The Providence news. (Providence [R.I.]) 1891-1906, 1897-05-07
FINANCIAL NEWS

Tho market this morning opened rather
firm but later many Of the stocks sagged of.
There was considerable liquidation in Omaha
by people who bought IL thinking that an
other dividend would be paid this year. The
buying was good on the way down, and Wort
ley stated that he would rather be on the long
than the short side OF the stock.
Joseph also looks with favor on Omaha.
He says that the stock will rally, and while
there will DO no dividend until February.
this will have only temporary effect on the
price. The stock from geographical view
and from its ability 10 make earnings is in
almost as good condition as Rock Island.
The Gould stoslss were heavy today but the
support was better than any that has been
given for some time. Missouri Pacific held
its own very well and Manhattan declined on
scattered selling. While there was some good
selling ~ Westerns Union. the stock was ta-
ken, but the opinion is that the stock viii be-
badly affected by the forthcoming decision in
the Berliner patent case, which will be
handed down probably on Monday. and ii is
understood that the Bell Telephone Company
will be the beneficiary.
IL il also believed that the outlook for the
anthracite coal trade is better than ii has
been ana that the contracts that have been
made are at higher prices than have existed
for a long time. The short interest in Della
ware a. Hudson and Della ware 81 Lackawanna
is very large and IL is believed that there
will be a rally in all the coalers
1t is also believed that an advance is due
on Sugar The dividend viii be declared IN
three weeks and i'm the interval rapid
progress wild be MADE in the tariff question.
In speakingIof the taiih schedule b. j. knight
& &C. say:
"The insiders in Sugar are well satisfied
with the tariff outlook. IL was not believed
possible some weeks ago that the Sugar com
pany could have persuaded any tariff com
mittee 10 report so substantial protection as
Is contained in tine Aldrich bill. The protec-
tion proposed by the Dingley bill was l29
cents per 100 pounds. The Aldrich bill pro-
poses 20 cents per 100 pounds The company
is at present working under the Wilson bill
and seems 10 have done pretty well for its
shareholders with protection of II cents
per 100 pounds"
Chicago Gas retains its strength and con-
tinues its advance. Now that the Ogden Gas
Company has withdrawn its opposition TO
the consolidation bill its passage, as well as
that of the frontage bill, is assured The
most favorableifactor, however is the lSnowl-
edge that the company is earning the divi'
dends il declares. 1t makes no difference
what is done with the gas legislation. The
company is earning and will continue to earn
a big surplus in excess of per cent.
In London today consols advanced a to liz
1916 on the almost assured fact that the war
in the Levant will be stopped through the
Intervention Of the powers American rails
were steady at practically unchanged prices.
The New York foreign houses had a few or
ders to sell,a little St. Paul and Louisville.
In reviewing the situation TODAY Watson a.
Gibson say lit must not be forgotten that
stocks have some value. tariff bill or no tariff
bill. The passion for selling everything has
grown on the speculative community until it
has become mania. This country is not GO
ing TO come TO an end right away, ard after
the long period Of depression the value
put upon its properties is ridiculousy low,
and those who continue 20 bet against pros
perity will make a sad blunder.