The Providence news. (Providence [R.I.]) 1891-1906, 1897-08-13
FINANCIAL.
SkyrOCketS in the New
York Exchange.
Spectators Realize on the
Days Advance.
The Advance of Low Priced Stocks
Now FavOrably Regarded.

The transactions on the New York Stock
Exchange yesterday again aggregated 80, 900
shares and the average OF the twenty stocks
was the highest thus far on the advance. A
considerable number of the stocks touched
their highest point on this bulge, this being
true Of Sugar, the Changers, Louisville Il
Nashville, Chicago 81 Great Western, Union
Pacific, Missouri Pacific and others.
There was large commission buying at the
opening and heavy realizing during the af-
ternoon. There were indications of selling
in the Changers. and this morning the com
mission houses admitted having marketed
round lots Of stocks. With all this selling,
however, the decline from the highest point
was only about l per cent in the leading
stocks, and even tho brokers who advised
the sale yesterday are willing to admit that
they now see no prospect that the advance
will come to an end, and they expected that
their customers would take up their stocks
again today.
The fact is that the advance Of so many OF
the extremely low priced stocks was regarded
as rather unfavorable, although IL probably
merely implied display OF confidence on the
part OF the people who had been unwilling to
act before. broker who made extensive in
quiries on the Floor reached the conclusion
lambs in the Street, and that there was every
reason t. believe that the buying up TO the
present lime had been in most cases by the
people who were not wholly unacquainted
with stock trading.
II is for this reason that the market IL daily
growing broader and that the inactive stocks
come to the front. Under these conditions,
the wiser among the bears have decided il is
fa try fn Qta hp bn
ditons that we are now facing are different
from those that we have known during the
past -four years that basis of valuo cannot
be established by precedent That a reaction
must eventually come is, OF course inevitable,
but a. yet there has been little To show that
il is in prospect, for whilo the movement has
lasted with scarcely break since its COM
flencement, the prognosticators see nothing
in the immediate future TO change their bull
Ash opinions.
The market today was irregular and unsat-
isfactory in character. The London traders
who threw 10000 shares upon the market yes
tsrday appeared as sellers again today, and
during the early hours ii was evident that
they were receiving some assistance from
this side There was some excellent buying
on all the declines, however, and none OF the
good securities went begging The fact is that
the cheapness Of money almost compels the
capitalist 20 seek investments that will net
better returns than Ia or per cent, an lie
naturally turns to the 4, 5 and per cent div
idend payers. This investment buying is
what tells, and as long as IL continues traders
and scalpors will find IL difficult TO discover
any profits on the short side.
Although big break was expected in
wheat today, IL did not materiniiza, although
thUre some material recessions in prices.
AS one specialist says: 1T Is singular fact,
however that both local and out of town
operators have had no sympathy with the al
yancos and have been feeling for tho rop
since the boom began. Cash wheat has been
at premium at every market in tho country
and the strength Of the situation has been
forcibly brought TO tho attention OF trsdcrs
since September and December have sold at
the same prices.
Corn has been more or less influenced by
the extremely strong wheat market. hut oats
have been quiet. Provisions have been some.
what neglected and 10 puzzles the trade which
side Of the market 20 take.
All the best ad vices on Cotton are bullish.
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