The Providence news. (Providence [R.I.]) 1891-1906, 1896-03-18
FINANCIAL NEWS
The Stock Market Opened Dull
This Morning.
Rum0red That a Possible Adjustment OF
Tobacco Trade War Will Be Made.


NEW YORK, March 1S.-The market
was of the usual professional character
yesterday. Special causes influenced the
strength in Sugar and General Electric,
but it was observed that there was no
disposition to follow the lead given by
these stocks. 1t is equally true that
heaviness in the market lately has brought
no disposition ITO sell. This seems to
show that the market is waiting outside
Developments. 1t looks as IL crop pros
poets would be the next general factor OF
Importance, although there is the possi-
bjlity Of something at Washington which
would affect speculation for more than
"a hours.
One of the bulls on General Electric
says: The stock has been heavy since the
announcements OF the C mbination with
the Westinghouse people simply because
the people who bought the stock from
80 up 10 80 on knowledge of the pending
was not broad enough to digest the stock.
There has been some short selling and
some of the Western bucket-shops
have done their best to keep
the stock down. There was
no organized support and those OF us who
had considerable lines were not averse to
taking in some cheap stock under 81.
This floating stock mas not been digested
and the way Is apparently clear for con-
siderable further advance. The broad
principles affecting both General Electric
and Westinghouse are that two companies
controlling 80 per cent. OF the electrical
business OF this continent, and with an
absolute monopoly of the important cleo
trio patents, has reached an agreement TO
operate on a profitable basis.
A 20 per cent. advance In prices means
something like $780, 600 additional earn.
ings to the General Electric Company and
in addition to advance prices there will
ufacture. Moreover the demand for elec-
trical goods grows constantly. Nothing
can happen, except the most extraordi-
nary blundering, TO prevent both the Gen.
eral Electric and Westinghouse common
stock earning and paying substantial
dividends. The situation seems to me to
present the best opportunities for bull
campaign Of any stock on the list.
Rumors in regard to possible adjust
ment of the American Tobacco trade
was, while not obtaining confirmation,
got sort of admission from people who
bave not until lately been willing to ad-
NIT that anything OF the kind was poss-
ible. 1t is said very confidentially that
mutual friends have suggested various
propositions. They could hardly be
called official, yet they have been of
character to be discussed. This, with
the talk OF the resumption OF ulVluenur,
has had much to do with recent buying.
The A. M. It. is understood to have OBJ
tanned an option on the Lorillard plant
some months ago, and it Is intimeted that
this option and the good otficetgpf Mr..
Lorillard may be found important factors
in buying out better trade conditions.
The Liverpool Cotton report for today
is as follows: 12:30 p. m. Middlings,
I1-32; estimate number OF bales sold,
10, 900. FUTURES opened 1-64 higher than
at yesterdays close. Spot grades lie
higher.
J. s. Bache g. Co. say: London con-
soils are of 3-16 and Amsricaps are down
hslf n point under lead OF st. Paul and
Louisville q Nashville; foreign houses
have liberal selling orders In St. Paul and
Louisville a. Nashville.
The feeling Is trifs~ more bullish on
Sugar. The Havemeyarss are preparing
for an old time campaign in Sugar and
Keene is manipulating ii with intention
OF making Sugar sell down. Ht
The Shoe and LEATHER Reporter SAWS that
the forwarding of footwear since January
is 702, 779 cases against S77, 439 year ago.
The earnings of the Canadian Pacific for
the second week In March record an in
crease of $1,000, while the Iowa Central
records an increase of sl1, 900 for the same
period.
ToDAY's STOCK BOARD.
WALL STREET, 1918 q. m.-The stock
market opening dull and irregular with n
tendency toward n lower level London