The Providence news. (Providence [R.I.]) 1891-1906, 1895-03-14
FINANCIAL NEWS.
They Are Squeezing the Sugar
Bears in New York.
Bay State Gas-Sugar Ex.Dvidend.
Good Gossip.
Special TO The News.


NEW YORK, March a. Yesterdays
market was almost entirely professional
and without marked tendencies. st. Paul
and New York Central were affected by
the dividend rumors. In Sugar there was
an effort TO get reaction, which was not
altogether successful. MIR. We'll made
some room shorts cover in General Elec-
tries and London did some miscellaneous
selling in the arbitrage stocks.
st. Paul dividendd was expected
TO have little effect il / per cent, but
bearish effect IL passed. The feature in
the bond market was activity and
strength in Atchison As, with a rumcr
that some important changes in the plan
had been made. The loan crowd showed
quite a demand for Jersey Central and
New York Central, but other stocks were
plentiful.
Considerable attention Is being given
again TO the European markets and If, as
is generally deemed probable, London
awakens to the Importance OF the declara-
tlon of the dividends by the directors of
st. Paul and by the New York Central
management, and turns In as a buyer,
even to moderate extent, of the interna-
tional stocks, higher prices are certain to
result.
The short interest is large in all the
Western properties and every reason ex-
lists for believing that in the course of
the next 80 days generally higher prices
will be recorded. This feeling exists
principally along the dividend and pros
pective dividend-payings shares.
The course of the lndustrisls is likely
TO prove profitable for those who have
lines Of these specialties on hand. Sugar
continues TO find many friends, and spe-
cialists report quite a good buying de-
mand for the account of small investors.
The argument is logically made that Sugar
common will continue to pay II per cent.
dividends and that money can be bor-
rowcd on time on these certificates and
from TO 5per cent. One takes little or
no risk in espousing the bullish cause,
since the net profits for the year on the
dividends alone will make formidable
consideration.
Sugar loaned at 2 per cent. last night
and one trader who has been persistently
bulling the stock sold 1000 after the close
at l025s. The buying, it is understood,
was for the account of a prominent Broad
way firm. At night 100 was bid for 1900
exclusive OF the dividend of 3
per cent, which comes off today,
Traders almost TO man are now bearish
on Ii. o. Havemeyer's pet specially and
predict that as usual, as soon as it is
quoted exclusive OF dividend, 1t will have
break OF some points. 1t will not be
safe TO bank on this feeling, however, oe-
cause the sugar company Is in
far different position TO what il was
last January, when it had everything 10
fear from the Congress then in session.
Business was unqestionably bad AT that
time and the earnings did not warrant
the payment of dividends.
During the past few weeks. ard more
especially during the past month, the
sugar business has picked up consider
ably. Those who have taken hold of the
stock intend to "make hay while the sun
Shines" and Sugar is likely in due
course to reach as high figures as
it ever sold at in the past.
There may and prob bly, will be some
profit on the short side, but unless one is
quick TO grab the one or two per cent.
losses will be incurred by over-staying
the market.
Whiskey will probably do better, espec-
tally as the plan of reorganization will be
successfully carried out. The committee
has met with he most fiattering res esponses
to their appeal
OF the Changers, c., b. & O., particu-
larly, is in good position to rally
smartly. The short interest In il is very
large, and the bears who succeeded in
hammering it below 60, some ten days ago,
have not yet been able TO cover any OF
their contracts.
Referring to statement made late yes
terday, that ii is reported that a corpora
ton, the securities of which are listed on
the New York stock exchanges, is likely
TO go into The hands OF a receiver, many
rumors are current and Boston anxiously
inquiries whether the reference is not made
to the Bay State Gas Company.
President G. NJ. Depew, In answer to a
direct question as to what the dividend
on New York Central would be, said !:
Content your heart i'm peace for another
day. ] have no official knowledge OF any
reduction. The question will be decided
by the board and 1t will, think, be salts
factory to ALL"
General Financial Notes.
The New York Board of Trade has
passed resolutions calling upon the next
Congress TO pass the pooling bill
A London special says that the bank
rate Is unchanged e per cent), but the
market for Americans IL weak. st. p. and
n. y. &. have yielded on the belief that
there will be no dividend on the former
and a reduction on the latter. The mar
ket is X TO y lower.
Att meeting OF the sugar planters in
New Orleans IL was determined TO erect
an independent sugar refinery. Most OF
the money was subscribed.
- Paul meeting today.
About half Of the totsl stock OF ID. G. r.
has already been pledged to the reorgani-
zstion committee.
Mr. Willard will sail from Europe for
America ths laat of next waaL This ,,a ,,