The Providence news. (Providence [R.I.]) 1891-1906, 1897-08-11
Current Selling Regarded
as Speculative.
Some Big Predictions are
Made by Old Operators.
What London's FOrtnightly Settle
Ement Sh0ws--C0rn Strong.

The action OF the market this week. tha
set back or about three points in price, aud
the sharp rally that followed yesterday go TO
show, in the opinion Of the most active OPP
orators, that current selling Is in the main Of
speculative character, that stocks are well
held, that the public continues to buy, and
that, barring an accident, iurther advance
will certainly be established.
Some Of the operators predict that the deal
ines On the New York Exchange will aggre
gate million shares day before the year Is
out and towering prices have ended. They
process to believe that the country is on the
eve OF one of the largest. IL not the very
largest. import movements of gold that IL has
ever known, and that tho exports Of farm and
manufactured products this year will break
all records. Reasoning from such conclusions,
some of the best houses are continuing TO ad.
wise purchases on all reactions and to direct
attention to stocks which have had relatively
small advances and yet which represent
roais having good prospects as 10 traffic and
earnings following the harvest. On this basis
Atchi-on preferred has been well bought,
which is also true of Northern Pacific pre-
ferred, kansnsTexas preferred Louisville
Chicago a. Great Western an.l the preferred
shares Of Reading. For all these stocks higher
prices are predicted.
The developments that were tho subject Of
encouraging comment last night were the re-
newed advance in wheat. the continued weak
ness Of Exchange and the heavy xpors 4
breadstuffs from the Atlantic coast. For [. o
day this aggregated 10000 bushels, including
flour, and IL was this that led 10 continued
bulish feeling in grain. Tho best houses early
this morning advised the purchase Of wheat,
especially on lreactions, and the purchase of
corn on all concessions, as they believed that
both were bound to nnd higher prices.
The feeling IN London was little better
today, and the fortnightly statement showed
that things were not nearly as bad as they
had been painted. AS the result London
bought heavily of the ordinary arb.trase
stocks, chiefly ST. Paul, Reading and Louis
vile, today.
ON this side the market opened strongeriand
the information that London was already
talking aboGt shipping gold TO the United
States aided so strongly in the restoration Of
confidence that there could bo no doubt but
that the market had passed its period of recess
sions and that there would be no more profit
taking for the present. Under these c,rcum-
stances stocks regained their losses and were
freely purchased even at the high figures
The Chicago market also enjoyed further
advance, and September wheat fulfilled tho
prediction Of its friends by passing 50. Some
time ago il was stated that this option would
be good for S. at least. At that time this
prediction seemed extremely radical, but the
prices do not look 80 high now.
Corn IL still quite strong, although IL is by
no means rs active as ii has been. The c. q
81 G. officials wired Boston parties today that
the crop was two wooks late and was liable
TO beinjured by frost. In fat. they stated,
1t would not be out of danger before tho mid
die OF September
Oats aud provisions in general have bccn
pretty much neglected during the past ev
days, hut they are not without friends, who
insist that the present prices are by far too
cheap.