The Providence news. (Providence [R.I.]) 1891-1906, 1897-08-21

Ihe kind of wisdom that has been
| knocked galley west in this summers
market.
THE CONSOLIDATED EXCHANGE.
The traders in many OF the brokers'
| Offices about town do not have their
| transactions made in Wall street. but In
| Broad street-New York. Of course.
| On Broad street is located the Consoli-
dated Exchange an organization effected
some ten years ago.
Wall street only deals in 100 share lots.
| lt is impracticable TO buy and sell
| quickly there except in 100 share lots.
The Consolidated Exchange was organ
| lied for the convenience of the great out.
side public, the people who lido not want
20 carry so largo an account mt their
brokers as would enable them 10 deal with
100 share lots
The Consolidated Exchange enables
tran sactions To he made in 10 share lots
and a trader or investor in Providence can
make his purchase or complete his sale
OF modest lot on the floor of that ex-
change in a minute and a half sometimes
from the time OF filing his order with his
broker.
The Consolidated deals in grain. too, rs
well as stocks, which is a distinct ad-
vantage
But, of course, for large transactions
Wall street renal Ms the financial centre
of the country.
THE BROKER AND HIS CUSTOMER.
Providence stock brokers are NEARLY all
or them young mon. They are hustlers
and they know their business
Between broker and customer in the
local offices, the relations are most con-
hdential. The broker advises his customer
as TO trades or investments and IL the ad-
vice Is not always proved good the GUS
toner may depend upon It that it was
well meant
And. as a rule il Is usually safer to fol-
low your brokers' advice-providing he is
willing to give IL. for in some stocks on
some days, he will decline to express an
opinion than IL is to use your own judg-
ment unless you have had u heap of ex-
Lerience.
For the brokers' interests and the Gus.
tomor's are identical.
The broker has his commissi on the
customers S investment. He is sure OF that.
The more investments, the mere commits
sions. And to get commissions is the
brokers' business and profit. III his Gus
toners investments turn out well. the
broker is pretty sure To keep him. II not
he loses the customer sooner or later.
This is the way the broker looKs at Ii, IL
he knows his business. IL he doesn't
know his business he will be tempted TO
rush his customer INTO lot OF invest
ments without regard TO profit or loss to
the customer. but only looking for quick
commissions
But quick commissions or any commits.
sions are soon done il the investments turn
out disastrously ana "a steady customer in
a broker = Office is worth a.gOod deal more
than a lot OF new ones or only spasmodic
traders just as it Is in any other line Of
business.
The brokers Of Providence have an ex-
cellent reputation with investors for as.
tuteness and care for their customers
interests.
AS one trader remarked OF one of the
brightest young brokers in town: Il
would trust bis Judgment every time. IL
ho told me the operators were going to
push up window, I'd buy stock in the
window.
THE RISING MARKET.
All sorts of reasons are given for
fluctuations in the stock market
The silliest explanations are offered
for a sudden drop or sudden break.
Nobody believes them-and nobody
really thinks that anybody else does be-
lieve them.
For instance, the nine point rise in
Manhattan during twenty -four hours was
very inadequately explained by rumor
that bid bad teen made for the total
hold Jugs OF Russell Sage and the Gould
family. The story was denied by the
prin cipals
In ike manner four point rise in
"
mediate division of the SCI, 0O0 600 surplus
while six point advance in Illinois Steel
was said To foreshadow resumption OF
dividends in 1888
As matter of fact, these sudden
plunges forward require no reason but a
woman's reason. They are not in re-
sponse to any immediate change in their
local condition, but part OF a vast move
ment which will touch each one in its
turn.
And back of the bull market is the com.
ing prosperity OF the whole country.
That is sure.
No amount Of capital invested in
manipulation could ever have put stocks
up to these present figures
And that they aio going higher no one !
doubts.
Even the professionals are coming to
believe that.
The lambs, of course, knew it al the |
time!
INTERESTING FIGURES.
The Wall Street Journal which has rre- |
pared tabulation of this character in |
connection of the rise OF prices between |
1879 and the nigh lovel of the stock !
market in 1881, states that 10 shows TO |
what extremes the public can carry values !
i'm general bull market The following ex. |
nibits the comparative movement Of prices !
in tae last boom and the present bull |
market. A number OF tho leading stocks |
are taken which We're active both then |
and now, the first column giving the |
lowest figures at Which they SOLD i'm is7a |
tho second the highest they reached in |
1881, and the third the total mum ber of |
points of their advance 1t should be
noted. however that the lowest prices
in the depression which succeeded the
panic OF 1873 were made in 1877:
Lowest Highest, Ad.