The Providence news. (Providence [R.I.]) 1891-1906, 1897-04-30
FINANCIAL NEWS

The market was extremely dull at the
opening today, and the number Of shares sold
was remarkably small. Western Union was
incline TO be heavy this morning, for while
there was no great amount Of stock for sale
there was no buying orders. In speaking of
this stock today T.. j. Knight & Co. said:
The present position of Western Union Is
woll worthy of attention. II the stock is
doomed to low prices under reduced divi-
dends 1t is a great sale at the present figure.
IL IL is on "A good foundation and able TO IN. ct
its dividend demands IL will certainly ad-
vance and ought 10 be purchased at thess
prices These are facts. but beyond this no
one can advise. Each trader must select his
own position in regard to the stock. An at
tempt is being made TO show that Western
Union selling is purely professional and not
liquidation by holders. In relation to this
Mr.. Sage says: AS powerful bear party as
can be got together in these days is exertng
every influence TO depress the price of West
ern Union and force liquidation While do
not want 10 advise any one what to do. viii
say that | have not sold "A share. and that IL
the bears make much impression an oppor-
tunity will be offered to increase holH ings.
This is all right far as il goes, hut IL Is
known that the selling has been of good
character and that the borrowers have paid
premium for the use of the stock In regard
to this one house says, That the stock with
it's capitalization of coo should lead
day after day mt a premium is'sn indication
that insiders have been selling. Otherwise
there would be plenty of stock in the street TO
supply the short interest
The hard coalers were very weak, and Della
ware & Lackawanna declined IL per cent in
the first half hour. Ii is understood that the
conditions of the anthracite trade are getting
worse instead OF better but il is believed
that the unsatisfactory result of the big coal
meeting yesterday is the direct cause of the
weakness i'm these stocks.
Another factor that is having depressing
effect upon the market is the large amount Of
gold that is TO be exported. No less than So,
25J,0O) has already been engaged for ship
ment tomorrog, and CONGRESS will have TO
take some action to prevent such drains be-
fore business can hope to improve materially.
Joseph, however, feels very much encourag-
ed. He says that If the proposition now pend
ing before the Senate tariff committee Is car
ried through we may look for the best times
that this country has had for many years
Let the Dngley bill be overhauled," he
says 'See TO it that the reduction of 10 per
cent. on the respective schedules takes place.
Raise S35,0OO,C00 by taxing lager beer and
tobacco and prosperity will follow. Middle
men may not make rs large profits. but evan
tn -ir los' will be small and the Tobacco Com.
pany will be the gamer by any further in
creased tax upon foreign tobacco. The sales
of the American company will then increase.
We are now bulls on Tobacco and ID is sell
dom that we have said anything TO encourage
pure ases in this direction
The decline in Northern Pacific was due 10 |
sales by j. FL. Davis, which resulted from the
resignation of President Winter.
in London today consols advanced 3.l6 10 |
ll2 3-l6, and all the markets were strong on |,
the belief that the war in the Levans would |
end within week. |
The Americans were very firm, all issues |
being l-s 10 y per cent above New York |
parity. Tomorrow, May |, is a holiday in |
London. The New York foreign houses had |
orders today to purchase 5000 shares on bal |
nee, principally St Paul, Reading and Louis.
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