The Providence news. (Providence [R.I.]) 1891-1906, 1897-09-14
FINANCIAL.
The Market Sill COntin-
ueS Irregular.
After the First Hour There
Was a marked Rally.
Several Aivsrse Factors Having
an Effect on Market.

The market today continued In the irregu-
lar course that IL has pursued for the past
two days. during the first hour OF the morn
ing. owing 10 the fact that large commission
houses representing the big interests had
orders TO sell stocks and take profits for their
clients. After the first hour, however tho
disposition Of the public 20 take cverythng
that was offered was evident that tie mar
ket rallied and some more high prices were
seen, particularly in such stocks as North
western and Omaha.
There are several adverse factors at work
in tins market. The yellow fever scare GER
tninly suggests conservatism and the miners
strikes have had an ill effect The prcmon-
ition that there is possibility that there
may yet be somo trouble between this coun
try and Spain over the Cuban question keeps
London lower and in spite of all that.mny bc
said, the foreign buying and selling certainly
Z nds to influence certain element Of
American spectators
As L. j. knight a. Co sly today: "It
seems 20 be the general opinion in Wall =; eet
that while there will undoubtedly be an op-
portunity To see very much higher prices
within the next two months, "A reaction Is
now, and has been for some time. due. That
this reaction will become permanent cam
Iaign of lower prices is not generally be-
lieved. II Is eleven years since the volume OF
business in speculative circles has cqualed
that Of August. IL is many years since the
gross earnings of the leading railroads have
been as large as those Of the past .wo
months and as there was no evidence that
There is TO be change in these Q nditions
there IL certainly no good argument on which
10 bsse the opinion that prices have reached
top prices.
The short interest was, naturally, some
what increased yesterday, and as regards the
present situation, many well informed people
are of the opinion that the market will fol.
low London more closely than IL has done.
on all the concessions London has been
purchasing. but IL this buying is stopped th
market must react further.
Taking the general situation as whole.
however. IL is quite evident that the market
is acting very well, and the most conservative
people s'e no reason TO anticiDate n general
decline, while on all reactions they advise
Purchasing in an unhesitating manner.
The Manhattan directors met today 10 de-
clare the regular per cent quarterly divi-
denl. There is considerable bull talk on both
Manhattan and W,s era Union.
The Chicago marke: today showed much
m, r. strength than was displayed yesterday,
nd tho talk eve ywhore Is Of higher prices
for al the grains. Prince says: Tho week
opens with n continuance of the extreme
drOuNhty condition, aggravated by intense
heat. As long as the country is hanging on
,he ragged edge Of the present droughty con-
dition, which every day becomes more and
more intensified, farmers are going 10 keep
lCic grain and wait tor final issues. 1t is an
important fact in the grain situation that
winter wheat millers have no large stock and
Aat they still seem anxious 10 purchase ana
are bidtn higher than heretofore"