The Providence news. (Providence [R.I.]) 1891-1906, 1897-03-23

~ inanCial World.


The stock market was very irregnlar at the
opening. The railroad list, with the excep-
ton OF one or two specialties, was inclined
10 be weak as the result of the United States
Supreme Court decision in regard to the
constitutionality OF the Sherman antitrust
law, and the Industrals were inclined To be
somewhat feverish. The efforts OF Mr.. Ding
10y TO explain the tariff bill threw no new
light on the Sugar schedule He said that the
differential was intended TO be l-S, and he did
not explain how the admitted diferential
was to be secured as between bounty paying
and on-bounty paying exporters OF refined
sugars from other countries.
The decision at Toledo yesterday was en-
tirey In favor of the Sugar people, and 1t VIII
undoubtedly be followed by some important
DEVELOPMENTS in the sugar-coffee war, as this
leaves the Havemeyer interests free TO reduce
prices IL they see fit Sugar was strong at the
opening, but weakened toward noon.
In speaking Of the railroad decision, f. j..
Knight d. Co. say today:
1.-THE decision rendered yesterday by the
United States Supreme Court by which this
tribunal sustained the government on all
points against the Trans Missouri Freight As
sociation, having reversed the finding OF the
lower courts. was one of the most serious set
backs that any market could have received.
and il the facts had been properly understood
the stock would have sold off more seriously.
II enforced il practically means the end OF all
combinations II also makes tine contracts be-
tween the coal companies null and void and
places them on an entirely competitive level
The question is asked What will the effect
boz Under the ironclad agreement that has
been in force during the past year, the hard
coalers were unable TO earn their dividends,
and the prospect under the new order OF
things is certainly not favorable to such prop
critics as Jersey Central"
Such n decision will probably lead to fresh
litigation, for IL is difficult for the railroads
to see how any agreement between companies
as 10 uniform rates can be illegal as long as
they are placed Mt a reasonable figure.
Rock Island suffered from the general weak
ness this morning but Joseph Is very conf
dent that Governor Flowers return only ante
dates by few days the Improvement in this
stock.
Jersey Central was firmly held at the open
ing, and it looked rs If the shorts were being
driven TO cover. Soon, however, the bears
took the market in this stock, and this re-
suited in rapid decline 1t is the general
opinion that this is the most dangerous stock
on the board to get long of and that the day
is not far distant when the stock will sell
among the small dividend payers.
In London today Consols were buoyant at
an advance of 3-l6. While the market for the
American securities was dull, prices ruled
very firm and were held at Now York parity,
the influential factor being the more favor
able situation in the Levant and the belief
that Greece will ield to the suggestions of
the powers The New York foreign houses
were practically without orders for London
account, but they purchsed little Louisville
and Reading on balance.
The feature Of the market at noon was the
drop in Omaha. This stock has shown marked
weakness since the rumor that its earnings
were being fattened by an arrangement with
Northwestern was first circulated. and there
are several good judges who believe that the
stock will go materially lower before this de-
clinipg movement Is stopped.