The Providence news. (Providence [R.I.]) 1891-1906, 1897-09-20
in THE WORLD
OF FINANCE.
New York Stocks Con-
linue to Show Advance.
HIGHER PRICES PROBABLE
AT Least, They Are Looked For in
the Boston Market.
HIGHER PRICES PROBABLE
THE LOCAL STOCK MARKET.

Albert f. Miller, Jr., reports that tho local
stock market for the week presents few, If
any, interesting features. Offerings OF the
more desirable stocks are still exceptionally
light, with few slight changes-in prices. The
bank stock list is very quiet, although some
few sales have taken place.
The Roger Williams National Bank has paid
its usual somi-annual dividend on per cent.
The Narragansett Electric Lighting Company
and the Providence Telephone Company both
announce their usual quarterly dividends of 81
per share. The Gorham Manufacturing Com
pany will pay Ia per cent on the preferred
stock October !.
The New York Stock Market opened with a
rush again this morning, and several OF tho
stocks that had broken during the latter part
OF last week regained their losses, while
others succeeded in touching record breaking
figures. Among these was Chicago 81 Great
Western, stock that has repeatedly been
bulled in this column. II was not long ago
that Great Western sold below 10, and today
IL passed 20 for the first time. This, however.
is not the end of the advance. For weeks
past il has been the victim OF manipulation
but now that il has started, much higher
prices will be seen.
stuart ~ Paddock say today: During the
week there has been more shifting OF the ac-
tive shares and profit taking than at any time
since the upward movement began. The ad-
vance in stocks is well maintained, considering
the yellow fever and war reports circulated
EARL in the week and slight advance in the
money rates n few days later. Many con
servative investors, who have taken profits on
the recent advance are placing orders slightly
under prevailing prices 90 regain their hold
ing They believe that the present standard
of values is the beyinning of the establish.
inent of new level of prices, where stocks
will huctuate within range Of five or six
points either way, and purchases on every re-
cession will prove profitable investments.
Although this is the opinion of some Of the
hest people on the street, there are good
houses that hold the contrary view of the
situation. j. :. Bache & Co. say that they
believe that some time during the wecl; the
bears will again resume operation on account
of the higher rates Of money and the fact that
the commission houses are carrying great
deal Of stocks, and they are of tho opinion
that when they attach values this time they
will be successful in bringing about decline.
Even Watson e. Gibson believe that this is a
market in which &c might be prudent to take
good profits on any stocks that have had n
good rise.
In spite Of these conservative opinions,
however, it certainly looks as If Wall street
was not overdiscounting the situation. IL
continues 10 grow more aud more favorable
every day. The public has seen this more
clearly than have the professionals them
selves. and this is the cause Of the total dis
comfiture of the interests that have from
time 10 time essayed TO produce artificial
slumps in prices
In the Boston market affairs have taken on
just as favorable appearance. Butte con
tinues to advance, and il is stated that some
developments may soon be expected in Do
minion Coal that will undoubtedly cause an
important rise in IL.
The Chicago market was little stronger
this morning owing 70 the excellent foreign
demand, and those who were confident of
higher prices In the immediate future pur.
chased freely. The weather during the past
ten days throughout most of the corn het
has been very favorable for the crops. This
fact, together with the heavy sales for the ac.
counts Of early buyers who anticipated
frost or some other crop damage reports,
brought about quite a recession. All offer
ings at declining figures were quickly taken
mostly on scale orders of conservative inves.
tors, who base their judgment and belief IN
higher figures on the fact that the govern
ment crop report already published indi Gates
a yield Of not over 1850, 000, 00J bushels, and
the final outcome may not result in over
l,7jO 000, 900 bushels, and somo estimates are
oven lower. 1t is many years since the gen.
oral speculative public have been such heavy
buyers Of corn, and some holdings OF the
large operators like Armour, Bartlett
Frazer and Counselman, are said TO reach
into the millions Of bushels.
The visible reported today was: Wheat, in.
crease, l,37L00O bushels; corn. increase ,330,.
coo; oats, increase, l,052 00O.