The Providence news. (Providence [R.I.]) 1891-1906, 1895-02-15
FINANCIAL NEWS.
Western Union and the Elijah
Gray Telephone Patent.
The Bond Situation-Sugar Gossip.
General Notes.
Special to the News.

Special to the News.
New YORK, Feb. Is, 10 a. m.-When the
Western Union assumed control OF the
Gold and Stock Company, 1t took over,
among other assets, the Elijah Gray tele-
phone patent. This patent was one OF the
most valuable, and is still, that the
Western Union controls. 1t will ex-
pire in the course OF q few months,
and cannot be renewed and the loss to the
Western Union will amount to. even II it
does not exceed 81 100000 year. Expert
ments are being made by othercompanies
that will further reduce the revenue OF
the Western Union. Another particularly
significant fact is that while the num-
ber of small stockholders of the
Western Union has increased, and
absorption OF odd lots is one OF the fea-
lures of the market, the large holders
have been reducing their lines in many
instances, which, all things considered, is
not a particularly favorable indication.
Western Union may not break right away,
but in view OF events about to
transpire, conservative commission houses
are not advising their friends to go long
of the stock, except for q turn on the
short interest.
likely to play q very important part in the
speculation and sugar will bear very
close watching. No one for the mo-
ment believes that the Senate will
vote to abolish the one-tenth differential
but the agitation OF the question in the
upper house is likely to lead to some
speculative selling of the stock. 1t IS
still maintained by those who claim TO
know that the directors OF Sugar will, at
their forthcoming meeting, reduce the
dividend to an 8 per cent.
basis. III. o. Havemeyer, for
nine months past, has been opposed to the
paying OF per cent. and now that the
condition of the Sugar trade is bad, 1t is
likely that he may carry his point. 1t is
wise, however, to add that the same
people who held Sugar at the
last meeting and on previous
occasion when Mr.. Havemeyer assumed
to dictate the dividend policy, are still
long of their certificates and under the
circumstances they may carry their point
again.
The operator, who is in close touch with
J. 4. Searle, and who represents a large
Brooklyn contingent, is not bearish
on Sugar, as has been reported,
and he insists that people who will hold
it and will not mind the fiuctuation from
day to day will make a very handsome
profit.
That was beautiful valentine that the
House gave the country yesterday in
the shape of defeat of the
Wilson bond bill. There is one
mitigating circumstance that will at least
have tendency to make the blow TO the
credit of the United States less severely
felt than would have been the case under
other circumstances and that is that
the dirty birds who are parading
at Washington under the guise OF
patriotic legislators are SO thoroughly
well known, that their impatriotic action
was expected and, from Wall street
point Of view, probably discounted to a
very great extent II, as is, likely,
Europe takes the same philo-
sophie view of the situation as
do leading fnanciers and bankers
here, the selling movement of stock that
is certain to follow the action OF Congress
will not be particularly demonstrative
nor decisive, and that lower range OF
prices is temporarily looked for may be
generally conceded.
1t is probable that liquidation will con-
tinue in Northwest aad it is intimated
that the Vanderbilt shares which gener-
ally wind up an aggressive campaign, will
come in for their full day of reckoning
and that New York Central and Lake
Shore will recede from TO 2 per cent.
Today's stock Board.
WALL STREET, Feb. 10, 10:l5 a. m.-The
stock market opened weak and fairly ac-
tive. The defeat OF the gold bill in the
House yesterday has had depressing
influence on share values and st. Paul
declined X, Northwest, Rock Island, l.. &
NJ, and Tennessee Coal, "; Burlington,
N. j. c., N. Y. C., and n. T.. *. The
market is somewhat steadier at this time
and Northwest has rallied * and Man
haitian, u.
Liverpool wheat is firm; demand mod
crate; prices unchanged.
Chicago Wheat market reports very
little trade at the opening. The local
bears were the best buyers and there
seemed disposition TO bull the market.
Northwest advices say that from now
until April there will be a general move
ment of the wheat out in Dakota eleva-
| tors 10 avoid taxes.
Wheat, receipts 24,700; sales 2i5,-
600; market stupidity dull all the morning
| May, 6s 5-16 1-2.
Cotton.
LIVERPOOL, Feb. Is, 2 p. m.-Cotton
| sales, SO00 bales; futures steady, 1-64 ad-
vance.
Cotton opened dull but steady; sales,
/ r-On hale. E.h.,ory X iQ March Al