The Providence news. (Providence [R.I.]) 1891-1906, 1897-03-10
IN THE
e.<t*S

The stock market was almost stagnant at
the opening. In tho first fifteen minutes Of
business only thirteen different issues were
traded in. American Tobacco rose nearly a
point on renewal of buying by inside brokers,
while Sugar was heavy and a shade easier.
Manhattan rallied fraotionally. probably on
covering, and the few railway shares dealt in
were slightly higher in sympathy with the
London market.
While gthe market ruled dull for some time,
the undertone wasN firm. Shorts were some.
what nervous and on the declines, which were
caused by the offerings of the scalping traders
stocks were taken by the timid bear interests
The announcement made by Senator Teller
that he would not oppose the passage OF the
tariff bill was regarded as most significant
and the outlook was believed TO favor speedy
recovery in prices just as soon as the people
can feel assured that there will be a prompt
action at Washington on the new schedule of
government revenue.
In London the dullness OF the market was
due to the fact that this was the first making
up day in the fortnightly settlement. Al
though il was reported that people in Athens
were OF the opinion that war with Turkey
was inevitable, London was of the opinion
that everything will soon be amicably adjusi1
ed, and consols were strong, selling as high as
ll2. Americans were somewhat dull. but the
tono was strong and several issues sold above
New York parity, while the New York foreign
houses had a few lots of buying orders in st.
Paul and Louisville, which they executed.
Joseph is of the opinion today that it is
scarcely likely. in view OF the statements
made by the insiders, that investors will be
Immediately attracted TO Manhattan. The
short interest, while not eliminated, has COW
cred TO some extent. ''The question" he
says, "is pertinent whether Manhattan, even
on "A per cent. basis, is not worth In tho
neighborhood of 30, at which price it practi'
cally returns per cent on 100"
The decline in Jersey Central is said to have
been due to several big selling orders. and 1t
was generally believed that long stock was
sold. Traders were of the opinion that there
was some inside selling. but ii was stated on
good authority that the short interest in 'Ier-
sey Central was larger than had been sup
posed. and, in fact, that 1t was large enough
to suggest the possibility Of some difficulty of
getting stock at current prices should the
loaned stock be called in.
Price, in his advices to-day, says that very
few people appreciate the Importance OF the
acquisition of the control of Lehigh Valley. 1t
puts the entire anthracite business directly in
Mr.. Morgan's hands and means complete
rehabilitation of il. He Is Of the opinion that
il would be perfectly safe TO buy Jersey Cen
trail, Reading or Lackawanua in view Of these
Developments.
Mr.. Price also says that the large short i'm
terest in b. Q. is growing restive and ner-
vous, and 1t would not surprise him to see
sharp advance at any time.
wortley, in his letter, says that the foreign
news on the whole, was favorable and that
the houses on the other side do not look with
fear upon the possible developments.