The Providence news. (Providence [R.I.]) 1891-1906, 1897-10-14
In THE WORLD
OF FINANCE.
Lower Prices Still Prevail
in the Market.
SMALL FRY OPERATORS.
Local Banking and Brokerage House
Changes Hands.
MARKET AT CHICAGO ACTIVE.

In spite of the strength that was exhibited
by the market yesterday and the efforts OF
several bull interests to keep up prices to-
day, there was a reaction this morning that
made prices look very weary. The facts OF
the case are that the best people are not in
this market, and that stocks are now being
controlled by the weaker crowd Of profe3-
sionals. This is u bad thing in itself, and
when tho effect Of the liquidation is taken
into consideration 10 il not surprising that
lower prices are now prevailing
There are people today who cannot under
stand why prices should be lower In the face
Of continually increasing railroad earnings
and so many other favorable factors. They
do not realize that the professional crowd to-
gan to discount all these conditions months
ago, and that they are now taking their
profits on the big lines that they accumulated.
Today the best class Of operators are doing
nothing. They are watching the small fry
as they contest for their profits, but II Is be-
lievcd that they are now laying their II Ms
for a substantial bull movement.
One Of the best New York houses said this
morning that while Chicago Gas was now
one OF the weakest members ON the list, they
believed that IL would recover nearly as
quickly as IL lost It's recent advances. They
believed that an analysis OF the statement
submitted TO the governing committee Of the
New York Exchange would disclose that, far
from beng IN need Of money, the company
because Of its quick assets and. other coll t.
eral, is in perfectly solvent CONDITION: nay,
more. has sufficient on hand TO meet all fixed
charges and dividend requirements for at
least two years TO come. This consists OF
absolute reserve, but no one can doubt that
the natural growth Of the couotry, allowing
for all opposition, competition and rivalry
that may take place that the corpoI alton
will in the next two years earn considerable
net for its stockholders.
There has been large short interest
created in Chicago Gas, and the people who
are trading today are tho same individuals
who in May last were heseeching every one
from tho house tops to go short of Jersey
Central under 20. ANY one who has followed
tho market knows the fate that the bears on
Jersey Central met and il is believed that
few weeks will discover what will become
of the bears on Chicago Gas, especially II they
sell at these prices for IL does not require
much keen foresight 20 see that even the
most adventurous may on occasions ovorstay
the mark.
The Chicago market was more activ, today
that followed caused quite reaction espec-
tally in the prices of wheat and corn.
Local spectators were quite little sur
prlsed today To learn that the we'll known
banking and brokerage house OF Sullivan
Bros. & Co., with main offices at % Weybos.
et street, this ely, and with Pawtucl,et
branch at 2l0 Main street, had been dissolved
Both George II. and 4. +. Sullivan now re.
tiro and the business will be continued by
and under the name of T. Il. Ward q Co. of
81 and 80 Broadway, New York.
In speaking Of the local stock market, c.
Franklin Nugent s. Co. say:
Provi ience Washington Ins urance Com.
pany has again been the centr of attention in
advanced as high rs 65s4 At this price a
good many small lots of stock have come out.
but they have been readily absorbed. Should
the market be advanced to 20, however,
brokers promised quite lot Of selling
orders. There are not few who are ready
20 unload their holdings as soon rs in their
opinion, the top OF the market has been
reached. The question now arises as 10 how
long the present price of Providence Wash
ington Insurance Company will hold, but of
course, IL Is impossible 10 discount the future
with accuracy. It has been repeatedly point.
cd out that the insurance companies were
selling far below their acual value, and that
they were sure TO advance. But at the time