The Providence news. (Providence [R.I.]) 1891-1906, 1896-03-11
FINANCIAL NEWS
The Stock Market Opened lr-
regular This Morning.
ST. Paul May Resume Dividends on Five
Per Cent. Basis.


NEW YORK, March 1.-THE earnings
of st. Paul are decidedly good. They
show that the company is doing business
to the extent of $4,000 day including
Sundays. This exhibit, considering the
general cry OF poor business, will be found
exceedingly fiattering to the holders OF
st. Paul. The directors when they meet
tomorrow would be justified in resuming
dividends on 8 per cent basis. AS 1t
is, the majority of the board favor the
payment OF 2 per cent. for the half year
and II the next crop turns out well,
when the board meets in September next,
an additional / per cent. over the regular
per cent. will be paid to the STOCK
holders, making per cent IN all for 81.
Paul. 1t would seem therefore that the
stock may be safely bulled from these
figures. 1t is not likely to decline much,
IL any, On the contrary, advantage
should be taken of even infinitesimal re-
cession in price to pick up a moderate
liue, because St Paul Will again assure
the leadership in the market.
Baltimore * Ohio is rather more plenti-
full in the loan crowd and stock Is evil
IDENTIFY being sold by insiders. There Is
no reason whatever to hull Baltimore *
Ohio. On the contrary, II should be sold
in every sharp rally because 1t is designed
OF Atchison, Erie, Reading, Rock Island
and the other properi les that were mis-
managed but were not criminally gutted.
The market was dominated by heavy
trading in American Tobacco. The ad-
vantage in that stock stimulated covering
elsewhere, but traders obtained stock
easily, and there was not much enthusi-
asm o the long side.
The bull PARTY i'm Baltimore & Ohio was
believed TO have compelled heavy cover
ing. there was good ceiling, on the ad-
vance. The average impression last night
was that the markets would work little
higher, but that trading would be OH a
narrow scale. and tnat turns would be
about all that could be expected, pend
ing some development of sufficient i'm
rortance to create new level of value.
JosEPH's LETTER.
"The market is still professional, and
very narrow. Temporarily only small
profits are obtainable. There are few
better stocks on the list for a long pull
than are Chicago, Burlington q Quincy,
st. Paul and Louisville & Nashville. Buy
these on every dip. Ii you are short on
Baltimore IL Ohio or Tobacco sell little
more on every rally SO as to reduce your
averages. Buy a little Manhattan, but
don't get bullish on Western Union"
The Liverpool Cotton report for today
is as follows: 1880 p. m. Sales IL, 900
bales; middlings il-32; futures opened
firm with an advance of 2-61. p. M.
1-64 advance from 1890 p. m. report.
j. S. Bache * Company say: "The ex-
citement in Spain is as acute as ever on
the Gu uban-American influence. The Span
ish cabinet have decided to equip 90, 900
additional men to stand in readiness to be
landed in Cuba. The feeling among the
local traders is one Of hopefulness. Op-
portunities to bull the market are likely
to be forced and should news from Wash
ington be at all assuring, professionals
will not stand upon the order of bidding
up prices. The report of serious dam
age to the Sugar crops will tend to re-
strict bullish operators In Sugar.
IL General Electric develops any weak
ness an effort will be made to catch top
order at 34i2 on 3C0) shares.
Local Stock Quotations.
IRON MILLER VAUGHAN