The Providence news. (Providence [R.I.]) 1891-1906, 1896-03-14
FINANCIAL NEWS
The Stock Market Opened Ir-
regular This Morning.
The Butte & Boston Mining Company Has
Gone Into Hands Of Receivers.


NEW YORK, March Yesterdays
market was rather Disappointing 1t was
believed that the General Electric agree
ment would prove an efficient factor on
the long side. The decline was construed
as evidence that insiders lacked conf
dence In the good results of the trade.
The strength In Tobacco had little infiu-
ence on account OF belief that 1t was
largely manipulation.
The movement OF prices during the
day tended to strengthen the opinion OF
those who think that the market is on a
downward swing, slow In progress and
interrupted by small rallies, but with
clear tendency. Leading commission houses
continue TO advise short terms each
way and to report the market as rather
unusually safe for operators disposed to,
make small profits.
Sugar will sell ex-dividend on Monday
and II is thought that IL will recover at
least portion of this before that day.
The position OF Sugar is such that it can
readily be advanced. Traders are not
long on any amount OF Sugar and the
Havemeyers have not sold out their lines
as has been reported. IL 1t be their desire
To distribute their holdings they certainly
will not let go on declining market.
Among the rumors current is one to the
tueCt tuat tue Dentfdl fsleCtTlc Will pTOD-
ably recognize and that the preferred
stockholders will be asked to find their
back dividends that amount to 20 per cent,
and that the common stock Will be re-
duced somewhat. Insiders declined TO dis
cuss the report yesterday, but advices
from Boston intimate that there was
some truth in the rumor.
The tockholder In discussing the
general situation says that politics and
crops seem to be subjects of doubt. The
dull general business of the country has
made the commercial situation discour-
ing factor. Corn traffic instead of in
creasing as many had expected, fell off
as Western authorities predicted. Lastly
railroad earnings for the first week of
March show little gain over 1895. The
foregoing are the mot important con-
siderations which com bined to countersct
favorable influences. I'm brief, the wee
has been exceedingly unsatisfactory both
from the brokerage and the speculative
point of view. But March seldom does
much for Wall Street or general business.
1t is stated on good authority that
movement OF some kind Is underway
among the leading Tobacco people point
ing to resumption of dividends. Some
Interests think lower rate of dividend
can be paid without endangerlng the
position of the company. The stock has
| been f2lo- per dividend PAYER,
and 1t is thought or per cent. oivi-
dend can be maintained. There is
rcputed to be significant gather
ing OF American Tobacco people in New
York from all parts of the country
They are mostly officers and agents of the
A. Nj. I. Company. Meetings are being
held and instructions given by the people
there. 1t is said to be connected with
the reported purpose of the company TO
float new brand of cigarettes.
A specisl from Missoula, Mont., says
hs-t IttIf lac A ,f,,fa
Forbes and Capain Couth receivers of the
Butte & Boston Mining Company.
The German Reichstag has liked the ex-
port beunties- ON law sugar at 3 marks,
candies a marks, all others 3ia marks.
j. $. Bache Il Co. say: Ii is reported
that Fairbanks has sold out his 5000 shares
of ST. Paul. The stock seems to be sup
piled freely on every fractional rally.
Northern Pacific interests will have a
meeting at 2p. m. today to consider
plans
Consols are down 1-I6 and Americans in
London are very dull and lower.
The fact that j. p. Moragn will under
take the reorganization of the Northern
Pacific Is construed as tear argument,
inasmuch as the banker in question Is not
likely to let his sympathies with stock
holders prevent his treating the COM
pany in the drastic manner that condi-
tions call for. 1t is iptimated that as
this was done with Rock Island, Erie,
Reading and Atchison, II will be done
wi b Union Pacific. The stockholders
will be sacrificed in the interests of all
others who stand closer to the property.
The Liverpool Cotton report for today
Is as follows 1880 r. M, Middlings 4
1882; Futures TO zig points higher than
yesterdays market and arc steady. Esti-
mate number of bales sold amounted to
$1,000.
New York Stock Quotations.