The Providence news. (Providence [R.I.]) 1891-1906, 1895-05-29
FINANCIAL NE VS..
Disposition to Look Upon the
Brighter Side.
Rumor That Manhattan Elevated Div
idends Will Be Reduced.
Special 10 the News.


NEW YORK, May 29.-There is a dispo.
sition to look on the brighter side OF
things, and commission houses are conf
dent that more active and wholesome
times will prevail this summer in
Wall street than have been
seen in more than five years. Today, to
all intents and purposes, winds up the
week as far as Wall street is concerned.
A broken week invariably causes
to haul in their speculative horns,
and as tomorrow will Ibe Decoration
Day, to be followed by a day and half
of trad ing, 1T is not unlikely that the
market, failing any material support from
London, will fall into state OF inocuous
desuetude. There will be no declines OF
moment, however,
A great deal has been said about dis
counting prosperity, but the record fails
to zorro borate the claims set forth by
those who cannot understand the posi-
tioD today compared with that OF few
months ago. Take, for instance, some OF
the prices that prevailed Monday, Aug.
2S, 1893, when the markets were, compare
lively speaking, in a state of panic and
were stimulated temporarily by the fact
that the House of Representatives.
voted isvorably:upon The repeal of the
eilver purchase act. /, viii be noticed In
comparison that only two stocks, Lake
Shore and Sugar, show any very marked
advance. Lake Shore sold that day at
116 l-2, consequently 1t has had q
gain of 80 per cent, and the divi.
dends that II has paid in the interval
have helped carry the stock, while sugar
sold at 79s4 on a rally from 76h, making
net gain of more than 40 per cent. and
in the interval the company have paid 81
per cent. in dividends, including the
extra 10 per cent. upon the common
stock.
The departure of Mr.. II. o. Havemeyer
for prolonged trip to Europe furnished
a reason for the selling of Sugar yester-
day. 1t is thought shat the president OF
the Sugar company will remain abroad
until the end of the year, If not longer.
An effort has been made to create the
impression that because OF the serious s
falling off in earnings, due TO competition
by the cable car companies, the Man
haitian directors will at their
meeting, June II, reduce the
dividend to a 8 per cent basis. 1t can be
stated on the authority OF the very high
est officials OF the company that there
! need be positively no apprehension on
| this score. 1t is further stated that, all
reports to the contrary Notwithstanding,
the net results of the Manhattan for the
| year will be fully as favorable as were
those for the corresponding period OF
| 1894.
| The continued strength in the grain
market is having it's effect on stocks.
! The leaders appear to want reaction
| and the bears are active.
Besides much long stock in the Indus
trials, Sugar, ID. {. F., and
Leather preferred have been sold.
| The general feeling is, however, that the
| bull movement is only postponed, unless
| the crop damage is much more severe
| than appears. London ia not likely TO be
a factor until the middle of next week
! Prices then opened weak, but improved
| to somewhat higher than our close.
There is an official denial of the rumor
of steps toward an agreement between the
| ID. {. L. committee and the Greenhut-
! Morris interest.
! Big Four earnings for the third week oi
| May increased $50 622.
Joseph says: 'sRead the Government
crop report published in the papers to-
! dav. In all important States Corn has
been rep!anted and the outlook is very
| promising. The market is likely tc
be feverish. Erie should sell around
orr. Erie DDS will have TO make sacri-
fees. There will positively he no reduc-
| tion on Manhattan Elevated dividend
A ream of short Sugar has been put out.
ToDAY's STOCK BOARD.
WALL STREET, Nav 29.-The stocl
trading was OF moderate proportions anC
opened with lower prices as a rule. The
recessions, however, were unimportan