The Providence news. (Providence [R.I.]) 1891-1906, 1897-08-12
FINANCIAL.
The Market BuOyant and
Active Today.
Wheat is Still Kiting and
Touched 83 3-4.
Actual Trans ctions in Local Stocks
are Rather Limited.

The market was buoyant and active
again today. Stocks opened considerable
above last nights closing prices and as
tho bust kind of purchasers were found
even at these high prices thore. was no
eTjdence of any effort to stop the advance.
The belief is gaining ground that this
bull movement has come TO stay and the
very best houses are advising their Gus
toners TO hold their stocks for higher
prices. more particularly those which have
only of late been con spicuous as leaders.
Among these are several low price stocks
that are handled by important Interests in
the market and whose earnings show
substantial increases, for example, North
ern Pacific preferred, Atchison preferred,
Chicago and Great Western and Union
Pacific.
The statements of the various roads in
regard TO their earnings during the first
week in August increased tho bullish
sentiment as To those speculative issues
ana they are likely to be- the basis of con-
tinCed buying by the public. Tho same
is true Of Louisville and Nashville which
was bought aggressively yesterday in
anticipation of another large increase i'm
earnings for the first week of the current
mcnth.
Followers of tho operators who have
heen most successful in the bull move
ment and especially the friends OF Mr..
kel ne, quote them as talking confidently
o. n continued advance and larger deal
ings then any yet witnessed. both in the
stock ana bond market. "A decided a9-
vance is looked for in Union Pacific. the
buying yesterday being by influential
people. soTe of whom believe that this
stock, when the $40 assessment is paid
will sell above 40.
or course, the rise in wheat and the
immense foreign demand for American
breauStuN5 is tho factor on which tho
bull leaders in the market lay special
stress contendinR that With far mers get
ting good prices and wheat likely to go
out at the ratio Of 1900, GOO To 1900 coo
bushels during tho fall and winter, the
speculative situation is perfect one.
Wheat continued its advance today,
and before noon sold at S394, the highest
price In many months As the result,
people at once began to talk dollar wheat.
and no one who is acquainted with the
situation would DO surprised TO see these
prices reached.
In regard TO corn, Prime says today
that he never saw crop nc this season
that looked better than this does. Few
oats have vet been threshed, but the crop
is turning out from 40 To 30 bushels To
the acre, all Of excellent quality.
In speaking of the condition of the To-
o6l market. q. Franklin Nugent a. Co.
say today:
"Ihis week in the lccal stock market
has teen but a repitition OF last week.
j he demand continues fairly Rbcr Mt the
bid prices. but as there is not mUoh pres
sure TO sell the actual transactions are
necessarily rather limited.
1T will probably be q pleasure 90 tho
friends Of the Clinton Chemical Company
that this stock is now listed or the cx-
change, where they can see the daily quo
tations md fluctuations
National and Providence WorsueG mills
continue on its upward move. The lid
price is now l0i with no offerings Cor
ham Manufacturing Company nnd Amer
ican Nringer Company are doing very
we'll at tho present figures and ougit ca
sell higher before long. Ihe Insurance
companies all seem To offer very good i'm
duccments To the investor. 1t is notable
fact that, while on the New York S.ool.
Exchange the future prosperity OF this
country has toen discounted In the rriccs
oi stocks year or more in advance, tore
prices have merely kept pace with tho
actual conditions. This is so much the
better for us since in the event of any un-
fortunate set back in business. we should
not have any great fall OF prices.
"Ihe outlook for bank stocks, or at
loast some OF the bank stocks, is a little
more encouraging than for some timo
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