The Providence news. (Providence [R.I.]) 1891-1906, 1897-08-20

While the market at times looks ~ IL it
might improve, the effect Of heavy realizing
is clearly seen and il is evident that the
traders are making the most of the reported
damage 10 the crops. in spite OF this, the
Changers have retained their strength re-
markably well and the Coalers have been the
strongest feature of the market. This Is due
10 the fact that .the reports from the anthra-
cite coal trade are showing distinct and
growing Improvement, which will certainly
be reflected in the earnings Of the coal carry
ing roads in the near future. AS the result,
prices have been well maintained.
The Reading statement for the month Of
July is expected to be an exceptionally good
one, and J. s. Bache & Co. state that from tho
excellent buying Of these securities they be-
leve that much higher prices will prevail for
these as we'll as for all the other anthracite
coal properties.
In fact all the conditions today are distinct
ly favorable TO higher prices For years the
bull leaders have been longing for the time
when they could sse good crops at home
against poor crops abroad. These are the
conditions today, and IL il for this reason
that the best people still look for higher
prices. They admit that stocks are now sell
ing higher than they anticipated, but they
refuse to see I'm this fact any excuse for get
ting bearish on the market. They believe,
on the other hand, that the market is simply
taking temporary rest, and that the leaders
are already laying their plans 10 carry IL
higher than ever next week. For this reason
they have bought on every decline and the
stability of the market has been established.
Everything was quiet In the stock market
today, and the fluctuations were irregular.
some stocks advancing while others declined.
but the recessions were merely nominal.
In the Chicago market there was big
furry Immediately after the opening, and
this carried both the September and the De-
osmber options beyond o. From every cogn
try came the reports of higher prices, for
every country realized that IL nut havo
our grain or suffer for the want of wheat. In
the face OF this came the continued reports Of
crop DAMAGES that showed plainly that tho
American farmers were TO have no such phe-
nornenal crops as had been anticipated. Corn
and oats were both higher today, rs If in sym
patty with wheat, and, in fact, the entire
Chicago market way quite buoyant and active.
Paine. Webber & Co. say today: Sound
finance teaches that gold. the financial yard
stick, or measure of value, is interchangeable
aud that chan yeable values cx!s. only in the
articles measured. This financial doeirin',
however. IL not applicable 10 what may be
termed the commercial yardstick or deter
miner, of what are high or lowgrain values.
This commercial measurer is rs fuctuatlng rs
the financial measurer is unchan geable. What
in the years of 1893 10 1896, inclusive would
he deemed high wheat values would in nny
year OF the previous 81 be deemed m ,6eratO
values In no year prior 10 1898 did Chicago
cash wheat fail to sell over 90, save In Jan
uary, 1850, when IL touched slss. In
only five othcryears did IL fsil to
reach Il. while the average highest
in the remaining ~ years was $685..