The Providence news. (Providence [R.I.]) 1891-1906, 1897-05-06
FINANCIAL NEWS

Almost the entire list opened off today, but
the declines, except in few specialties, were
fractional The Gould stocks were very
weak There was u renewal of the rumor of
dissension in the management OF Missouri
Pacific which might result in receivership.
and rs there were scattering selling orders
and no inside support, the stock broke .from
II rs TO IL in the first fifteen minutes. The
Manhattan quotations were also lower, prob
ably in sympathy with Missouri Pacific and
Western Union was weak until Mcintyre a.
Wardweil bought 1000 shares. and this gave a
temporary steadiness TO the market. The
more the insiders talk the more bearish be-
comes the sentiment of the specuiating pub
lie.
In speaking Of these issues, f. j. knight &
Co. say today
'"The fact that the insiders refuse 10 pur-
chase the Gould stocks will be the cause of
their downfall, even IL there is no other trou.
bls with the securities. Bear attack after
bear attack is made upon the stocks and al
ways with excellent success. AT such times
the insiders deny all the current rumors and
insist upon the stability of the companies,
but they refuse TO buy the shares, and rs the
public follows their example the prices seek "A
lower level upon each attack. 10 is possible
thatWesternUnion is not contemplating "A div
idend reduction; that Missouri Pacific is lin
no danger of falling into the hands of IA re-
cever, and that Manhattan Il making more
money than for many years, but unless there
is some inside support, the stock will be driv'
en- very materially lower"
Traders bought Sugar this morning. and
there was very little pressure to sell. The adj
vices are to purchase this stock on all drives,
the people that are looking after the inter
ests Of the Sugar company at Washington are
satisfied that they will receive the necessary
protection.
There was considerable selling OF Chicago
Gas today and the stock was a trifie erratic.
Joseph, however, is Of the opinion that the
stock will sell very much higher between this
and the final action upon the consolidation
bill. He looks for tho stock to sell around 90,
and urges those that hold IL not to be- in a
hurry 10 part with it.
At o o'clock last night the Senate committee
on corporations voted to favorably report the
gas consolidation and the frontage bills, and
will do so today. Both bills will probably
pass.
1t is also believed that Lead common is pre-
pairing tor AN advance. Next month the meet.
ing of the directors will be held, and at this
time dividend Of Per cent will be declared
on the common stock. II is, known, more
over that the company will fare "a well nm
der the new bill as it did under the Mckinley
tariff when the selling price was twice as
high.
Sentiment is growing stronger regarding
the copper shares. 1t is believed that the
metal has been manipulated downward in
London for purpose and that when this pur-
pose has been accomplished a sharp turn for
the better will come quickly.
In London today consols were buoyant at
1929, and Americans We're steady at exactly
New York parity. The failure Of the arbitra-
tion treaty did not cause a ripple of excite.
ment, as all hope of ratifying the treaty was
abandoned months ago. In New York the for
eign houses had no orders in any department.