The Providence news. (Providence [R.I.]) 1891-1906, 1896-03-09
FINANCIAL NEWS
The Stock Market Opened
Dull This Morning.
Arrangements for Organization of the
American Spirits Distributing Co.
gnacial 70 Thu Na,ua


NEW YORK, March 9.---The int orests
which depressed the market on Friday
afternoon were apparently contented Ito
let matte. ), outside of Tobacco, take
their natural course. There appeared to
be..no effort to cover in the Changers and
there were very little attempted in Sugar.
The selling in Tobacco was either long
stock or short stock sold to give the APP
pearance OF being long. II was rumored
that Baltimore interest sold several
thousand shares. The break in Cotton
Oil created rumors that the dividend
would be passed, but people who thought
they had good information believed that
the decline was due to other causes. The
market sentiment averaged little bear
ish. sIt was felt that the giving way OF
different stocks was an injury to the gen.
eral level of prices and the fact that ral-
lies have not lately shown net improve
ment seemed evident that the swing was
temporarily down. The impulse OF the
buy ing movement in General Electric on
Saturday was said to have been given by
rumors that the General Electric Com
pany vas preparing to serve papers on
Westinghouse in suit to restrain the use
Of the appliances, the patents OF which
have been affirmed by the courts as be-
longing to General Electric.
ly connected with General Electric have
been absorb bing the stock recently on a
belief that recent patent decisions have
greatly enhanced the value OF the COM
pany's trading prospects. 1t is certain to
some of them that it will force Westing-
house into position where 1t Will be
more disposed to concede certain trade
advantages to General Electric, which
heretofore have besn unwilling to con-
cede. This point would certainly be an
important gain in any arrangements con-
templated for harmonious operation OF
the two companies. The recent patent de-
cisions have certainly ,tarted fresh talk
as TO possible consolidation and as the
matter is considered operators form the
conviction that it must be decided bene-
ficIal to both companies. Independently,
however, il any such possible consumma-
tion, there is confidence in buying the
stock because there is known to be pro-
fit now i'm all OF the work undertaken by
General Electric and that the general re-
suits for the past year have been satisfac-
tory, while the prospects are decidedly
encouraging.
The closing OF the books for subscrip-
tion to the stock of the American Spirits
Distributing Company will be followed
ty the immediate organization OF that
company. The preliminary arrangements
have been made and announcement of re-
organization may soon be expected.
The Liverpool Cotton report for today
is as follows:
1903 p. IN. Estimated number OF tales
sold amounts to 10000. Prices for mid
dlings, 5-l6 Futures opened stea Y,
demand moderate at 1i2 points advance
and have since gained 1-61 additional,
making 1t 2i2 to points advance, and
firm.
Ii looks as IL some progress may now
hc made toward the establishment of
rapid transit. Ii will, however, be many
months before the foundation will be
laid, and tho city called upon TO issue
any OF the 80 TO 100 million bonds. II
will be well to remember this fact in con-
nection with operations on the short side
OF Manhattan Elevated.
The Missouri Pacific report for the year
which VIII bc out tomorrow will show n
comparative gross gain of s1.3c0.0o0
Joseph says: "An effort Is being made
10 create an impression about the forth
coming dividend OF st. Paul. TEE regular
divid nd will probably not be less than
per cent.
n