The Providence news. (Providence [R.I.]) 1891-1906, 1897-08-27
Attempt to Create Short
Interest.
Bright Prospects of Coal and
Iron Interests.
Buying of Chicago and Great West
ern a Feature of the Market.

The market today was the same unsatisfac-
tory admixture OF advancPs and declines that
we have had during the past few days. 1t ~
true that the fluctuations were confined to "A
narrow margin OF prices and that consider
able purchasing power was exhibited on each
lower quotation, while even on the higher
prices some little strength was shown. The
fact that there were such declines however,
was sufficient evidence that the mnnpulatoi =
are not yet ready for the renewal of the ad-
vance, and IL Is now more generally believed
that the big men are attempting 10 get an
other short interest in the market. On the
OCCASION Of the last advance the snorts were
pretty generally driven out. and since that
time every one has been making profits on the
long side. Now the advance has been checked,
and as the shorts in evidence on every
sign OF weakness, it would not be surprising
IL the surmises OF tho conservative operators
were correct and that the manipulators
were only holding back tho advance until such
n time as they have a good short interest to
squeeze.
Dick Bros. & Co. say that the short interest
has been materially increased during tho past
few days. and as all the at enpts 10 attack
the marker have been repulsed, they feel
that a rally is now in order.
K. J. Knight ~ Co. also very bullsh.
They say: There is one thing that is partic-
ularly noticeable In this market, and that IL
he tenacity OF the long holders and the
quickly recovered courage Of the bulls who
have sold their stocks. People who think
that we have seen the top prices should mod
ify their opinions IL they desire TO be regarded
true prophets. They should not forget
that the food of gold will certainly enrich
the country and that these conditions are not
of temporary character. The best adviceS
are all bullish. Bull tips are out on Rock
Island Lead. Leather, Cotton Oil and Colorn
do Fuel 81 Iron. II is stated that the general
condition OF all these properties is most en-.
couragng and that the coal and iron interests
are Offering particularly attractive opportuni.
tie, 10 those VINO desire to participate in
SOHO simon-pure prosperity. 1t IL also stated
that Bay State Gas is purchase and that II
should be beld for 25. In fact. IL seems TO le
the opinion that there is but one side 70 this
market, and that the only opening for profit
making is on the long side"
The buying Of Chicago & Great. western.-
which but recently came before the public
continues to be one of the features Of this
market. The reports of earnings continue 10
show hig increases and President stichney
stated today that of the present increase ~
per cent was in local business, 81 per cent in
merchandise forwarded west from Chicago, "a
per cent in passenger business and only per
cent on east-bound business.
The wheat market was less active today
and IL looked rs If the bulls were taking a
rest. Az Watson 81 Gibson say, however
'Our breadstuffs and foodstuffs generally will
be in continuous and persistent demand from
Europe. and without regarding the changes
of few cents7ner bushel In the price. hut A.
IL safe TO say that the farmers are certain "t
good prices and qu'ct markets AM tlit
therefore, the outlook for our securities is "a
tremely hattering."
Corn was quite active today and retained
its strength we'll. IL now estimate d thar the
corn crop of Kansas will not be loss thau lJ0
100000 bushels.