The Providence news. (Providence [R.I.]) 1891-1906, 1897-10-06
in THE WORLD
OF FINANCE.
Market Quiet and Some
what Lower Today.
USELESS TALK ON MONEY
All Conditions Favor a Return TO
Higher Prices.
USELESS TALK ON MONEY
CHICAGO MARKET CONDITIONS.

The market today was quiet, but the tend
ency was toward somewhat lower prices
There was no bear raid, but the list, under
the leadership Of Chicago Gas, simply sagged
off. None of tho decliLcs, however, were
conspicuous enough Co attract much ntten-
tion, and those who have held that tho pres
snt prices would be low as compared 10 those
that will be recorded during the next few
days, found no reason 10 change their opin-
tons.
Considerable talk is being made about what
the bear cliques are pleased 20 term the
''money market dilemma" but, as one mar
ket specialist has shown there is little rea-
son 20 fear trouble from this source. The re-
serves in New York at this time are aoout
Sl0,00O.0 900 greater than they were at This
time lest year, and the reduction In holdings
from the large surplus of "a few months ago
means that money is being employed in ac-
tive business enterprises. In regard 10 the
higher rates for loans on call and on time,
one prominent banker says: "We have been
doing business in loans with tho country az 8
and6 per cent in many cases for some time,
and the present advance in New York rates i
merely TO be considered step in the di
rection of equalization between the coun.
try and the local borrowers. Rates on loans
20 the interior are generally higher than on
local business, but the difference has been too
large for several weeks. We have not raised
our rates 10 the country this week"
Another specialist writes: There have
frequently been hull movements IN the stock
market, when, besides high rate for money.
q daily commission has been charged. and
yyet when ring of bear traders profess un-
Nasness over or per cent rate, the bull
operators are so lamb Jike and innocent and
lacking in confidence that they Immediately
become apprehensive OF tho situation"
This seems 10 be the prevailing opinion
among the best people in the Street The
bears are persistent, however. and their
efforts have resulted in some quite serious re.
actions, although il is admitted that these
declines have acted for good instead OF evil
"a IL has forced stocks from the hands OF tho
weak holders into those Of stronger people
ard as long as all the conditions rcman as
favorable as they are today-with excellent
crop prospects, gold coming our way and ever
increasing railroad earnings-the public will
continue 10 purchase. There may be some
rather wide fluctuations, but the bull spirit
has been aroused and no amount OF bear gos
zip will be sufficiently strong to kill this sen.
tinent.
While the Chicago market was firmer to-
day than it has been for some time. both
wheat ard corn acted decidedly erratlc
Paine. Webber & CO. say: "A return TO and
beyond the top figures recorded on this crop
viz, $l.035z for September wheat and 37l5 for
May corn, appears now greatly more probable
than il has at any time since the respective
lslq and 5 SO declines were made. John
Dupee wires: II this drought lasts few
days longer we must have run Of higher
prices. -