The Providence news. (Providence [R.I.]) 1891-1906, 1897-08-06
FINANCIAL.
The Bulls Continue in
Control of the Market.
Confidence of the Investors
Has Been Established.
All Advices are BulliSh--Sale OF
Clinton Chemical Stock.

Still the bull market continues. There
we're some declines and n certain exhibition Of
weakness yesterday that gave mporary
courage TO the bears. but the moment OF do
preston was soon over and the upward move
ment that has followed has carried prices ma
terially higher. The fact is that the confidence
OF the investor has been established and the
concensus of opinion is that business in Wall
street during the fall will be on Tore ex-
tensive scale than at any time in Its histCsy,
and prices Will seek higher level than has
yet been attained. Everything locks we'll in
the west. Already the wave of prosperity has
struck this section OF the country In the
south the outlook is almost a. bright and all
that Wall street can do under the circumstan
ces is 90 continue 90 discount tn new con-
ditions. As the result the bullish sentiment
is gaining strength daily, and The only adverse
factor is that there Is "A probability that in the
distribution of stocks they may pass into
weaker hands than they have been in.
or course. there can be no question but that
the market has been somewhat over bought,
but still, this is not serious matter. IL may
explain the 2 per cent declines. but IL will 90
little in causing the. long predicted break in
she market.
London was lower again today and persist
emily sells our properties. AS the result the
foreigners are much poorer than they would
have been il they had read the irit Of the
lines correctly, and IL they continue in this
course they will be much poorer before the
boar conditions again prevail. Asa matter
Of fact, London has little or no effect upon
our market nov. In Spite Of tie lower prize 8
from the other side today stocks here opened
with a rush and held their rength well, al
though the orders in the commission houses
showed that the foreigners wers of tho opin-
ion that the American holders ought 10 lie
ready TO sell at these figures.
The trade reports now decidedly favor
able. The Leather trade is very confident
and there Is talk of further advance in
prices before September. The reports from
the Iron trade are just as enthusiastic. The
undertone of confidence is said to be strong
and the volume of business generally iEcreas'
ing At Pittsburg sellers are asking an advance
for deliveries the last quarter, although prices
are Ak yet no better.
All the advices today are bullish and in
speaking Of specialties e. J. Knight g. Co.. say :
"A special dispatch states that the new quar-
terry dividend of IL per cent on Chicago Gas
will be paid on the 25th, and the new stock
will be issued in few weeks. The Flower i'm
terests are just confident of les + the
stock this year they were that the an
nouncement Of the reorganization plan would
put it above par. There is also good deal OF
bull talk about New York Central, and 10 Is
stated that the movement is the beginning of
decided advance that will carry this stock
far beyond any other Vanderbilt proper y.
One can remember when the range of ll2 20
III was the top prices, but conditions today
are brighter than they were then and Cen
trail still sells below no."
The sharp reaction which resulted yesttr-
day in the wheat market was partly offset az
Che opening today, but aft rvard wheat
showed weakness. The depression is due 10
the lower cables, the foreign selling OF op-
tions.arrd the realizing sales ON n large scale
by the bulls. The announcement uf tho ex
istence Of the big bull pool has led the tis1crs
10 believe that IL is now out Of the market
and this has caused feeling of uncertainty
Crop sadvices both wheat AMI the coarse
grains are favorable.
IL Is the general .opinion that the markots
should be bought on these reactions
In the local stock market today two lots OF
Clinton Chemical Co. were s,ld at Is, and rs Is
stll bid for the stock.