The Providence news. (Providence [R.I.]) 1891-1906, 1897-04-01

The stock market opened very strong this
morning. and there was good evidence of sup
porting orders. The market did not hoid1 its
rally well, however, and as there was good
deal OF pressure TO sell the coalers and very
little support, the stocks that were weak yes
terday continued their descent. During the
first hour Jersey Central went from 7S'4 down
below Is and Delaware g. Hudson broke par
for the frs, time in many seasons. With the
exception of the cases of these particularly
weak stocks, the traders were inclined TO be
bullish, and as there was very little stock for
sale several of the issues exhibited some ex'
cellent strength which was encouraging In
the face Of the decline in the specialties.
The London market for American securities
was moderately active and fairly strong, there
beiag quite n general advance in prices. New
York Central was equal to W, American
parity, Reading was up 3-S to 20 7-S, and
Louisville made a similar gain. Atchison, 81.
laul and Erie issues were fully up to New
York prices and in fact enable arbitrage at
last nights closing prices. In New York the
foreign houses purchased several thousand
shares OF Louisville Reading, St. Paul and
Atchison for London accounts
In speaking Of the condition of affairs today
Il. j. Knight a. Go. say
while the railroad situation is now very
calm TO all appearances traders know that the
larger roads are using every effort to prevent
the commencement of the rate cutting. st.
Paul and Burlington have given notice that
they will take no step that will tend to bring
about decentralization in rates, but In spite
OF ali this the smaller roads have already
commenced to cut their schedule, and II this
is carried to any great length it will only he
"A matter of time before the other roads Will
be compellei to enter into this competition.
1t is admitted that the better class Of proper
ties would regret to be compelled to take
this step, but railroads are not run for philan-
thropic purposes, and when the day OF battle
comes If it ever does come, the happy trader
will be the one who has no long lines in the
railroad list"
Joseph says today that Chicago Gas is
being well bought. The company is earning
and paying per cent. dividend. AS com
pared with Jersey Central, Chicago Gas is
worth $50 share more You may not be i'm
clined to sell Jersey Central at these figures,
but there is no reason why you should not
buy Chicago Gas"
In spite of the favorable opinions that are
expressed in regard to Chicago Gas. Dimock
81 Go. say: 1.-The stock is substantially worth
less has been manipulated out of the market
and is most dangerous to deal in. 1t could be
quoted at 100, at 200 or at 10 If its managers
chose TO 80 arrange their buying and selling
orders. IL is folly to buy it, weakness to hold
it and insanity to sell it short"
Reading was weak again today. In relation
TO this stock Dick Bros. 81 Co., as quoted by
Hallett, Anderson g. Co., say: Those who
went into the Reading reorganization plan
find their original investment selling at prac-
iically nothing. 1t is very discouraging that
condi ions do not assume different aspect
and the state of the coal trade does not i'm
prove"