The Providence news. (Providence [R.I.]) 1891-1906, 1897-09-08

The fear that the time for the long -antici-
pated reaction Is at hand seems 10 have op
pressed the market. Yesterday IL was buor-
ant enough Immediately after the opening,
hut when some of the best commission houses
appeared with orders from the customers 10
take profits, and il was openly stated that
these orders were based upon tho acvices Of
the t~ins themselves. the profit taking move
ment became general enough TO make lower
prices. This morning the work continued.
The public stood ready 10 take the stock that
was offered at n decline, bu' IL couli not be
denied Tat the best people were the most
conservative and were either selling eau
tiously or gathering Their profits.
What all this reactionist tslk will amount
10, however, * quite another mater. Tn"
bears are satisfied that we have seen top
prices and the bulls are inst rs positive that
the market is simply resting and gathering
strength for new advance Many good peo-
pic are of the opinion, howeve- that great
deal depends upon the action in London, and
that II the buying movement that s'arted in
yesterday and ttat amounted 10 such large
proportions should be continued by the for
eigners higher prices must come.
As Holmes & Co. say today, one Of the most
important developne ents Is the advance in
wheat and corn In the face Of the encouraging
crop advices from tho West. The movement
has been based on higher grain cables, backed
up by European buying for export Accord
ing to tho most authentic estimates, there
will be at least two-thirds of coz crop.
From the standpoint of the railroads, the
situation could not be better and this il the
sustaining force behind the present bull
movement.
Tne Chicago market was quite active to-
lay and the strength of the prices was well
sustained. In their market advices today
Paine, Webber & Co. say: Higher wheat,
corn, oats and provisions are quite well as
sured i'm fact are almost future certainties.
Predictions Of 75-cent and 81 wheat were, but
few short weeks ago, received with about
the same measure Of derision as prophecies OF
Sl25 now. In our judgment, there is as
little doubt cf wheat selling above Sl.25 be-
fore the end of this crop year as there is lit
tie doubt about tho correctness of our predic-
tions of last spring of IS cents for September
wheat and 10 cents for September corn. II
the excess of the worlds demand over the
supply Is sufficiently great there will be a
currence ,f the old-time dollar and odd
prices, even IL the memory is still vivid of the
last panic and the Bryan campaign"
France will require about 6J,00l0 001 bushels
OF wheat TO meet its deficit Reports from
Odessa say that there viii DO little wheat ek-
, ported from Russia during the coming season.
m speaking of tho general conditions today,
Sullivan Bros. S O.. say Another week
has passed and the situation continues 20
grow stronger daily, regardless Of the vicious
attacks hv the brar operators, who still pin
their faith to the short side of the kot.
Yesterdays reactions came on tho yellow
fever scare in the South. The declines were
sharp for an hour or So, but in the late deal.
ings the market developed strength and many
stocks made new high records for the present
bull movement. Today foreigners wcrs ngain
liberal sellers Of the LEADING Is ucs ,calt IN
on the Londol Exchange. II l. our opinion
still that they are heavily short of our mail.rt
and that the market he will continue 30
make better prices until foreign houses ap.
pear rs steady buyers for wopl; or ten cagS.
When they do this It will be proc. ,ha, they
have abandoned the boar side and Vt viii
prove good time 20 take profits in general
one will motto, & at throu ;h the rreSeu lull
movement that Americans In London n 10
show n particle Of buoyancy. Watch TIE
Americans in London, md when they eg u 20
come y 10 per cent higher day aflo. uay q
is Of very little use TO expect an end to the
present advance"