The Providence news. (Providence [R.I.]) 1891-1906, 1897-09-23
Market Shows a DispO-
SitiOn TO Advance.
STOCKS in STRONG HANDS.
In the Local Stock Market the
Showing Is Exec lent.
GRAIN AND PROVISION PRICES.

The feeling is again very bullish and the
prevailing opinion in Wall street today is that
the weaker element has been 'aken out and
that the market Is oil the healthier for having
passed into stronger hands. II Is also gen
orally understood that gold imports have been
arranged for, and that the American gold
that has been stored for 80 long in English,
French and German repositories Is about
ready 10 turn this way. As Watson ~ Glib ON
say, gold Is "a magic word, and just at this
time il possesses exceptional charms for us
innsmuch as we expect to get IL out OF the
earth as we'll as out OF the foreign bank
vaults.
IL always takes few days for the market
20 re gain its tone and confidence after set
back like that which IL has experience since
last Monday. In this case, Holmes a. Co. be-
lieve the restoration of speculative conbdence
should be more rapid than usual. The uuil
factors remain in full force and the elimina-
tion Of any over speculation has been as con-
pete as II has been rapid.
With such feelings held by the best people
who have To do with market affairs, IL Is not
strange that stocks this morning should have
shown u disposition TO rally. The operators
who had been timid enough 70 dispose OF
their holdings wanted TO buy them back, and
those who had held them through thet period
Of decline were confident enough 10 add Ia
their possessions. Under the present condi-
tions however, IL Is quite necessary that tho
market should be a little irregular, rs profits
wil bc taken on bulges and stocks repur-
chased ! all breaks
The Bank OF England today advanced its
discount rate to 81 per cent
Tie Chicago market was somo what stronger
TO-DAY and higher prices were seen immediate
" after the opening. For some days several
OF the best Chicago houses have refrained from
advising the purchase of wheat. but they BOW
admit that they believe in judicious buying
around the present level. May wheat Is now
discounted in all markets.. against q cents
premium las; year The salient fact il that
future premiums have been dissipatcd and
dis1ountel 10y the strength Of the cash article.
When the demand for the actual wheat Is
smallest the premiums are largest, and vice
versa Corn is strong enough 10 stand by
itself now, and oats and provisions are firm.
In speaking of the cond iion Of the local
stock market TO-DAY, {. Franklin Nugont &
20. say:
The past week has been but repetition
of the many that have made up tho spring
and summer, and that have so remarkably
onfrmed the view taken lin these letters.
That class OF people who believe that broters
speak only for their personal interest and
that their recommendation for an investment
is merely an Indication that they have such
an investment for sale, are referred 20 the
local stock letters spublshel in the columns
Of The News for the past few months. Higher
prices Were predicted on the Insurance Gas
ma Electric stocks, and on some OF the Indus
rials, notably National & Providence worsted
ills, American Wringer and Gorham Manu-.
featuring Company. Today's oihci quota.
sions sreak for themselves.
"A comparison between the bid prices
0n these stocks of March ~ and today nty be
Of interest: