The Providence news. (Providence [R.I.]) 1891-1906, 1897-08-05
FINANCIAL NEWS.
Lively Bull Market. Many Stocks
are In Good Demand.

There is now every indication that the pre-
dictions of the tul leaders that this week
would be- lively bull week ~ TO be realized.
The stock market IL making new friends
every day and tho restoration Of public C nil
dence, rs shown by he fact that the transac-
tons on the Exchange yesterday aggregated
more than $4,000 shares. has done much In
making the entire financial condition brighter.
Strangely enough, London has failed TO ap-
preciate the new conditions. They have been
blind to the fact that the situation has
changed aud they are still selling our market.
AS Watson g. Gibson said today: IF London
is TO maintain its rank or pretensions as an
international market IL must show less pru-
dence and more financial insight. IL has let
pass the greatest money making opportunity
that ii has had since the Kaffir loom. Its
financial press has misled the public and its
leacing fnanciers were so much engaged in
criticising the shadow of our rolitical and
financial systems that they did not see the
solid substance Of American enterprise and
resources"
While this il the situation in London, the
American public has not been so blind TO its
own interests Long ago the investing public
began 70 accumulate stocks and 10 Is still pur-
chasing This is the good buying that helps
the market for IL was nothing more or less
than the fact that these securities were so
firmly held by TN ir confident owners that
prevented the fulfillment of the plans devised
by the bear manipulators during that stage Of
uncertainty that preceded the passage Of the
tariff bill
London came lower this morning, and the
course of our market Immediately following
the opening made it appear a. II lower prices
al. A.. IL. A.
olines We're quickls stopped, however, and
some Of the prices that were recorded were
even higher than those OF yesterday. Both
New York Central and Chicago Gas were in
particularly good demand. In fact. the vari
Gus gas stocks, tEat broke Tn ir record yester.
day. were exceptionally strong again today,
and the buying was said to be based on the
many rumors 10 tho effect that both st. Louis
and Now York were TO attempt 10 follow tho
consolidation plan receatly q opted by the
Chicago Gas Company.
The investors at present are taking largo
blocks of Chicago s. Great Western. Al.
though IL is selling very cheap and has re-
ceived CONS arntively little attention from the
small traders, the big men have been gather
ing ii in on the opinfon that il is preparing
for a phenomenal advance. Boston has been
heavy buyer OF this stock during th. past few
days, and this gave rise to the rumor that
alliance is now pending between this road and
Burlington. The stock is now TO be listed on
the Boston Exchange.
The Grangers were in favor today on the
excellent showing made by ST. Paul and Rock
Island yesterday. II ST. Paul could show nm
increase of over s92, coo for the fourth week
and Rock Island an increase OF sl2S. To4 for the
month OF July, how much larger the earnings
must be when the wheat movement Is mt least
well under way.
The foreigners are still In control OF the
grain market. Tho heavy primary receipts do
not alarm them, for the moro wheat that ap-
pears the more IL Is wanted by the buyers on
the other side. Corn has been strong on tho
reports of some more serious crop damages,
but oats have been inactive. Provisions have
attracted but little attention as tho buying
has been small and scattered.
G. franklin NuRent a. Co. furnish the fol-
lowing facts In relation to the local stock
market:
The demand for good local securities has
been better this week tnan last. but trarsac-
tions have not been voluminous. The general
tone of the market, however. is gradually i'm
proving This is particularly true Of the in
surance companies Providence and Pawtucket
Gas, Narragansett Electric and few OF the
lndustrials. Gorham preferred has been
freely taken for investment at the present
figures, and promises TO ell AZ higher prices
before long. American wringer Co., thopgh
unchanged in the Stock Exchange quotations,
Is showing considerable strength in conse-
quenco of the confidence felt that business
will be much improved before another year
has passed.
This week has been recorded tia first hil
OF H. J. Horse Shoe Co. preferred which We
have seen In good many months but sTI,
does not strike ono as a very high price TO nay
for a per cent preferred STOCK whose par 10
100 yet IL ia just AZ more than we have been
in the habit Of seeing lately.
Ii Is a matter for regret that s'milar re-.
port cannot be made Of the bank to- IS, hut
we must hope for better things in ,s group
Of securities later
(Contjcued on Pa0e IL