The Providence news. (Providence [R.I.]) 1891-1906, 1895-04-13
FINANCIAL NEWS.
General Electric Activity Not
Caused by Bears.
influence OF Income Tax Savings on
Wall Street.
Special TO The News.

General Electric was not caused by the
operation for bearish account. Since Mr..
j. p. Morgan's arrival abroad some repre-
sentative orders to buy General Electric
have been cablod to this side. This does
not necessarily infer that the stock will
soar to dizzy heights because operations
OF the strong capitalistic party in
the past were not uniformly
profitable on General Electric, but the
condition OF the General Electric Com
pany is very different today to that OF
few months ago. On comparatively little
effort the stock could be advanced smart
ly, especially os outstanding contracts are
numerous. in this direction.
Thinking people lay great stress upon
the fact that the saving by large corpora
tions that are owners OF real estate, be-
cause of their exemption from paying the
income tax, will prove particularly
potent factor in the speculation OF the
very near future. The New York Life In
surance Company, the Mutual Life, the
Equitable Association and other repre-
sentative aggregations OF wealth have
millions upon millions of dollars locked
up in real estate upon which the total tax
would have amounted to very considera-
BILE sum. There will be no need OF these
corporations paying this money to the
Government. 1t Is not unlikely that that
which would have gone to provide revenue
for Washington will find its way as usual
into Wall street investments. These
bonds that are free from tax are exerting
appreciating value, besides which oppor-
tunities will be sought for picking up
those properties for which the institu-
tions just mentioned have always had
penchant.
There will be no markets either in
London, Manchester or Liverpool today,
consequently there will be no quotations
and the arbitrageurs have no discretion
ary orders. A similar condition OF affairs
will prevail over until next Tuesday a. M,
consequently anything of an active
speculation on this side is scarcely to be
expected.
The Sugar Company has not been idle.
1t has been buying raw sugars in all parts
ofthc world and can be said to practically
control these markets. In a few days the
announcement will come OF further ad
vance on refined OF 4 per cent. The
Havemeyers hold the sugar trade practi-
cally in the palms of their hands, and
they can do pretty much as they please
with the certificates in the market.
There Is one thing certain, and that is,
John +. Searles, prior to leaving for the
Pacific coast, sold out his speculative
lines and obtained an average of 101h for
some thousand of shares.
Traders did not take the stock, which as
usual passed into the control of those in
terests that know most about the value
OF Sugar stock. Sugar will be n good
trading stock and il bought on moderate
concessions from these prices is destined
to show an enormous profit in the course
OF the next 60 days.
Those whose information IL of the best
say, "the tape speaks for itself. Any one
can see that there is no pressure on the
Coal stocks, as would be the case il any
formidable hitch had occurred. 1t is no
use going short of the Anthracite
properties on the belief that the nego-
tiations now on foot will fall
through" On the contrary, the best
posted among the Anthracite officials as
sure their friends that the coal deal will
be carried through TO the letter and the
Drexel- Morgan Interests feel confident OF
the results. Reading first income bonds
and Reading stock VIII likely lead the
market in the course OF a few days.
General Etnancial Notes.
George Westinghouse is in New York
and meeting of General Electric in
terests will be resumed and settlement
arrived at.
The Reading Company is reported TO
control 80 per cent. of the coal lands.
The markets for various commodities,
such as oil, cotton, ETC., are very strong.
The Financial Chronicle predicted a
gain Of about 100000 for the banks this
week.
1t is rumored that full pool in Jersey
Central has been sold out.
Receiver McNulta has received instruc-
tions to bring about a judicial sale OF the
property OF the ID. {. +. The company
will meet the cut prices and make the
ght short and decisive.
Louisville IL Nashville for the first week
OF April decreased sS395 and Northern
Pacific increased s69, ,55i.
Joseph says: "Bull Atohison second
incomes. Never mind IL they recede
little. Hold them for
more than an average profit.
Don't keep short of Sugar; buy on any
little concession. Canada Southern will
have a sharp rise presently. Hold Gen.
eral Electric and keep Reading"
Providence Clearing House.
The clearings OF the Providence banks
today amounted to s705,6OO; for the week,
"a ogf cOo