The Providence news. (Providence [R.I.]) 1891-1906, 1896-03-07
FINANCIAL NEWS
The Stock Market Opened
Firm This Morning.
Reported That the N. o. p. Annual Report
Will Be Better Than Last Years.



New YORK, March 7.-The Tobacco in
terests are in SYMPATHY, 1t Is said, with
the decline in their stock.
The same rumors that did duty In the
early part of the week, concerning the
new issue OF the preferred, are current.
The directors may decide to issue mil
lion of preferred stock, now held in the
treasury, which will go long ways to-
ward relieving whatever floating debts
patent TO every body that there will be no
dividend on Tobacco in May, hence a
further decline in the price OF the stock
Is not unlikely, but, on the contrary, 1t Is
to be expected.
One per cent. was bid last night to put
A. Nj. Il at SO, 60 days, but the privilege
although offered to be taken on any part
OF 5000 shares, was not forthcoming.
Neither General Electric nor Sugar are
likely to decline yer y much. Both these
specialties may safely be bought on mod
crate scale, since they will lead the up
ward rally when 1t sets in again during
the early days Of next week. st. Paul
ana Chicago, Burlington 81 Quincy are
the best among the Changers, although 1t
will not hurt to pick up a little Missouri
Pacific and Rock Island every time
they .are raided ia or I per cent.
Long stocks are not pressing for sale
and while the buying power is Temporal
willing to nlbble and will participate just
as soon as the situation at Washington
grows little clearer;. hence the adyisa-
bility of buying the best OF the Western
group and the recognized dividend paying
among the industrials will be appreciated
by even the most conservative.
Yesterdays afternoon slump as credited
to Mr.. Keene. His brokers were active
sellers in several of the leading stocks.
Washington rumors had some influence
and the reported illness of Mr.. Morgan
created comment.
Traders were sellers on the theory that
the market would not go up and ought
therefore go down. There was very little
commission business either way. Chicago
Gas was affected by the delay in the man.
damus hearing. Baltimore Il Ohio de-
clined on assessment rumors and rail- ed
on what was called q semi-official assur-
ance that the assessment would not be as
large as was expected. The prevailing
impression last night was that prices
would work lower although commission
houses recommend customers to take
quick profits in view of the professional
character of the trading and the absence
of any distinctly bad news. 1t looks very
much as though the market was having
lis normal downward swing from the
high prevailing February prices. IL this
is the case some further decline can be
reasonably expected.
A director Of Missouri Pacific says that
the annual report to be made Tuesday
will be much more bullish document
than OF last year. IT will show large
amounts of money spent on the property
and charged to operating expenses, when
the improvement and betterments SO
charged might have been capitalized.
The Iron Mountain did particularly well
and earned surplus. Missouri Pacific
did not do so well, and there will be
considerable deficit for the year, but moth
ing like so large as that for 1894.
JosEPH's LETTER.
Joseph in his daily letter says: sThe
bear forces are endeavoring to bring
about substantial reaction. The oustide
buying power Is temporarily exhausted,
but long stocks do not come out ia any
volume. II st. Paul and Chicago, Bur-
lington & Quincy yield even so moder-
ately get little more stock. Do not be
afraid to hold and even bull sugar on
every half point Dip"
ToDAY's STOCK BOARD.
WALL STREET, 1915 a. m. The stock
| market opened dull and firm with prices
generally a shade above Yesterdays clos
ing figures. Tobacco except ionalIy broke
I per cent. to ~ 3-s. The general list
rules steady at this time.
Mining Stock.
The following are the closing bid prices
Of the listed stocks on the Colorado Min
ing Stock Exchange. Denver, March 8, as
reported by Il. L. Davis q Company, 244
Washington street, Boston.