The Providence news. (Providence [R.I.]) 1891-1906, 1896-03-16
FINANCIAL NEWS
The Stock Market OpenedDull
and Lower This Morning.
Rumored That Powerful Clique Interested
in Tobacco Has Been Formed.
rrecinl 20 The News.


ing in Saturdays market to give special
encouragement to either side of the ac-
count. i he advance in American Tobacco
and the fall IN Northern Pacific preferred
were considered equally due to special
causes and these causes were not expected
to affect general speculation materially.
The selling in Northern Pacific came, to
quite an extent, from Philadelphia, and
seemed to be due TO conviction that
assessment was at hand more than to the
amount being in excess OF expectations.
The Tobacco rise was accompanied oy
talk OF resumption of dividends.
Belief in General Electric was that early
buyers had sold on good news but would
take their stock back on decline. sugar
was favorably affected by the German
bounty decision which was figured out as
quite to the advantage of American Re-
fineres. The point of Importance In
the matter Ia that the German bill has
been framed to help sell raw rather than
refined sugars. Distillsrs are being picked
up by houses which usually have good in
formation. The company Is admitted to
be making money. The rumor of new
pool in the stock probably originated in
an agreement between certain individuals
to purchase a lot of the stock on joint
account. There is aid to have heen no
inten ded pool mapipulators by the pur-
chasers.
One OF the most active brokers in the
Stock Exchange says: "Extreme dullDess
in the stock Exchange business is not un-
usual at this time of the year. have al
ways found that after this dullness comes
period of considerable activity toward
spring and this year promises to be no
exception. Stocks seem to be well held,
while the bear factors have been before
the minos of the public so steadily as to
lose much of their power. l find that
the largest houses are more interested In
syndicate operations than anything else. !"
People who have been right on Tobacco
say that the orders to buy which have ad-
vancei the price In this movement are
continuing and indicate further advance.
1t is said that there has recently been
formed in the street powerful clique,
with one OF the most prominent directors
OF the company a member. This clique has
been buying the stock and Saturday told
friends not to get short OF 1t. The news
upon which the movement is based Is
kept quiet. The best informed ones
about ths property are say ing less than
usual. 1t is intimated from good source
that the public may soon expect some
thing in regard to the settlement of the
Tobacco war. and also something about
the resumption OF dividends. The presi-
dent of the company is stated to have
trade ma terially within a week.
ToDAY's STOCK BOARD.
WALL. STREET., 1915 a. m. The stock
market opened dull and lower, with frac-
tional concessions generally in the lead
ing shares. the publication of the
Northern Pacific reorganization plan re-
suited in fractional losses in the common
and preferred stocks, while the mortgages
of the company displayed exceptional
strength. The Consols 5's rose 2ll; the
seconds 2, and the collateral trnst 6s l-S
per cent. The market Is now tending up
ward under he leadership OF the high
priced Industrials. Sugar has rallied |
Is; Tobacco, III, General Electric ] is,
and Rubber, rs per cent.
The upward movement came TO halt
about 1030. I'm the meantime, however,
further slight gains are being made in a
number of shares. At this time there is
general realizing moveme IN progress
which has depressed Sugar, Tobacco,
lingtoD point or thereabouts. Northern
Pacific preferrec Is off to 113i, while the
Consol 5's have touched 4S.
JosEPH's LETTER.
"While both Baltimore & Ohio and
Northern Pacific will ultimately reach a
very much lower letter, both are a buy
on any further dip for turn OF a couple
of points or SO. III the bears continue to
sell st. Paul and Chicago, Burlington 6i
Quincy they will surely get their shins
badly tanned. Ii Is certain that long
stocks are not coming out. Both st. Paul
and Chicago, Burlington & Quincy will
advance rapidly this spring. The maniru-
lation OF tobacco contemplates putting
this stock to so, buy on activity only.
Bull Chicago Gas moderately, and get
some Sugar on very limited scale. III
General Electric sells of even a very small
fraction get some. The benefits of the
deal have not been even slightly felt.
The Liverpool Cotton report for today
1882; sales l0,oC0 bales; futures about,
below Saturdays closing. Market STEADY.
j. $. Bache q Co. say: The London
market is is lower for Atchison, un-
changed for ST. Paul and Louisville Il
Nashville; Erie is up about 3-S, Northern
Pacific preferred is - lower. If Europe
sells any quantity of Northern Pacific
preferred a lower range is inevitable.
The reorganization plan of Northern
Pacific will appeal to the investment
world as a comparatively equit able proIosi
tion. Under assessments TO be levied the
company will raise in clear money after
paying reorganization charges ETC., son)e-
thing like 5000, 600, of which go, ,000,-
900 W III Toe contributed by S15, per share
on the common stock and $40 per share
on the preferred. The present preferred
will receive 30 rer cent non-cul m inative,
A per cent. new preferred and 90 per cent.
common stock 5-year trust certificates.
The common will get simply new con-
mon certificates i'm return. The bonds
fere better. The first pay $50 per bond,
payable April J., and get l35 per cent.
clean new prior loan mortgages. The
general seconds are assessed $40 per bond,
for which they will receive 11Sia new
prior liens snd 90 per cent new preferred
stock. The general thirds and the divi-
depd certificates will each pay $50, pre-
ferred bond and receive respectively 1lSlo
ard lis per cent. in new general lien
mortgages, and go per cent. each new
preferred certificates. The consolidated
mortgage bond pays Sl5 End gets G6io new
general lien and 62io preferred st ok.