The Providence news. (Providence [R.I.]) 1891-1906, 1897-08-21

he leaned back comfortably in the easy
chair and watched the agile young man
in the brokers' office chalkiDg the figures
higher and higher on the long black
board, "tbis is bull market and the
public and the professionals are united in
pushing everything up. You can't
stop it f."
"It will stop. though, first thing you
know" murmured Old Hoss. somewhat
savagely. land, when it breaks. you fol.
lows will have to look out for your
selves.
II think I've heard you say that at
least ten times since the First OF July. "
responded the Veteran amiably, as he saw
column in which he had particular in
terest boosted point at throw.
1T looks as il the public was just run
ming this market" ventured the Young
Fellow who having bought ten shares in a
railroad felt as if he owned the road when
the quotations advanced two points.
docs look that way, assented the
| Veteran conservatively, just as If the
| public had the Dit in its teeth But that
| probably isn't altogether so. The pubic
| often fools itself. IL il is possessed of
4 III
| IL often believes that 1t is running away
with the big manipulators when the latter
| have really got the public hooked and arc
| only paying out line to encourage it. -
THE PUBLIC'S MARKET.
Nevertheless, it is probably fact that
never in the history of the stock market
has that irregular and indetnaDlo class Of
traders indefinitely referred TO as the
public had so marked an influence as
10 has today.
More men are trading and investing in
stocks today than ever before.
Here in Providence men who never
went into brokers' Office in their lives
are watching the quotations with interest
and making theiT Investments like old
veterans.
And Providence offers an illustration of
what is going on all over the country.
There are several reasons for this.
Ordinary business has been poor and
almost profitless for three years.
Money is cheap.
Ii is the season when men have more
idle time on their hands than during tho
rest of the year.
The market is distinctly strongly,
almost unfailingly bullish-aId the pub
lie prefers and dearly loves "a bull market.
Any bull market is attractive 10 the
outsider And the present boom is
especially so, since for more than half
generation no suCu jhdrhob hs tuls nus
been known.
Indeed, experienced operators say that
the speculating public OF today doesn't
know n real bull market when it sees one.
Ii wouldn't recognize it.
Because what is called real bull mar
ket hasn't been known since 1879.
That is, a market where the prices are
steadily upwards with nothing but the
most ordinary reactions, just enough 10
make it healthy and give traders chance
to take n fresh hold and new -comers an
opportunity to get in, market that esti-
mates It's rises not by single points but by
tens since the original low from which
il started-and has time and time again
disappointed the expert prophecies that IL
had reached the last possible limit.
Ana because the limit is apparently yet
to be reached, because IL has been marked
by experienced eyes lots OF times and has
passed the mark and gone bounding up
ward, the public has been getting in-aDd
a new ground floor has been ready for
them every time.
And with tho new hundreds, nay,
thousands, that have gone into tho market
from week To week, the manipulators
have had an imposing factor to contend
with that they are not accustomed TO. It
is harder for u clique to work the market
than it used to bo. with all these thou
sands OF new and sanguinein,esto max
ing up in numerical strength what they
lack in experience and in knowledge of
tricks of the trade and of precedents that
have heretofore been counted upon to
sway values up or down as "a chosen few
happen to want
BULLS, BEARS AND LAMBS.
About everybody recognizes the three
classes that labor Zealously in the stock
market the professional bull, the profos-
sional bear and the lamb who is not
professional and is bull or n bear as
chance or Judgment may make him
usually the one wnen he ought to be the
other, for his own good.
The professionals in the stock market
must needs have the public in, too. When
the public isn't in they can only eat each
other up or eat nothing at all-oniy play
at eating.
Both bulls and bears look 10 the lambs
for their fleece. They Lave none to spare
of their own. And confidence is neces-
sary 10 tempt the lambs-that is the great
outside public that has money To Invest but
doesn't want To invest IL, of course ex-
cept the hope is held out for a profit.
Oft times the hope doesn't bring the
profit.
But in the market today it does. j he
lambs are all i'm, but this time they are
not being fieeced They arc furnishing
lots of money and making a profit on it, |
So tho lambs are happy and feel like |
sturdy old sheep that can't be fooled this |
time.
That thelr confidence is not misplaced |
the transactions of this remarkable sum. |
NOR demonstrates. 1ho public may or
NAV not be justified in the belief that it !
is rubbing it into the Wall street crowd |
but IL is getting there jus. the same.
The real fact probably is that practically |
ali Wall street itself is bullish and is with |
the public-thcy are all finding prosperity /
bulls and the lambs-and !
only the bears left all alone with no sup |
portcrs from tho public with them, are
suffering.
Indeed, 10 Is evident that tho expert
nnced traders, the follows who are
familiar with the travel of the markets
for years the men who have made n study
Df purely speculative fluctuations and
are expert on what market ought To do,
lro tho ones who have cot left on the
market of this summer.
n Tho youngsters tho eve lambs, who
knew nothing but the hopeful impression
received by seeing the quotations mount
lay by day and have sailed in with
an audncity and conidcnce that made the
showing old timers smle-these arc the
fellows that have baen prOiting.
Such "A thing ns the market going down |