The Providence news. (Providence [R.I.]) 1891-1906, 1897-10-28
The Stock Market Today.
Showed Weakness.
CUBAN BUGABOO AGAIN.
Indications That Bullish Interests
We're al Work.
LOCAL OPIN ON ON SITUATION.

In spite OF the fact that all the news today
was OF a favorable character, tho market
showed more weakness than strength. Yes
terday tho street was alarmed by the runors
that were placed in circulation regarding the
Cuban situation. These ruiDors gained cur
rency despite the explicit and complete denials
furnished by the best authority, and today
the papers make it clear that there was 10
truth IN the stories that caused sihe lower
prices yesterday afternoon. In fact IL Is pcs.-
lively stated by the best people that the Span
ish reply Is not offensive in any way, that 10
contains q warm profession Of friendly feeling
toward the United States and that the prino-
pal features of the reply are the details OF
the proposed autonomy. Under these cf
cumstances, II seemed as n there could be
nothing 10 exptain the weakness that was 80
evident in the stock market today.
The Bank of: England rate romans un'
changed and the market for Americans in
London is steady. When one stops to consider
therefore. that on the eve Of the adjournment
Of Congress, three months age, most of the
active stockJwere selling eitheS in the neigh
borhood of or above tho prosens prices, they
will find sufficient reasons for taking "A posi-
tion on the long side and >naintaining 1t
without regard 10 any temporary fluctuations
due TO professional efforts.
It lcoxs very much as IL some bull sh inter
csts had been attacking the market 10 get
stock, as no other Logical reason for tho de
cline can be found. and many Of the COM
mission horse people are looking for a huh
movement 10 commence this week, 10 coniin
some time. The Standard Oil in .ere,Is nave
supporting orders in st. Paul and some OF Tho
big operators are buliish the Western
group, Sugar and Tobacco. The buying OF
Sugar is largely due to the belief that extra
dlv.denis areto be- declared this winter. Over
~. 900 shares of Burlington have lately been
bought by one interest, and insiders are ex-
iremely on ident that this stock will lead the
next advance. A director OF Manhattan is the
authority for the statement ti a the earnings
for the winter quarter will be he largest In
long while. st. Paul officials announce that
The gross earnings during the month of Sep
temOer were $3,2lU,S and the net earnings
81, ,l52, $685. which show material increases.
In speaking of the local stock mai kct today.
&. Franklin Nugent & Co. say:
The slight setback in business, generally,
has made itself felt in the local stock market
this week. 1t would seem as IT,: during the
summer months, mon had let their enthusiasm
carry them little beyond the actuality. IL
was hardly 10 be expected that so sharp a
movement in trade as we had during June,
July and August would continue without
break The present comparative dullnoss
appears rnen, upon reflection, 10 be the only
natural outcome Of the unusual conditions
which preceded it. II should not be inferred,
however, that the business outlook Is bad.
The momentary lull will pass. Furthermore,
IL is a lull only by comparison with the CON
dition of business during the months i'm
mediately preceding. IL is n decided improve
menu over the corresponding period last year.
THE prices at which stocks sold at Mr.
Burnnam's auction last Friday reflectoi a
good demand. The bidding was III city gen
eral by o present. A curious fact noticed
at this auction was that Rho ic Island
National Bank sold at 10 white the same day
the Providence Stock Exchange II was
offered at l5la."