The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-29
FINANCIAL.
Some Operators Look For
Decline in Prices.
This View Not Generally Held
by the Farsighted.
PeOpl. Full Of HOpe--Market Beyond
Control of Room Traders.

The stock market was irregular today and
the be ar cperato' 5 SO, mel TO feal that IL in
dicatod that the market was getting toppy
md would soon commence To decline. That
is feeling was not held by the better elias
OF o. orators was shown by the ease with
'yhich the stocks regained their losses and
the strength that was evident In the support
that was received on each declire. The fact
Is that p oplc not ready for lower prices
They are full OF hope and anticipate taking
profits on the long side for many days TO
come.
As Dick Bros. said today, the market is be-
yond the control of the room trader the pub
lie continues to come In and they are ready
10 take stocks on every reaction. The buying
is of n confident character and it is clearly
evident that the bull market is genuine one.
which it Is impossible TO keep down. Notwith
standing this fact. however, IL is believed that
there are stocks that are selling high enough
today. Rock Island, for instance, and West
ern Union and General Electric and Manhat
tan are all at top prices, and it is felt that
under the present conditions these issues
ought TO go no higher.
While it,is true that Rock Island will prob
ably increase its dividend at an early date.
the fact remains that it is still 2 per cent
loss of contracts and adverse decisions in i'm
portant litigation should have an effect upon
the price Of General Electric, which is selling
at almost the high point in spite Of the fact
that the company is in horrible shape. Both
Manhattan and Western Union are too high
o under the present circumstances. Morgan
is getting out OF the 81, coo, 900 in extra stock
that he took around 20 soTe time ago, and
when he haI accomplished this feat Of finance
the stock will commence TO decline
In spit, OF this, however, there are other
stocks that ought to do well. Nearly all the
cheap properties have yet TO enjoy the nd
vance that must como before the word 'finis"
can be written to this bull market. The good
crop conditions continue In the west and the
fact that great scarcity OF cars is reported
indicates that railroad trafic is assuming the
largest possible proportions, and when the
roads are doing nothing 70 look tor business
IL shows that they very independent and
will maintain rates with the utmost strictness.
The indications that the present admnistra-
tion is TO do nothing 10 antagonize capital
when II Is kept within legal bounds ought 10
bo Of advantage 10 tho lndustrials, and the
strength of the coal stock gives further evi-
dence that the large representative houses in
terested in the coal properties viii. see that
nothing will disturb the future prospects of,
the anthracite industry, which would indicate
much further advance in tho coal producing
and coal carrying companies
Burlington's report for June shows n gross
increase OF s2e7. 555 and net increase. after
expenses and charges, Of sl35,2,6
The Chicago market was quite strong today,
and while there were fractional declines con-
siderable good support was.in evidence Price
Current says today: "Corn crop nditi, M
are maintained. Oats are ns good ns previ-
ously. The promises Of spring wheat are not
much lower. Winter wheat is moving slowly
from various causes. Packing this week was
$4,000, against 10000 last year.
c. Franklin Nugent IS Co, furnishes the
following facts In regard to the 10, al stock
market:
The chief feature of interest In the local
stock market this week is the appearan e Of
the national bank statements showing tho
condition of tho banks nj the close Of busne $
on July %. Although the statements so far
as published, are encouraging from the point
OF view of general business, yet too few OF
these have as yet appeared 10 permit rs 20
form any decided opinion. IL IL becoming
more and more evident, however, that the
larger and more progressive banks are stead.
lily taking business.from tho smaller and less
active ones. Tho time is coming when the
stockholders in the latter class will have TO
do something to protect their interests,
whether II be by winding up the affairs Of
the smaller banks or by~S consolidation OF
their interests.
The other securities continue quiet but
firm, with prices tending higher. Providence
Washington Insurance Co. has this week been
quoted NJ So bid the highest since 1891. Cor.
ham Manufacturing Co. is showing strength
around the present figures and promises TO
have an advance by fall.
Tho general condition may fairly be said TO
be improving, and with tho tariff bill now
passed, we may confidently look forward to a
condition OF general prosperity.
(For further financial news 900 maze 21