The Providence news. (Providence [R.I.]) 1891-1906, 1897-03-26

The adyerse decision of the United States
Court in regard TO the Trans Missouri Traffic
Association case Is still the factor that Is the
influence in the market. No other argument
is made and no other is needed. With TINS
alone as the bears have shown, they can
successfully raid the market, force out the
weak holders and drive the stock TO lower
levels.
The bear campaign that was inaugurated
early i'm the week was continued today. The
market not only opened off from yesterday
closing prices, but in nearly every instance
stocks continued their decline.
During the first hour Sugar went below
Ill; New York Central touched 0S15; Omaha
went to ST., and c., B. a. q. reached II.
This decline was general. and although Of
forts were made TO sustain prices and the
market did show more strength, there was
little If any good buying and the general opin-
ion OF the operators still remained bearish in
spite of any frmness that was shown or any
advances that were made.
AS the fortnightly settlement has now been
terminated, the London market Is suffering
somewhat from a reaction. Consols were OH
"a per cent. to ll2 l-l6, but the decline Is
simply a. natural sequence to the activity OF
the past two days. American securities were
irregular today. The Milwaukee,, Louisville,
Atchison and Reading were practically at
New York parity, while New York Central
showed "A decline of "a per cent. In New
York today the foreign houses reported that
they had very few orders for the London ac-
counts.
In speaking of Jersey Central today, Joseph
says that when the directors meet on April
IL is highly probable that they will declare
their dividend at the rate Of per cent. per
annum. They will plead in justification of
this action that the amount necessary to
mske up the Ia per cent. quarterly div'dend
is only s55, 500 more than is required TO pay at
the rate of per cent. The earnings of this
road for February showed an increase of $751;
900, and il is estimated that March will do
even better. but. in spite of this, Joseph does
not advise the purchase of the coal stocks un-
less the holder is prepared to see them
through a critical period.
K ]. Knight a. Co. also say: Jersey Cen
trail has been an interesting feature of the
market for some days, and while it has made
a material decline, it is believed that it will
yet go lower There are many adverse fac
tors that must be discounted before anything
more than a speculative rally can take place.
Unearneo dividends have been paid, accounts
have been manipulated and everything has
tended 10 lower the stock in the estimation
of those acquainted with the value OF such
properties 1t is generally believed that 1t
would be unwise to attempt TO find the profits
on the long side for the present "
A decision that will have an important
effect uponthe recent action Of the Stock Ex-
| change was handed down in Chicago yester-
day The Board of Trade brought suit
| against the Western Union Telegraph Com
pany TO restrain them from furnishing the
| market quotations to outsiders. The court
decided ssainst the board on the ground that
quotations are public property and cannot be
withheld, and this will prove valuable pre-
cedent when the trouble in New York is car
| ried into court.