The Providence news. (Providence [R.I.]) 1891-1906, 1897-08-24
FINANCIAL.
Several Price Records
Broken.
Belief That the Advance Will
Continue.
Comp ;rison of Present Advantages
in Wheat and Stock Markets.

London came lower this morning, but this
seemed to have absolutely no effect upon the
condition OF things on this side AS has of
ten been stated. Wall street hos learned 10
walk without the foreigners. and the opera
tors here care little whether London pur
chases or sells our securities. Toe time will
come when these traders will have 10 pur-
chase them, and then they will buy them at
our own Irlces. As thi- Is tho feeling In Wall
street IL is rot strange that the cabled quo
iations should bs disregarded.
The market was fully in the hands Of the
bulls again this morning. and while they
made little effort 10 drive prices higher, sew
eral re,ords for the advance were broken.
During tho day several attempts were maze
10 bring about decline. but the profit taking
and the short selling combined were unable
10 do more than cause fractional recessions,
Gs there were scores Of good buyers who stood
ready to take advantage OF each lower quota
tion. During the past few days the general
market has been quietly resting as IL 10 give
wheat a chance, and fortunes have hecn made
in the Chicago market. u Is the general opin-
ion that the advance in tho stock market will
now proceed aud that IL will be- some time be-
fore the top prices have been reached. In
speaking Of this matter, one house said today
THE railroad stocks and bonds alone have
par value Of about sll,000, 900. which is
about ten times as large rs the aggregate val
ne of the corn and wheat crops. The number
of people interested in wheat and corn is
vastly greater than in sthe general securities,
so that the profits Of n rise are widely dis.
ttibuted and tho chances Of big fortunes TO
be made out Of stocks and bends are greater
because there Is more vsIue in them 70 he in
creased and fewer people TO divide the in
creases among.
Wheat suffered period Of depression today
and declined under the efforts of the opera
tors TO dispose Of their holdings at prices
somewhere near dollar. As the result, TIE
remainder Of the Chicago market was inclined
to show weakness rather than strength.
There is less OF bullish feeling in the
wheat market than there has been for days,
and Paine Webbor 81 Go. say: THE opinion
published Saturday last that the elimination
of the wheat advance should not be far off,
was based upon the belief that heavy realiz-
ing by American and European longs had been
in progress during the previous two or three
days" 1t seems 10 be the opinion In Chicago
therefore, that wheat will not go much
higher for the present although this neccs-
sary reaction will ultimately be followed by
higher prices.
sullivan Bros. & Co., in speaking of the
market con liiions, say:
The stock bond, cotton, grain and provis-
ION markets continue TO broaden and make
new / ign prices for the year. our public ana
Europe are still short OF all spc ulaiive mar
kets. and on every weak day they add 10
their short lin,s, thinking that the bear mar
liet hos come NJ last
After many scars OF close study of the
market movements, we fail TO soc any inGica-
tion that the top has been reached as yot.
We, like every conservative brokerage con.
corn, have advised taking profits grcat
many times on the way up on certain lsSucs,
feeling that they had reached their highest
prices for the present, Tut we were actually
forced 10 advise the purchase OF the samo
stocks the ryory next day at hisher prices.
The present speculative generation are bears
by education, as they have Just passed
through nearly ten years OF Gepi ,sions in all
speculative markets of this country.
Rock Island dividend will surely lie in.
creased next month, and the stock, as we have
stated several times OF late, will provo n surc
purchase IL 10 passes 81 on the up movement
watch Pacific Mail at sll4. Chicago Gas at
lOi. Manhattan at 100, Western Union at %.
Reading at 27 rs st. Paul nj 95'A. Burlington
at lOOl4, Northwestern at l2l Sugar at i5Ols
Electric at -, Southern Raj way preferred at
86 and Lead at 81. Passing these prices they
will prove n sure purchase"