The Providence news. (Providence [R.I.]) 1891-1906, 1896-03-13
FINANCIAL NEWS
The Stock Market Opened
Quiet But Irregular. I
Amicable Agreement Entered Upon by the
General Electric aud Westinghouse.


NEW YORK, March 13.-The action OF
General Electric at the opening of yester-
days market shows that an agreement
has been nearly reached. The denials
published in yesterdays morning papers, 1t
was argued, would have had more effect,
IL insiuers had not been willing to buy.
This obvious confirmation created a brisk
demand for the stock during the fore
noon. The decline I'm the afternoon
started with rumor that there was dis
agreement over matters connected with
the Fort Wayne Company and early buy
ers threw over their stock. 1t Is possible
that there were some differences OF
opinion, but it was known shortly before
o'clock that an understanding hau
been reached. The organized opposition
to the present management OF Generai
Electric advertised today may have had
something to do with yesterdays STOCK
movement.
A director of St. Paul said last night:
"Wheu we resumed dividends In 1897 we
did so in the belief that the road was on
a 4 per cent. basis We were obliged TO
cut the dividend in half last year, but
our action today is the result OF belief
that once more a per cent. basis can be
maintained. Ii Is easy enough Tor US az
the end of the year, II II is deemed advis,
able. TO pay something extra. That would
depend, of course, entirely on clrcum-
stances and prospects"
JosEPH's LETTER.
"There is an embarrassment OF good
news today. General Electric was ana
is 3S bid for any part of 5000 shares. MT.
Keene thinks that General Electric Will
i'm due course return TO dividend and
will sell at 60 or 10 The Rio de Janeiro
is safe, so buy little Pacific Mail. AS
for st. Paul, why IL is-worth SO, ex-Aprii
dividend. There is a big short interest In
Sugar. You had better get little stock.
Make up your minds 20 this; after THIS
month bear skins will not be fashionable.
Mr.. Keene seems to have the manipulation
of General Electric in control. The AMIGA
BILE agreement now entered into between
General Electric and the Westinghouse
people will undoubtedly have temporar-
lily evating influence on the securities
of both mentioned companies. DIVIDENDS
on General Electric common are long
way off and there is Zig per cent. due on
General Electric preferred which closed
at 20 bid last night, but which Is intrin-
sically with three times as much as Is the
common stock.
The report of the Liverpool Cotton mar
ket for today is as follows: 1880 p. M,
estimate number of bales amounted TO ~
600. Futures GIG to per cent. lower.
Middlings quoted at 1882.
j. S. Bache & Company say: "The
London market Is a great surprise. St.
Paul and Louisville & Nashville show
decline Of i2 of point, while Consols
are quoted ID of a point lower.
1t is believed that the unwlllingness OF
prom inent Baltimore q Ohio interests to
| pay assessment on stock is likely to delay
| Reorganization.
Gables from London say that Austria
| will shortly introduce legislation increas-
| ing the bounty OF Sugar and limiting the
| crop, and his together with the action OF
| the committee of the German Reichstag
| will greatly remove the constant, fuctua-
| tions in price that have recently occurred.
| The American sugar Company Will have
| to buy 500, 90 tons of Sugar in Europe
| before the end of August because OF the
| failure OF Cuban crops.
The suit of the Attorney General OF New
| Jersey against the Tobacco Company
comes up on March % Opposition OF
| the Tobacco company has secured control
| OF a cigarette machine which promises to
| give great results. Tobacco company Is
| understood to have placed a cheap ciga-
rette on the market to compete with the
st. Louis product.