The Providence news. (Providence [R.I.]) 1891-1906, 1897-08-30
FINANCIAL.
Good Demand For Local
Investments.
ReactiOnistS Disappointed
Again Today.
Public Has Taken MAJ ket Out CT The
Hands OF Pro e, siOna!S.

The. general feeling before ths openin this
hori ing was that lower prices might be cx.
.ec'ed today. Tho prophets reckored with
ont the public, however, for when the opening
came the people were ready o. buy at almost
any price. As the result stocks IA V need
with an ease that was somewhat diseouregi z
10 those who had leen so osiiive That tie
CAV Of tho reaction was NJ bbnd.
In spi Q II Il L., the concensrs Of opiniC n is
inclined 10 ho more corfeI yative Even Wat
son & Gil son suggest that II would be wise
10 remember that Wall street - emotional ].
=. Bache S Co. say I'VE think II a wise
policy 10 go slow IL il is hard TO climb higher
after onco reaching dizzy height. reac'
tim will come when lcas; expected, and we
would therefore advise profit taking as real
III froui now on will, ia cur opinion, bs
strongly in evidence on rlt bul,es." Stuart
n Paddock also sag The general market
has now reached point whore nUrtuations,
for some lime TO come, will pro5ahiy be within
range Of FIVE or Fix points, except for few
leading sAsres. We believe IL IS always q good
plan 10 take n fair nruht and lcpurehase on
rece, siOns OF two or three points
Macy &c Iendletnn, However, are as hullsh
as ever. They say today: Bay State Gas
will likely double in price before you get any,
unles you set IL soon. Wa commenced bull
ing Ontaij g. West TN y month ago and have
kept it upi the moyement has JUS; COM
meme d. Whsn Chesapeake s. Ohio was II
we said it would so TO %; wa now say 20.
Some Ieool judges express the opinion that
81. Paul is worth AS much or moro than
BURLINGTON: we think IL IL worth over par
ahd will sell there, perhaps before Burlng-
ton. Corn will soil Mt 85 to 40 this year and
cotton at cents poErd."
IL is very evident that tLo speculative pub.
lie is very decidedly Of this opinion, and II
Is for this reason that the advance is likely TO
be continued. General trade reports Indicate
an increased activity in all branches, ana the
bank iclearings and the remarkable inc,ense
in merchandise tratiic. both east and wes',
also reflect the activity of the business rld,
and with the crop conditions unite make
combination Of most satisfactory features.
There is nothing that has surprised the
bankers Of late more than the general de-
mand for investment and the general inn
provement in business without being called
upon for large increase Of loans. This goes
20 show that the country has succeeded I'm de-.
veloping a strength Of its owp Independent Of
its banking facilities, which will bo called
upon by-and'by TO add strength 10 the grow
ing s'rong financial position.
The Chicago market was quite active and
strong today, although the temper of the
grains was more staid Receipts are inoreas-
ing dailr and fsVmes in nany sections are
selling considerable Of ,lsir store at the ad-
vance wh.ch will dovblyes make it difficult
for the advance contracts Ct exporters 10 he
filed. While II is bolived that the receipts
may continue 10 increase, il is doubted that
they will come in such volume as To show a
largo surplus in Tie commercipl centers for
ono time 10 come. II IL The general opn-
ION, therefore, that for the immediate future
December wheat y ould be bought on every
recession, and that December corn is n prr.
chase for n long pull. The report q the visible
supply today Wheat, G,c eRscd, l,g5G
0OO bushels corn increased, $4,000 bushels:
oats, increased l,245, 0l0 l,us+eIp.
Albert 4. Miller, Tr., ieports that local
stocks have shown somo littio activity during
the week. There Is a fairly good demand for
investments, but prices, aso Iulr, show but
little change, Several Salcs Of the bank
stocks have taken place md there j. a grow.
ing inquiry for this class of securities The
Insurance and tho Illuminating stocks CON
tinue in demand with exceedingly hgt oac..
ings.