The Providence news. (Providence [R.I.]) 1891-1906, 1897-08-17
FINANCIAL.
Wall Street Outlines Are
Convex.
A Telescope View Is Now
Taken of Values.
Friends of ST. Paul Predict for II a
Three Per Cent Dividend.

As Watson e. Gibson remark today "Wall
street outlines now convex instead OF
oncave. 1t looks at values through teie-
scope and not through n microscope, and
with abroad gauge view instead OF at short
quarters and In n minute analysis Once In
While the magnifyiug glass Is reversed and
things are dwarfcd for the moment, but as
soon as the instrument is properly placed dis
tant objects are discovered and magnihed."
The market this morning appeared to be
going through the reversing process The
suggestion that Wall street might be over
confident struck terror TO the hearts OF some
Of the small fry spectators and yesterday
they commenced To SELL When London came
lower today they continued to dispose OF
their holdings, pieforring To take small profits
rather than wait for possible advance In
the future. Naturally this had the effect of
weakening the market 10 q certain extent but
as they were chiefly the smaller holders, the
II. .posal OF their stock was the signal for re-
newed purchasing by the better class and the
break was again prevented.
In their advices today Holmes s. Co. ex
press the opinion OF several other good houses.
They say Whenever there is any weak
ness, purchases should be made without hesi-
tation, and there Is no reason 10 he scared at
either bad news any temporary setbacks
in prices 1t is bull market of the old-fash-
toned style. and the end of the rise is still far
off." Mr.. f. !. Knight Of L. j. Knight l. Go.
has Just returned from New York, and he
states that the feeling there is very confident.
Every one is making money and every one Is
looking for higher prices in the future.
sullivan Bros. a. Co. say today: THE past
seven days dealings in the New York stocks
beats all previous records in tho past twelve
years. Many Of the railway shares as well as
many Of the Industrials havo made now high
records. Speculation is steadily broadening
and bringing strong BUYERS into the marKet
every day. The old.time trader is whip
sawed from day to day. He buys on the
sharp advances and sells on the sharp de-
cines. taking a loss on both ends. As long as
this is resortod to tho market will continue 10
advancce regardless of any other conditions
that may arise.
The Sugar deal, in our opinion, is not be-
ing worked by the Havsmeyer party, and we
Neieve that the stock is controlled by much
stronger people than ever before. Ne are
drmly of the opinion, as we have been for the
past five months. that Sugar Is sure pur-
yhasc at ruling prices lt sold at l40is yestcr-
day. which is the highest price that the stock
ever reached, but at the very top notch it be-
came duil with practically no long stoc.S
,fferod for sale. This in itself is positive
proof that IL is gigantic 6ea tnat whom
completed will surprise the pioneers of Wall
street.
Watch Burlington at l00lA, st. Faul at 0554,
Rock Island at ST. Manhattan at los, Reading
st p 5-s, Pacific Mail at 5ils, General Elecuic
at 5SS. Louisville at 6l rs, Missouri Pacific ut
V, T. @. l. at 31Is and Leather preforrc at
90. Passing these prices they are sure TO yield
handsome profits TO the buyers. Otherwise
sell them and stay short FOR good decline" ="
Q The next semi-annual dividend on 81. Paul
will be declared within month, AMI the peo-
ple who have offered 10 buy this dividend at
2l5 per cent say that they are sat SIZED that it
has been decided to pay per cent for the six
months ending June 30, making the dividend
for the fiscal year per cent.
Wheat was active today, put there WINS no
such strong efforts to raise prices rs have been
seen during the past week People who know
claim that this crop will not be as large as
has been expected, and that as we have all the
wheat that there is we will be sure 20 get
phenomenal prices for all our grain. This IL
tho reason why people are still buying wheat.