The Providence news. (Providence [R.I.]) 1891-1906, 1896-05-19
The Stock Market Opened
Firm This Morning.
Regular Manhattan Dividend
Will Be Promptly Paid.
Brisk Inquiry for Northern Pacific
In Railroad Bond Department.
Special TO Tho News.

NEW YORK, May 10.-It Is understood
that part OF the decline in Manhattan Ele-
waited in the lasl week has been due to
selling by Worinsier q Co. They are said
TO have had a considerable line of stock
and to have declared to sell. disposing, 1t
is reported, of the last 1900 shares yes
terday. Man haitian people say there is
continued investment buying ana they
entirely reject the idea OF reduction in
the rate Of dividend, although IL Is diff
cult for any outsider to see how the pres
ent rate Is going to be maintained.
The immediate cause for the decline in
Sugar was probably the reduction OF 1-s In
refined. The larger cause was informl-
tion tending to confirm the report which
was given some days ago to the effect
that there was not likely to be any ex-di-
vidend in June because OF the proba bility
that Congress would not adjourn until
just before the time OF declaring the Juno
dividend. This, 1t was agreed, would
leave no time for a bull campaign unless
the insiders saw fit to start the market on
an agreement in Congress to adjourn at
certain date and take the chances OF some
hostility developing meantime.
In the Chicago market the local senti-
ment still continues bearish. Spring
wheat acreage IL curtailed by the wet
weather in North Dakota and Northern
the increased acreage in the balance of
the spring wheat sections.
The Liverpool Cotton market for today
il az follows:
1890 p. m. -Middlings, 4 1882; sales
estimate 5000 bales; futures advanced
1-64; market steady.
Sage says the regular dividend on Man.
haitian Elevated will be promptly paid.
1t would seem that II there is to be any
Improvement in the market that st.
Paul should do better than any of the
Grangers. IL Is selling 20 points lower
than Northwest and is earning more net
money.
The directors of Northwest will meet
In Chicago in less than three weeks and
will pursue conservative policy which
probably means the usual 2ia per cent.
Joseph says: "You must surely see
from the manner In which Chicago Gas,
Reek Island and even Manhattan Ele-
waited rally that few II any long stocks are
for sale, either on slumps or otherwise.
"Commack covered his Manhattan Ele-
waited yesterday on the knowledge that
the regular dividend Will be declared in
three weeks.
"Hold Chicago, Burlington & Quincy.
The dividend viii come of tomorrow and
1t will speedily recover IL. Sell both
Sugar and Louisville x Nashville for a
turn on al, rallies.
"Buy American Tobacco for q quick
profit. Remember the market is "a ira
der's one." -
London at 1880 p. m. market for Amer
leans lower and very narrow. Consols off
Is; money on call "a. Discount 1 per
cent.
Senator Morgan expects favorable ac-
tion on Cuban belligerent rights resolu-
tion by Foreign Relations committee on
Wednesday. 1t looks as IL the adjourn
ment of Congress would not take place
for the next 30 days Silver Senators, 1t
Ia said, are going to try to delay things
and bring up the financial question again.
ToDAY's STOCK BOARD.
WALL STREET, i0:15 q. m.-The stock
market opened quiet but firm. In the
railway bond department brisk inquiry
was noted for the Northern Pacific issues
and improvements were scored in the
bonds extending to lia per cent. in the
seconds.
PROVIDENCE CLEARING HOUSE.
The clearIpgs OF the Providence banks
today amounted TO sS43, 500.