The Providence news. (Providence [R.I.]) 1891-1906, 1897-08-14
Market Irregular at the
Opening Today.
Everywhere the Signs of I'm
prOvement Continue.
Exchange Is Getting 10 a Point
Where Gold May Be Imported.

The stock market today opened with con-
siderable irregularity, but OH all the recess
sions the buying of stocks was renewed with
sufficient vigor TO assure a return 10 higher
prices. Slight recessions always make mar
ket healthier, and such declines "a tho5s
which we have had during the past few days
do not shake the faith Of the speculating pub
lie in the future of this market. Everyw where
tho signs Of Improvement continue, both in
industrial and commercial circles, and while
speculation has reached the largest volume Of
transaction since the commencement Of the
,rrent bull market. this seems to have but
little effect in retarding the advance. This,
however, is not the only favorable factor,
or the early Improvement sin the steel and
iron trades as well as the large gold imports,
are bull trumps that are vet to be played, ana
the settlement of the bituminous coal strike
~ill have an influence upon the market that
rannot be overestimated.
IL is these in1ications OF prosperity that
keep the, market buoyant and active. In
speaking Of this situation today, Macy s. Pen
ileton say: "A good wheat crop for the
United States and reasonable prices for IL is
how assured. A good average corn crop AMI
large reserve carried oevr from last year,
than fair probability. A large cotton crop at
rair prices is also almost certainty. he
product of live stock will likely equal last
year IS extraordinary record. Fires are being
built in hitherto dead furnaces and factories
ue reopening in all the prominent manufac-
iring cities while new enterprises are being
ished everywhere. Hundreds of thousand
Of men. recently unemployed, are at work,
apd 10 aafa IN eav TINT far in bo ITnit.
ed States never had better average profit
from their work Foreign exchange is rapidly
approaching basis where gold may be i'm
ported rather than exported, and under such
circumstances thee can only be one side to
a market already breaking records as to
volume and quality of buying power. Buy
stocks on every good break"
This was what was done today, and as thu
eesult the Graugers were kept steady in spite
of the threatened decline, Northwestern lie ~
ing above l2o; st. Paul firm around %; Bur
lingtou between 81 and os, and Rock Island
above Sc Tobacco, which dropped soon after
the opening TO s994 was carried hack to 92,
and nearly every issue on the list recovered
its lost strength.
The bank statement today wps: Reserve,
decrease, 50, ll9, 400; loans, increase. s5,eOS,
400; specie, increase, s4S2, 500: legal tenders,
decrease, sl,5l2,5.0; deposits increase, S43S7,'
300; circulation, decrease, $3.50, ECO
The bull pool in wheat does not seem TO
have released its hold On tho declines that
occurred yesterday, and which were caused by
profit taking, the insiders purchased the grain
again. and today saw quite an advance in
prices. While dollar wheat may not be u
possibility for the September option, 90 cent
wheat seems TO be an immediate prospect and
81 may be reached before snow flies.
For further FinaDalal news sec page o