The Providence news. (Providence [R.I.]) 1891-1906, 1897-10-04
IN THE WORLD
OF FINANCE.
Marked Change in the
Temper of the Market.
NOT EASY FOR THE BEARS
Are Not in Position to Have Things
Their Own Way.
NOT EASY FOR THE BEARS
EFFECT OF RAILWAY EARNINGS.

There was quite change in the temper Of
the market this morning, and while there
were recessions later in the day, the advances
that were recorded Iwere sufficiently strong
20 prove beyond doubt that the bears are not
yet in position to have everything their
own way. Manhattan led the list this morn
ing. Saturday this stock closed at l02s4, but
this morning IL opened at l0S and ascended
rapidly TO il0l4. where the advance was
finally stopped. While some OF the other Is.
sues made no such exhibition of strength
they displayed frmness that was most en-
couraging TO those who havo been fearful
that the end Of the bull market had be, n
reached.
The fact Is, as Watson e. Gibson say: THE
stock market has the material on hand On
which to base another good advance. This Is
in the shape OF magnificent daily, weekly and
monthly returns from the railroad earnings;
large returns in gold yet 20 come from the
enormous shipments OF wheat and other
grains TO Europe, and exports Of cotton made
and 10 be made. With capital 10 invest and
with a market now comparatively free from
the small trading element who load mp with
moro than tho can carry and more than Is
good for them there is no reason why prices
should not be carried much higher" ~
one Of the London houses that has been
active in the street for some time stated this
morning that within the past few days Lon
don had stopped selling and that the better
element OF the London fpublic was now buy
ing n few speculative shares This Is another
good sign on which 10 base predictions OF
higher prices Ever since the inception OF
this bull market London has not participated
with us in the profit ma king. The foreign
traders have failed 10 realize that there has
been change in the condition Of things in
this country, ana while the American
trad rs, the outsiders az well as the profes.
sonal element, have been purchasing freely
and have now big profits 10 their credit, TIE
foreigners have been steady sellers of our
stocks. As the result, we have learned 20 do
without London and our prices have adj
vRnced or declined independently of any thing
that might De done on the other side. Let
London turn buyer. however, and add this
strength 10 that which we already have and
the result will be clearly in evidence, for
new impetus will quickly be- given TO prices.
The Chicago market was weaker today. and
while 1t is the general ooinion that both
wteat and corn must be purchases. many OF
those who hold this opinion firmly are afraid
TO luy the grains at these prices, fearing
another important reaction.
In speaking of tho cotton market, Stuart g.
Paddock say Prices have continued 10 re-
fleet congSsted market. The cotton has
been. moved too fast for consumption, and the
market is overweighted. Ii will require time
10 absorb the supplies. Meanwhile, tho mar
ksiing will probably be controlled by scalp
ers and prices huctuate over n narrow range.
Bedrock does not seem 20 lie very distant,
and those who buy soft spots or sell on
sharp railes ought 10 be in good firaaciIl
shape to get heavily long in the nick { time.
During TIE week the cotton pool has not beer.
idle and It's holdings were materially in.
creased. Conditions here and abroad arc
practically unchanged; IL anything. more
bull'sh, and we see no reason 10 revise oar
oft-repea;ed opinion that cotton Is one Of the
cheapest commodities 10 pe had and will ultl.
matey rev ard courageous II vestors for their
ratience. Spot cotton is SIS cents here,
considerably less at New Orleans and oil
options, MS far ahead a. June, arc Offered
within 20 point range under she price Of
New York spot. Even at current prices the
planters arc marketing cotton at pr ft. so
that they will be benefited any way, and
their prosperity is bound 20 help along tie
general welfare.