money on call
easy at per cent. Prime mercantile
paper 3Ioa4lo per cent. Sterling exchan ge
weak and lower, with actual business i'm
bankers bills at L. S93, 30 for demand,
and at 4.SS3i al So for 60 days; posted
rates, 4. oa4 80, and 4. COLA 81; CONNER
cial bills, Ass; Silver certificates, $40, 900
at 81; bar silver $685.; Mexican dollars,
53la. Government bonds strong.
WEEKLY STATEMENT.
The weekly statement OF the associated
banks shows the following changes: Re :
serve, decrease. 80, 200, 200; loans, in
300; legal tenders derease, IS, 14l, 700; de-
posits, decrease, 20, 6SS, 500; circulat 'on,
increase $50, 200. The banks now hold
S37, $50. 675, in excess of the requirements
of the 25 per cent. rule.
NEW YORK CLEARING HOUSE.
NEW YORK, Aug. 24,-Clearings, $50, :
30l, III; balances s6,050,916
GOLD EXPORTS.
NEW YORK, Aug. A.-The exports OF
gold and silver from this port this week
aggregate s5, 952, 76S, (of which s5,077,
200 were United States aud Spanish gold)
against 81, 1919, 200, the corresponding week
OF last year.
GENERAL FINANCIAL NOTES
London prices are Il lower for l.. X N.
and ~. Paul, and unchanged for the rest
of the list.
Tobacco evidently has judging from its
action yesterday, large short interest,
and when this attempts to cover the
price is easily marked up by insiders.
The exchange market is easier and IL
looks as IL gold exports were very nearly
over.
Northern Pacific fves declined yester-
day and weakness also appeared I'm the
preferred stock. However, IL IL thought
that the bonds will be taken care OF In
the reorganization, as Mr.. Morgan is at
the head OF IL.
! IoYepb says: Don't be fooled into