The Providence news. (Providence [R.I.]) 1891-1906, 1897-09-16
FINANCIAL.
Prices Ruled Higher In
Stock Market Today.
Both Gould and Vanderbilt
Shares Felt the Boom.
Another Very Encouraging Week
In The Local Stock Market.

The failure of the New York Stock Ex-
change firm Of Seymour Bros. attracted con-
siderable attention in local financial circles,
owing 10 the fact that the house. has branch
in this city. Manager Cook had not been 10
tho office in the Bangan building when The
News representative cal al this morning, but
IL was stated by the employees OF the house
that no information had been received in re-
lation 70 the failure, other than that which
had been obtained from tho morning papers
IL Is stated by those who are acquainted with
the operations Of the local branch that bust
ness has been somewhat limited ~ late, and
that while there will be quite number OF
Providence men among the creditors OF the
house, the losses in the aggregate viii not ] g
large. The failure OF this firm came some
what m the nature - surprise. as there was
nothing 20 indicate that the house was not
financially sound
The market opened with rush this morn
ing, ana advances were recorded oil along
the line. After the first fifteen minu ca.
however, The desire Of some Of the timii
holders TO get their profits in out OF the wet
ca1sed a reaction, but the public Willingness
20 purchase prev, ,nted much lower prices.
The buying for the account Of this outside
public seems 20 - wthout end, and the lines
Jf stock that are at present being carried in
Wall street are simply enormous. As the re-
suit, Il is hard 60 say whom the long predicted
reaction will set in.
Oae II the most important factors Of the
bull market since its inception last April has
been the position taken bv rho Nanderbilts.
they have stood AZ the head Of the list, and
tits believed that still greater advances are
- be recorded in these issues, AS the inter
csts bat control tnrse properties have de-
s..y,rlly won the confidence Of both foreign
und American investors
Tho houses that have been identified with
most o, the advances in this market are also
inclined 10 lay great stress upon the Gould
sticks. They say that the return Of MIR,
George Gould IL likely u be signslized by
,avanres IN Western Union, Wabash, Missouri
Iaciac, ST. Louis & ,uthcrn and others of
tpo Inily proporties IL IL authoritatively
stated that Mr.. Gould has been in entire
sympathy with tha advance thus Gar and Is
in favor Of operations calculated TO bring
about n further rise. AS the result, they
are advising the purchase OF all these stocks.
In speaking OF the condition prevailing In
Wall street todar, Sullivan Bros & Co say
"Tae sto,.S m3rlet continues 20 advance in
spite c. war rumors or yellow fover scares
II The South. Theirs seems 10 be nothing tsat
can ca elk the present wild specela ion in
New York stocks The public, as whole,
are not IN the market. Considerable of tho
late aLvan " was brought about by the cover
ing of the bears. In the history OF Wall street
there never was such large short interest In
all classes Of securities as there is today.
Merchants, bankers, brokers, farmers and, in
fact, all Glasses OF people, are short Of stocks,
and have been through this advance, and II
Is very little use TO expect any change in the
situs ion until ihey have covered and go the
other way on the market"
G. Franklin Nugent & Co. report that again
thse has been a very encouraging week IN
she local stock market. In spite Of an un-
usually large number Of transactions the de-
mand continues greatly in excess of the
supply. such a chance for huying good home
securities a. Providence people have had dur
ing the past year and a half will probably
not present Itself again in n long time. Prices
II strong, reliable stocks have been 80 low
that in some cases they were actually bought
at such figure that the investment NOTED
over per cent. This statement does not Ru-
ply 10 speculative properties Mt all, but, just
as stated. TO strong, reliable stocks.
Although such great bargains sre now no
longer TO he hal, yet one may confidently say
that by tins time neat year the present
figures of many OF our stocks will look rIdic-
ulously low. Then there will be many per
SOUS who will think with regret Of the oppor-
tunities lost, and many NiIl wisely tell their
trends that thoy foresaw what was coming,
but owing 10 this or that. were unable to act
upon their judgment. But such are not tho
men who have a successful business career.
The mon who are spoken az as shrowG, the
men for whom all things seem 20 turn, ave
those who act while otbers are waiting, who,
discerning a good chauco OF making money,
seizo the opportunity and turn II 60 account.
Such opportunities are even now awaiting the
person who N;ll taka advantage Of them