The Providence news. (Providence [R.I.]) 1891-1906, 1896-12-07

As was so confidently predicted last week,
the general market has enjoyed boom thlt
has carried prices considerably higher than
they were at the closing on Saturday, Novem-
Der ss That prices have not gone high
enough however, to make ii very profitable
TO run off the market is certainly an excellent
argum, MT on which TO base anticipation for
greater future prosperity.
OF course, there must Le a considerable
amount of uncertainty attending the first few
days of the session of Congress. The Der
will use every effort to find some ressimistic
argument in the Presidents message but
Spectators have long felt assured that no ac-
tion is 10 bo taken by this or the next Con-
gross that will in any way tend to retard the
budding prosperity of the country. IL Is
upon this knowledge Of the stability Of ma.
tional affairs that the conservative prognosti-
Gators have based their bullish advices.
During ths past two weeks the energetic
bear cliques have used every effort to make
capital out OF the poor railroad showings.
They have succeeded in only That they have
prevented the Grangers from keeping pace with
the advance of some of the other securities.
The reason for thoir failure may easily be
found The American people know tina, the
take more than the mere say-so of few
erratic bears TO convin them 20 the con
trary. Railroad earnings have been poor,
but every sensible man who knows anything
about the matter is satisfied that this con-
dition of things is only temporary. and as
long as the better element OF purchasers re-
tain their confidence in the stability Of our
rails lcng bear raids will be n difficult thing
n fnslu Gff llii la 60.
the tendency of .the market will he upward
and that prices all along the line are to enjoy
"a further advance.
Price, who bases his argument, very logi-
-ally, upon the condition of Sterling Ex-
change says: "The way the bigger houses in
IN, street are borrowing this cheap time mon
oy exceeds anything within my experience.
This and the declaration Of RAILROAD divi-
dends ell arly foreshadows the formation of
the most efficient, rcsourceful and influential
bull party that has operated in Wall street
for nearly ten years"
From all this the cautious trader should
take warning. Bear arguments based on pos.
sible legislation may have temporary ten
dcncy 20 bring about lower values. hut, n.
Joseph says, it will be very difficult n few
we ks from now 10 purchase stock 1t TN,
| cheap prices that rule today.
In spite OF general conditions, however
there arc many conservative traders who
| look with suspicion upon Leather preferred
| With the common gnsping aroond o, they loot
| upon 0O 20 Gs n rather an oxorbitant pric,
for the preferred. especially ns si2,J0,0O
| hack dividends or $50 share, Is now du,
unuI, .ls.1&innG--n a. eanr=a- ~ ~ an open ques
tion N these will ever be paid. The history
of the stock market furnishes many evidences
20 show that such wide differences bctweer
| preferred AMI common prices cannot long ex
| ist Either the common must climb towsrt
the preferred or the preferred slide down 10
ward tho common. Ard ns the mountain %
\ common stock has no excuse upon which e
| rice and climb, conservative traders ar'
| ready 20 express the opinion that Mohanct.
| In spite of'ifis present strength, will Jet b
compelled TO 90 to the mountain.