The Providence news. (Providence [R.I.]) 1891-1906, 1897-03-19
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The stock market opened quiet. but with a
strong undertone that carried the prices OF sew
eral lines higher London did little In the
market, but there was local buying enough to
counteract any inactivity from this quarter
The London market was not so weak as 1t
was irregular Consos were steady and the
American securities were held very firmly at
what was practically New York parity. The
foreign houses in New York, however, were
practically without orders for London ac-
count. although they purchased little st.
Paul and sold small lots of Louisville.
Sugar advanced substantially this morning,
and although IL met with slight recessions 1t
held its strength we'll. As Dow. Jones 81 Co.
say today, II is a striking tribute TO the gen.
ius Of the Sugar Company that the Street be-
lieves that it will secure from Congress
reasonable protection for refined sugars
when the bill which Is practically certain to
pass the House is decidedly unfavorable In its
provisions. This opinion Is strengthened by
the character of the buying and the knowl-
edge that some strong interests have iateiy
advised their friends to buy sugar.
A dispatch to Hallett, Anderson e. Co. states
that Standard Rope 81 Twine rallied ON buy
ing by people who know something about the
compcny's position and who are satisfied that
there is not the least likelihood of any default
in the interest ON the company's bonds, as the
concern has been able TO earn this interest un-
der any conditions that have yet presented
themselves.
Missouri Pacific was very listless again
today and seemed TO be waiting for something
definite to turn up T. J. Knight 81 Co. said
today:
Missouri Pacific seems to have dropped sto
sleep, bat the officers and friends of the COM
pany are using every effort to bolster up the
corporation in the minds of the operators. IL
Is now stated that of the s47, 100000 stock in
this road Mr.. Sage and the Gould family hold
s2s, ,00o, ,O0O and that they also hold practically
all the collateral trust bonds and the bonds Of
the Iron Mountain road. 1t is argued, there
fore that IL is decidedly improbable that these
large holders after carrying the company
through SO many disastrous years, should let
IL go into the hands of the court just at the
daw ming of prosperity. All such argumen Is
are very logical, but traders have learned not
TO apply the rule of logic TO the management
of railroads as exhibited on the stock board,
and the fact still remains that Missouri Pa
ciic is not regarded with favor by either spec
ulator or investor
Both Omaha and Northwestern showed less
strength this morning than for several days,
and both suffered from the depression. Sulli.
van Bros. 81 Co. are of the opinion that Omaha
at these high prices is a good sale, on the be-
lief that the insiders have been resorting to IA
variety Of tricks in order TO fatten the earn
ings. From the information that they receive
they are of the opinion that Omaha's earnings
have been swelled by permitting the road to
carry freight that would otherwise have gone
over the Northwestern's rails, and that this
is the reason why Northwestern has been
showing decreases while Omaha has been in
creasing its earnings. 1t is stated, OF course,
that there is to be a closer alliance between
the two roads, but ii is their opinion that
Omaha's advance of Is points has been the re-
suit of we'll arranged deal.
The report was current today that Jersey
Central was about 10 reduce its dividend from
to per cent. Jersey Central has been very
unpopular on the Exchange of late, and the
report was pretty generally accepted as re-
liable.
The report Of Southern Railway for the Sec
ond week Of March shows ali increase in earn
ings of s27 ,52i.