The Providence news. (Providence [R.I.]) 1891-1906, 1897-03-29
- u F!a.as!a! .a World:
IN THE
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morning and IT. looked as II there was no
limit TO the declining power OF the securities
There was scarcely stock ON the board that
was not affested by tho prevailing weakness
and while il was believed that there ought to
be rally IL was admitted that the STOCKS
ought to be a sale on any such advance.
All the London markets were weak today
because OF the unfavorable outlook in the
East. War was feared, and "A the result
prices were irregular, while cables reporting
the bid quotations indicate that business Is
very light and prices only nominal. The New
York foreign houses were practically without
orders today.
The New York dispatches indicate that the
selling of stocks today was Of very good
character. ST. Paul was sold by houses iden'
tilted with Rockefeller interests, while
Coombs, who represents Sage, was a heavy
seller of Missouri Pacific. Large quantities
of Jersey Central were sold and even New
York Central felt the general influence.
Sugar made a very bad break today. In
speaking OF this stock, f. J. knight a. Co.
said this morning:
There is any quantity of bearish talk on
Sugar. Every one believes that the stock Is
going lower. The company has been well
the public to take stock and, il is stated to-
day, all that the insiders have is the office
buildings and the privilege Of drawing the
salaries. That the predictions that are offered
in regard to the tariff schedule will be full
filed is matter Of doubt but Congress will
certainly refuse to do much to help the COM
pany, and the new competition will have a
tendency TO effect the price Of the stock.
Under ordinary conditions Sugar is the most
rel able of trust stocks. But these are not
ordinary circumstances, and as long as these
factors that tend to reduce the earning power
OF the company continue to appear, the stock
| will continue TO decline. While Sugar may
not be as bad as it is painted, one would not
advise any trader to get heavily long of the
| stock"
A dispatch from New York stated that the
| Western Union is a creditor OF the united
Press TO the amount of s2O7 900. The with
drawal of all the New York papers, with the
exception Of the Sun and the Journal leaves
| the recovery of the amount matter of doubt.
c., b. & @. today reports that the net earn
ings of the company for the month OK FEB
| ruary showed an increase of s229,6l5.
ONE MARKET OPINION.
Hallett, Anderson g. Co. express the follow
ing opinion in regard to the market today:
The decision Of the Supreme Court in the
Trans Missouri Traffic Association case was "A
severe blow TO the confidence that has been
returning, and was seized upon at once by the
bears as a most formidable weapon with
| which TO make attack on the market.
! This is evidenced by the comparatively little
! liquidation of actual stock, ana as prices were
made by speculation rather than by invest
ment selling this will be one OF the best rea'
sons for n quick reaction for large part OF
the list. The past has shown that with plenty
of transportation rate cutting is not indulged
| in and as railroad men, who are men OF busi
ness and sagacity, see no money in 1t FOL
any one, they are more likely to follow the
example of the Missouri Pacific road in adopt
| ing the present schedule Of the larger roads
which must be necessarily followed by tho
smaller ones, which, If they do not fall into
| line now will be forced to later on.
| Good roads like the New York Central
| Lake Shore and the low-priced Vanderbilt
should be purchase on all declines, as als'
| should Chicago Gas, which WAS one of the
| strongest stocks on the board. National Lead
has shown q very material Improvement II
its business and has advanced its prices OF
| raw material considerably since January /
which should naturally be of benefit to the
| holders of this stock.
Very little attention is being paid to cror
scares this month, they being taken with
grain OF salt
The market as To the better class OF stock
now presents opportunities TO investors whicl
can be handsomely realized upon VERY
quickly.