The Providence news. (Providence [R.I.]) 1891-1906, 1897-10-12

In THE WORLD
OF FINANCE.
Market Favorable to Hold
erS Of Securities.
CHARACTER OF BUYING
Is Said TO Be Much Better Than
That OF The Selling.
CHARACTER OF BUYING
RAIN HELPS GRANGER SHARES.

The situation of tho stock market today Is
certainly highly favorable TO the holders OF
the listed securities. After attaining prices
that were very dizzy stocks have had sub
stantial decline, and az the present position
the buying is unquestionably.o a much bet
ter character than the selling. The short in
terest is very large, On every concession
there have been short sales, and 1t Is believed
that.thoso who have sold will have some lit
tie difficulty in recovering.
All tho conditions that have an influence
upon the value of securities now favor the
long side. Railroad earnings continue very
satisfactory. ST. Paul shows an increase
since July OF 1854, $50 Union Pacific for
August shows net increase OF S2ii,0OO anu
.he increase Of Big Four since July is
.259,O0O.
The breaking OF the drought in the West
must have a good effect upon the Grange r.
Professional traders have been solling upon
this argument, and now that the rains havd
come they will have no excuse for their pO-
sition. Another favorable feature is that
while the movement Of grain on these roads
has been slightly reduced, there has been no
reduction in the movement of merchandise
There was enough selling in Chicago today
TO cause lower prices, and the crop report
seemed TO have an unfayoI able effect upon
the price OF grain This showed that the
average condition Of corn on October | was
77.lS, rs against 1913 on September / and 81 )
on October |, 1896, and 81, tho average OF the
past ten years. There was an improvement
during the month of points in Maryland
and in Iowa. On the other hand, there was
IA decline of points in Kansas, o in Nebraska.
in Ohio, 8 in Illinois in Missouri and gen.
erai decline il the Southern states The
preliminary estimate Of the yield per acre of
oats Is sS.l bushels, an increase of 3.s bushels
per acre over the October estimate of last
year. The principal increase is west Of the
Mississippi river, Missouri, Nebraska and
Kansas showing an increase of 6 l2 and Is
bushels per acre over last year. The acreage
for quality is $40.
The foreigners continue TO buy wheat freely
and the export demand, il is believed, will
countcract the news of the break in the
drought in tae West. AS tho result the
wheat is being purchased quite generally on
all the market declines.
Albert Il. Miller, Jr., reports that the local
stock market has ruled quiet and firm dur, 4, z
the week, with fair inquiry for investment
stocks and some few sales. The market is at
present well supplied with stocks. although
in many instances they are held at figures
too high TO attract the buyers. Bank stocks
are gradually gaining in favor again and
should show higher prices during the win
ter. The insurance stocks ara still much in
demand Providence. Washington is still ad-
vancing and the rapid rise in price seems to
bring out but little stock. The Illuminating
stocks are quiet with little or no demand and
light offerings.
PROVIDENCE STOCK MARKET.
REPORTED ny O. pRASkLiS SuaExr q CD