The Providence news. (Providence [R.I.]) 1891-1906, 1897-08-09

FINANCIAL.
TOday'S Market is Active
and Prices Higher.
Efforts to Force a Decline are
So Far Unavailing.
L,St Weeks Market a Phenomenal
One In Many Respects.

The market today continued 'nctive and
generally higher. Whether 10 will continue
under the same conditions that has succeeded
In acquiring during the past two months--an
advance with scarcely a rcaction-is q ques-
tion that the traders would like 20 determine.
Those who have sold out aud taken their
profits would like TO recover their stock at
something like the old prizes, but their Of
forts to break the market and cause n decline
have so far been successfully opposed by the
strong long holders. Watson a. Gibson say
today that the market Is full of stop orders
placed there by enthusiastic buyers who
pyramid and plunge as long as the market
goes their way. They add: mo man can
afford to be a bear on this market in the sense
OF expecting to make a campaign or q fortune
from that side. All he can hope TO do Is 10 be
in the position when the reaction comes 10
repurchase lower than the prices at which he
sold out his long Stock
The market last week was phenomenal one
in many respects. Not only were phenomenal
prices made for such Stocks as Manhattan,
Western Union, New York Central, Chicago
Gas, the Changers and several other securi-
ties, including many Of the cheap properties
but the trading in the market during the
week averaged 10000 shares daily. On Fri
day alone l27 different issues were dealt in
which is positive proof that the public Is in
the market As result. IL was but natural
that the big stocks should have shown some
startling advances and that the cheap securi
ties should have tagged after the big ones.
1t Is the general opinion on Wall street, how
sver, that the public has just commenced 10
make its power felt. When the time comes
for it TO increase its dealings IL will do So and
the boom that will follow will cast the pres
ent prices far In the shade. The power be-
hind the market has already been an invest
ing power, but the investor has not appeared
as he will when the business revival becomes
more general.
The market today was but n repetition Of
those that we had last week. London came
trifle lower the decline In the case Of North.
ern Pacific preferred extending 10 per cent.
The time has passed when London has gov.
erned our market and today Wall street paid
absolutely no attention to her quotations, but
advanced the price of stocks irrespective Of
the opinions Of the foreigners. As the result,
there was no break in the buoyant activity
and the recessions were so infrequent and so
decidedly fractional in character that there
were few traders who were willing to risk tho
loss of their money by placing it on the short
nde of the market.
The local stock market. as reported by Al
bert p. Miller, Jr., showed decidedly strong
undertone during the past week. and tire
holders of stocks were less disposed 10 sell at
current quotations. Buying orders for any
large amount of stock would be difficult 10 ex-
ecute except at considerably higher pric, $.
There was noticeable disposition TO buy
some Of the more popular bank stocks ard
the illuminating and insurance stocks were
sought for.
There IL quite demand for the stock Of the
Clint Chemical Company warranted by is
decreasing business. II was placed on tho list
! It week and is now quoted at SIS bid for the
common and o, bid for the preferred, wi
sales OF the ommon reported at SIS.
Prices changed but little last week, although
there were some advuncej ,otably in the bank
and insurance stocks