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

Opinions differ decidedly as 10 the prob
able future course Of the stock market The
resctionists have found a large following,
and a. the biggest operators are not taking
hold of things, several OF the commission
houses are talking conservatism and the
taking of profits on all upward turns, and as
the result, quite short interest Is being
created. There are men In Wal, street, how
ever, and good men at that, who believe that
this is just what the big operators have been
working for. Az the time OF the last ad-
vance the shot interest was practically
driven ont OF the .rarket. Some short traders
were left IN Weston Union in Sugar To-
bacco, Missouri Paciic and few other spec
ialties, but rs n general hing the short holders
either abandoned their position or left the
market. 1t Is but natural to suppose, There
fore, that something wcult Ne done 10 bring
the shorts back. For lonA time the bulls
stoodA ~ and were squeezed without com
plant, and today they would like to turn the
tables on the bears
There is N. denying the fact that the mar
ket has looked very weak during the past
week. but il is also true that il has been Just
weak enough and has not declined sufficient
ly TO permit any OF the remaining shorts to
There are men in the Street who believe that
this is conclusive evidence that the market is
preparing for another advance, and it won d
certainly De wise IL those who desired to sell
stocks at this moment 81 ould at least use scme
conservatism in their trading.
The market today opened off little, as IL
in sympathy with London, but prices wer
taken and pushed up sufficiently TO make the
IIv tla
opening. The Industrials led the advance,
but none Of the stocks were phonomenally
active.
The bank statement today was Reserves,
increased $50 RS; loans, increased, So ~ 500
specie, increased, $5g3, 800; legal tenders, IN
or ased, 81, ,629 800; deposits increased, $5, A.,
500; circulation, increased, 500, ZOO
The wheat market ran riot again today,
and corn and oats, evidently acting in sym
pathy were carried up 20 prices that seemed
impossible even yesterday. september sold
on tie curb this morning at 9sl4, and high ms
this price was, II was passed in tho pit before
the close OF the session. Even in Live pool
the advance was felt and september sold at
one time today rs cents per bushe above
last nights prices. A Chicago dispatch states
that the advance is largely due to the belle;
that the total yield this season will he but
slightly in excess OF that of last year.
Paine, Webber & Co say: The novelty Of
three figures requisite for expression Of any
wheat values has not been experienced since
1891. Signs are multiplying daily, however,
that three figures for wheat long ere the
close Of the fiscal year, will become as IA.
mIliar as in the good old days Of vorc." Dol
lar wheat may have looked impossible when
The News first predicted FIT tso weeks ngo,
but today every one was willing 20 contem
plate the possibiits OF even $3.50 wheat
Bradstreot reports that the exporls OF wheat
and -four, from both coasts, for the past wools
were 5,2ls,00O bushels, tho largest for an-
week since September, lS03 against 4,iGU. .OOJ
last week and 1891, 00O last year.
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