The Providence news. (Providence [R.I.]) 1891-1906, 1897-09-13
FINANCIAL.
The Market Today is De-
Cidedly Irregular.
Prices Began to Decline Soon
After the Opening.
Conservative Investors Now inclined
TO Take Profits.

Tho market today was decidedly irre2ul ar.
London came higher this moruing and stocks
on this side opened up pretty well. soon af-
tor the opening. however, they commenced 10
sag of and much lower prices were recorded
in several stocks. The grangers were weaker
and Manhattan suffered decided break to
1909 Just before noon.
In their market letter today Stuart e. Pad
dock say: MANY conservative inv' stors
who bought stocks year ago are now taking
profits, believing that reaction in the mar
ket will take place within two weeks. Some
are even selling short, In fact, there appears
To be much strife between the bulls and beurs
in certain stocks, and we are wondering
which will get control. For the past fow days
there has been every indication that many
orders await execution little under the pre-
vailing prices, aud IL the market does react ~
viii probably not 90 down very easily. We
DO not claim TO be able 10 predict the future
course Of prices in every instance, but our
experience leads us 10 say that we believe the
highest prices for the year will be recorded
before September 90 We do not mean 10y
This that prices will Immediately slump OFT to
much lower level, but that the extromo
bull movement will culminate and trading
market prevail around these prices"
Strange as IL may stem, tins is getting to he
the prevailing opinion in Wall street. IL is
admitted that the ise during the past three
months has been truly wond, rful, and that
there has really not only been no reaction
during that time, but there has IA yet Deen
no evidence 20 prove that marked decline il
In prospect Notwithstanding this many Of
the good houses are advising profit taking as
the only conservative course, as they are sat
san n.l tAas ,..I. a. n
break in rices.
Tho Chicago market continued n long one
today, although the inaetiyit5 pre- ted the
'eal zng II higher prices. AS Watson 81 Cir
son say, the lriin market is pretty sure o
sell up despite the goid crop, this being chs
tho fortunate ahd one might say, rare
years when both wheat and the Granger
toeks are 10 bo carried higher. The change
n the price % wheat has been so rapid that IL
~ difficult 10 make mp ones mind that the
change in the actual supply and demand SIT
uaton could have been equally rapid. but
facts daily dev lop 10 pr ave the dependence
II Europe upon our surplus OF breadstuffs
this winter. We nave the control Of n market
'ony lost TO US, and now Liverpool must defer
{ Chic 60
Paine, Webber e. Co. say THE Chicago
market has OF late been essentially "A long
msr~et, which means scattered holdings by
.yeak well as strong rarties. Saturdays
long liquidation. which embraced the whole
list, was therefore. wholly without any spec
al effort ty either foreign or home bear in.
.Genccs"
Everywhere the feeling is that higher prices
Will be realized in the Chicago market and
nat the high figures for wheat have not yet
been seen.
Tho report Of the visible today was: Wheat
increase, $500; corn, increase, 23si, ,O00
oats, increase, $500.