The Providence news. (Providence [R.I.]) 1891-1906, 1897-08-10
FINANCIAL.
Market Nervous After
Yesterdays Decline.
Wheat Reports are Excellent
and Prices Higher.
E ght Hundred Thousand Shares
Changei HaniS Yesterday.

After the decline that occurred inst before
the close yesterday, il was but natural that
the m 4rket should have been little nervous
today. It~has generally believed that yester
days decline was caused by the profit taking
owing 10 the fact that the highest prices OF
the year were being recorded, and the con-
servative people, basing their actions on this
opinion. continued 10 purchase The fact that
so much support was found each lowor
price was recorded Is what prevented worse
break in the market.
Never since 1879, as Stuart & Paddock
remark, "has the speculative public witnessed
such persistent bull market that which
We have had. The continued European de-
mand for American grain snd the improved
condition OF the crop situation, together with
the prevailing low money rates, are favorable
20 even higher prices than have yet been re-
corded"
People who have studied the loan market
carefully say that there has been ole !sfort
interest in the market of considerable proper.
tons. One house in particular has appeared
TO be n large borrower for months past This
interest has turned about at times and stocks
nave been returned and borrowed perhaps
with tho intention Of creating uncertainty,
and opinions last night were in doubt as TO
whether any part of this account mad been
covered or not.
There was considerable interest taken in
london prices today, as this is the FIRST day OF
she fortnightly settlement. People with good
sources of information have maintained that
London was largely short Of this market. al
though IL was admitted that there had been
heavy realizing sales. A short interest in st.
Paul was certainly developed in London two
ysx.@. ahc nal eho
the size of this interest and whether or not II
IL diminishing.
There are several stocks in the list that are
receiving attention from both the speculative
md investing public Among these the most
noticeable are the Changers. including several
Of the mi-Granger roads, but such stocks as
New York Central, Chicago Gas, Jersey Cen
trail. Tobacco, Sugar, Leather preferred and
the Goulds arc close to public favor. The ad
vance in Manhattan and Western Union has
called more attention to Missouri Pacific, and
the stock has been in better demand of late,
although there have been more shares in the
market The earnings OF the system from
January TO July 81 showed an increase OF
$4,000, and the general condition OF tho prop
srty is said to DC better than at any time in
many years. For these reasons, the stock is
being bought on recessions
The excellent crop reports continue and the
reports of European shortages and crop dam
ages still have an effect, for wheat was higher
today. Europe is certainly very anxious to
purchase our grain. while the short crop
abroad and the abundant one here indicates
that the influx of gold viii aggregate 800, o.,
900. A. The Sun remarks today, there seems
90 be no doubt but that this Is going TO be the
farmers year in this country.
Sullivan Bros. 81 Co., in speaking of the
stock market today, say:
Eight hundred shares OF stock changed
rands on the New York Stock Exchange yes
terday, which breaks all records in he past
three years. While this Is very goo sign
that the standard shares have reache top
prices for the present, operators who buy on
reactions that come on Mondays and Tues.
days can realize profits on Wednesday and
THURSDAY bulges, without ri k, for many
weeks TO come.
''While the standard shares are bobhing up
and down from day TO day, giving tho insiders
n chance to Quietly unload, The speciality
manipulators will be gstting in tho.work on
their favorites.
Among these specialties are t C.I, Leather
preferred, Pacific Mail. General Electric,
American Spirits the Reading issues and Del
aware & Hudson, which may be purchased
without n particle Of risk for handsome
profits. After showing profits one should keep
stop loss orders behind thom at cost price TO
avoid annoyance by q sudden raid.
1T will be we'll TO watch Burlington Mt
o6a, Rock Island at SO l.s. 81. Paul az oiit,
Sugar at l47Ii, Manhattan at 100. Chicago Gas
Mt l0i Northwestern at I2i, Atchson pre-
ferred at 30, Western Union at 93 3s, Louis
Vile at 60 Is Passing these prices will be
tho signal for anothe, bull tGrn, and buying
at the market means sure profits.
Spectators will do well TO buy Cotton for
good advance"