The Providence news. (Providence [R.I.]) 1891-1906, 1897-08-02

During the last week the stock market GER
tainly acted as IL II w,re near the top Not
that prices were not we'll maintained, but
that while the hold on the better class Of div
idend payers was apparently weakened, the
more neglected and cheaper properties were
sent flying TO prices that were undreamei Of
n few weeks ago.
In the past this has always been an indica.
tion that the end of n bull market was in
sight, but the bullish operators still insist
that this market is to be an exception TO the
rule and that IL is 20 go up and up just as II
there was no limit placed upon the advance.
While IL Is admitted that the fall and win
ter months will undoubtedly renewal
of the speculative spirit, most conservative
operators are of tho opinion that the market
fas gone high enough for the present and that
reaction Is now due.
The advance that has been seen during the
past few weeks has been in the face OF foreign
sellins. There is little need Of foreign assist
ance 10 boom our securities in the face Of pres.
It conditions With the tariff question out
of the way, with protection assured, all legal
combinations of capital, with Indications of
business improvement in all lines of trade,
and with our magnificent grain crops, IL
would be a matter for surprise II the favor
able factors were not reflected in the stock
market.
The American farmer was the first TO reach
the European markets with his grain. India,
Australia and other countries which should
have preceded us have turned importers in.
stead of exporters, and from every quarter
comes the report that the markets are bare of
grain.
In view of these facts, the large exports OF
Id have had but little effect on Wall street,
for every one knows that the yellow metal
will soon be back again as payment for our
products. Reports differ, however, "a TO the
probableexcess of our crops. Some tat sticians
insist that we shall have one of the largest
crops on record, while otters hold that tho
damage done is much greater than reported
and that the expectations in regard 10 the
crops will not be- realized However that
may be, there will be grain enough to put the
railroads on a firmer basis than they have
known in years and as the farmers will take
advantage Of all the adverse information, il
may be regarded as perfectly safe TO buy
wheat and corn.
Attention should also he gvon TO the cheap
stocks that have not yet enjoyed nm advance.
There is scarcely worse road on the list than
Missouri Pacific, and yet when the manpula-
tJrs took hold of it il scared skyward like
rocket. There are several stocks that have 30
far been comparatively neglected. Among
these may be mentioned Union Pacific, Texas
Pacific, North American, Great Western and
several other equally undesirable properti $.
That they will take start some fine day is a
foregone conclusion, and the operator VINO
will hold them until this day of buoyancy
arrives will soon realize a good profit
That the bull market is over for good nd all
few OF the good judges will admit. They ex-
pect reactions and they would be surprised IL
there were no periods of depression. When
the fall activity comes, however, the expecfa-
tions are that the prices that will then prevail
will make our present quotations look very
cheap.
The market today opened of little as IL
tho fact that there was 10 he a holiday in Lon
don was TO have an adverse effect upon prices.
il took but few minutes however, 20 show
that this WAS false alarm, and The buoyuncy,
that was displayed by the, various stocks
showed plainly that the manipulators were by
no means rcaiy for the decline that has been
80 freely predicted by the bear contingent.
Chicago Gas touched 100 this morning and
10 is stated that Flower and his followers are
again talking Of an advance In this stock.
The declaration of another dividend soon and
the late reconstruction Of the property upon
a legal basis are the bull arguments. There
were senguine predictions today that Gas Will
soon sell at l05.
The talk on Union Pacific Is also higher 1t
IL said that Mr.. Cammack, who heared II
from ~ 81 10, recently bought 3 90 shares on
the belief that an early advance 1. In order.
Some very goof people continue buiish on
Rea ing preferred, but there is contingent
that Is bearish on all the Reading issues on
the ground that the report for the past seven
months shows deficit Of 10000. The
friends ~ the company hold, however, that
when n coal ROAD makes money 10 IL In the
last five months ~ the year, and IL Is believed
that the anthracite roads are 90 have very
rrofiiable season from this time on. II this Is
the case II can osaly make up its deficit and
chow something for the first preferred stock
The c1nfidence in whent IL undiminise esd
notwithstanding the certainty of increasing
supplies and large receipts. IL Is simply n
matter Of foreign demand. and basing their
faith ON these facts the best operators are
looking for higher prices. The corn sentiment
continues conservativeiy bullish, as II Is he
iieved that while prices very low the
Danger Of crop damages has not passed.
The visible M reported today WIS as fol.
lows: Wheat. increase, I,is9,o0O bushels