The Providence news. (Providence [R.I.]) 1891-1906, 1895-03-16
FINANCIAL NEWS.
Cotton Went Up at a Rapid
Rate This Morning.
Western Union StockhoIders-0pinion
on Sugar-kotes.
Special TO The News.

Special 10 The News.
NEW YORK, March l6.--The improving
tendency in the market was checked and
to some extent reversed by the break in
n. Y. G. attending the reduction in the
rate of dividend. Central was sold down
by interests which have been depressing
the stock for some time, and this
led TO an attack around the room
in which We'll & Wheeler interests
were prominent. Mr.. Csmmack was
considered a general seller during
the afternoon. The break in Tobacco had
some effect as did the realizing in Sugar.
The late rise in New England made frac-
tional improvement at the close. The
sentiment last night, while not bullisb,
was generally very bearish. There
was feeling that the time was near when
stocks could be bought on slumps for
turns. 1t was pointed out that the gen.
eral market was broadening with activity
and speculative interest in more stocks
and generally the week had been dis
tinctly better for commission houses.
The bond market was fairly active with
Atchison4s g, Northern Pacific SIS and Texas
2ds the features. The y. Y. C., directors
in reducing the dividend wins general
commendation in view of the esrnings
larly for the March 81 quarter.
1t is understood that the company had
reduced its operating expenses to the
minimum and it was essential that money
should be devoted TO renewal of equip
ment and other necessities of the proper
ty, which money could be taken properly
from no other source than operating ex-
penses.
The number Of stockholders in Western
Union has run up to nearly 1900. The
amount of stock in brokers' hands has
been reduced, it is said, to about $780,
00O
There good many diversified opinions
as to he immediate future OF Sugar. 1t will
make excellent trading stock for few days
and any sharp break is out of the ques-
tion. Traders, as general thing, feel
bullish on the stock, but many conclude
to cover their outstanding contracts.
Professionals think that the character
OF speculation will not change much
until later in the spring.
The condition of the coal trade, that
is 10 say the anthracite trade, is about as
demoraliZed as it well can be. 1t is a case
of things being so bad that any change
that comes along cannot fail to improve
matters.
Cotton.
Liverpool opened at last nights close:
sales, 5000 bales. Futures firm, demand
good and prices TO 3 points advance.
Cotton futures opened firm; sales, 23,-
500 bales. jan, 6.35; March, 6.07; April,
6.10; May, 6.13; June, Sos; July, 500;
Aug, 13;Sept., GIG; Oct, 621; Nov. 6.25.
Today's Stock Board.
WALL STREET, 1915 a. m.-The stock
market opened firm on moderate trading.
LacKawanna sold up 1h per cent. TO
160A, and Wheeling g. Lake Erie gained
y. Sugar is now off u to 9S, and General
Electric Is easier
General Financial Notes.
ID. c. f. advanced spirits another one
half cent to take effect Monday.
1t is reported tnat the Greene & Knox
Manufacturing Company, jewelers. in the
Kent & Stanley building on Sabin street,
have "gone to pieces" and w. c. Greene
assumes the liabilities. The business will
be continued under the old style of Will
liam &. Greene & Company.
London special says that the market
for Americans is week. n, Y. c. is SELL
ing there equal to 93, but this includes
the dividend, which will not come of till
the next settlement.
The annual meeting OF the American
Tobacco Company, which was to have
been held today, was postponed TO
April %.
The Nickel Plate and Baltimore & Ohio
roads are cutting rates.
The New England Telephone ~ Tele-
graph Company is preparing TO put
several hundred thousand dollars in con-
struction work this year.
The announcement has been made in
the Stock Exchange of the suspension of
/. B. Newcomb & Co. of the Mills Build
ing. The failure is not regarded as OF
much Importance.
Edward y. Sheldon & Conn any's weekly
letter says: "The feeling at the
close Of the week IS improved
in spite of a reduction in the divi-
dends Of st. Paul and New York Central.
We believe the signs of encouragement
are quite numerous. We think the
bond market is full OF good bargains
and the approach OF reorganization
should help the price OF Reading 4 per
cents. and Atchison bonds"
Local Cotton Market.
Acting under the influence OF higher
prices for cotton In Liverpool the home
market opened strong and continued 10
snow strength. While there is no new
factor OF Importance, growing demand
from Eastern spinners Is noticeable. and
spot sales are firmly held at ruling figures.
Reduced acreage is now an assured fact,
and the only question at issue is how
great will be the curtailment. This will
aid the bulls, to a limited extent at least,
and prove an encouragement TO prospect
i've purchasers as we'll as long holders.
Providence Clearing House.
The clearings OF the Providence banks