The Providence news. (Providence [R.I.]) 1891-1906, 1897-08-19
FINANCIAL.
Market Was Strong but
Not Active.
Bulls are Jubilant Over
Western Union.
Radical Changes Needei For the
Welfare Of Local Banks.

The stock market today was not active, but
10 was strong and there were no indications
that any of the good long holders were willing
TO dispose OF their stocks at anything like the
present prices. As the result, Sugar passed
40 and all the stocks retained their strength.
The railroads are making excellent returns of
earnings at this time, but IL Is generally be-
lieved that the increase now shown is only
beginning. The grain movement Is already
urge, IL Is true, but the west bound move
lent OF general merchan 1ise has scarcely
commenced and viii soon assert powerful
niuence for good. Dick Bros. & Go. say to-
day: 1T seems useless 10 bear the Grangers
az this time ON damage TO crops, as oil OF the
winter wheat has been harvested and con
uderable quantity Of spring wheat has been
paced where the weather will do it no harm.
The movement Of grain at the west is larger
shan for some years back, and IL is anticipat-
q that the rush will continue at the present
cate 70 at leas six weeks"
The Western Union people are now talking
very bullishly in regard TO tho companys
earnings and they quoted saying that
the last month or two has shown that the re-
uperative power Of the property has rot
dimini he'd The improvement In general
earnings which are showing handsome in
creases over last year, and tte company has
,een obliged to take on additional forces and
90 call on the existing forces to work over
time.
The same story is told everywhere. Rail
road earnings are increasing the earnings of
yhe so-called "trust" properties are daily
growing larger and the outlook for still
hrfU fut all fba bas NOT
,een better in years. and tho conservative
people believe that while prices may have dis
courted the Improvement that we are now en-
ioying thoy do not think tsat they have dis
counted that which is yet to come and they
are, therefore, looking for higher prices. OF
course, there are reactionists and it might be
admitted that not only is the number increas-
ing, but that they have put out some good
lines. This may have the effect of rstsrding
the advance somewhat but II IL the general
opnion that it will cause no sci 10 ls setback.
People who were laughed at because they
talked 9O-cent wheat few weeks ago are in n
sery pleasant frame If mind today, and these
Who predicted dollar wheat believe that 10
will not be long before their predictions are
a'so realized. Wheat opened up this morning
and before IL o'clock September had sold Mt
594, with December only fractionally lower.
OF course, this advance was followed by de-
shines and subsequent advances, but the ir-
regularity Of the market was due entirely TO
he fact that timid holders were taking
profits instead of waiting for tho higher
prices that seemed TO be sure 10 come. The
fact remains that the foreigners are still ter
ribly short of wheat and that the exporting
countries are in our market trying to supply
their own wants. Then il is now admitted
Mat our crop IL by no means as phenomenal
a. was at first imagined, and such men a. G.
A. Pillsbury are quoted saying that the
samples Of wheat from the northwest indicate
that not only Is tie yield deficient, hut tbat
ru,h Of the grain is Of poor quality. Cnder
these conditions the farmers will sell their
wboat mt n good advantage and their
good wheat at an Immense profit.
{. Franklin Nugent s. Co. furnish the fol.
owing report OF the local stock market:
''Ihs second week IN August has been marked
b. lack OF anything startling In the local
stock market, but as this is cmphaticnlly he
period OF the year when such condition
nay be expected, we need not be surprised.
"The general Improvement in business
which Is eing daily repor ed from all parts
Of the country Is undoubtedly making itself
felt in the market for local securities There
IS more Of disposition to buy and less in.
clinaiion 10 sell nt tho present low figures.
What the effect Of this tendency will be IL
very easy to see. whenever the demand ex-
cceds tho supply, prices are sure TO advance.
such stocks Rs Gorham Manufacturing
Co., American Wringer Co., Provi.
dence Gas Pawtucket G's, Nara
gansett Electric. National 81 Providence
worsted and the Insurance companies are OK.
cellent purchases nc the present prices. Unit
ed Traction Co. stock is firm at ~ TO a. This
is an advance Of two points over the price
six OF eight weeks ago. The bonds now find
market at n slight premium
For the Bank stocks the turning point Is
,ot yet clearly defined, but before tho Bsnks
can really prosper in Providence some radical
changes must DO made To begin with, there
ore too many Of these institutions. Compe.
tition Is so keen that the banks have adopted
n method Of attracting business that Is ruin.
ous to all-viz., the paying OF interest on
dnily ialauces Until n remedy Is found for
these two evils we cannot look for any worry
encouraging reports"
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