The Providence news. (Providence [R.I.]) 1891-1906, 1897-08-16
FINANCIAL.
=.
The Top of the Market
Not Reached Yet.
Bears Are Hopeless and Will
ing to Admit Blunder.
Dollar Wheat Is Looked For Now as
a Certainty.

After the close of the market on Saturday
there was no one ON Wall street who claimed
that he could see the top OF this movement.
Only bulls went out of town. and those OF the
fraternity who remained in the city over Sun
day had only the most optimistic veSs Of the
future 20 give out Everywhere II was pre-
iicted that the coming week would be rs in.
terosting its immediate pre- Iccessors,
which 10 the younger men In the street have
been phenomenal but 10 those whose expert
ence extends hack 10 1880, nothing has yet
taken place that is at oil fanciful.
The head Of one very prominent commits
sion house who was advising the taking Of
profits during the middle of last week was (
greater bull than ever when the market closed
Saturday. He said: while stock exchange
transactions have reached level of from 500,-
900 to 5000 shares daily. there is nothing in
that over which to ct timid." 4"
The buying Of Atchison preferred was quite
conspicuous during the latter part of last
week, and such strong houses as John III.
Davis Il Co. were among the largest buyers.
The movement Of grain on the Gulf ports, to-
gether with the great cotton crop in Texas,
places Atchison in about the strongest po-
sition q has ever enjoyed and the preferred
stock has many friends 10 declare that il IL
the cheapest Of the so-called low priced shares.
The Gould stocks remained firm all the
week, Western Union taking the lead, and 1t
is also reported on Wall street that the proni.
nent operators who have boen accumulating
G icago ~ Great Western stocks will show
SOM activity during the next few days.
The market 10 lay was just buoyant and
active as any Of the bulls could have wished.
The opening prices looked high, but some Of
these that wero reached later in the day were
record-breakers. sugar, for instance, crossei
1ig, and the railroad shares showed plainly
that they were in no mood TO record lower
ices. Naturally, there was some profit
taking, but the declines that followed were
soon stopped, - the liberal buying orders were
met.
Both wheat ans corn were lighter today.
the former sell ny at SO SIS before noon and tha
latter above 20, and IL looked as IL q0-cent, II
not dollar. wheat was to be reality. Stuart
81 Paddock say today: Considering the fact
that September will soon become cash wheat.
II might be profitable TO buy September and
sell December, as the great demand for cash
wh6 AZ Is siable to increase the price several
cents above December. We think 1t hardly
time yet flr spectators to incre so their nc.
count in short wheat, as shipments TO Egypt,
France Austria and Italy are en- route with
further demand In the past these countries
have seldom called upon us to supply their
shortage"
Albert =. Miller, Jr.. reports that the local
stock market remains in about the same ton-
dition as last we TX, although IL l. trifo moro
quier. But few sales have been reported ana
prices show no material change, al hough an
increasingl inquiry for the better class Of in
vestments, indicating HE her prices and bet.
ter hus mess, is noted.
The official quotations of the Providence
Stock Exchange are now issued by the Stock
Exchange Printing Company, - Custom
House street, Of which Howard O.. Lenz Is
manager. Mr. Lenz also executes orders for
CONNIE rcial printing.