The Providence news. (Providence [R.I.]) 1891-1906, 1897-10-08
IN THE WORLD
OF FINANCE.
Higher Prices Looked For
in Stock, Market.
IS DULL AND INACTIVE.
Providence Washington Ins. Co.
Scores Big Advance.
THE RANGE OF PRICES TODAY.

While tho New York stocks have shown
quite marked decline during the past two
weeks, having been driven down the scale
by the efforts of TIE bear manipulntors, tho
local stock market still continues TO attract
the attention OF those who are looking for
good Investments for their monoy in antici-
patton of "A long period Of prosperity. In
speaking of this market today, q. Franklin
Nugent g. Co. say:
The most noteworthy feature Of the local
stock market during the past week has been
the sharp advance i'm the price OF Providence
Washington Insurance Company stock. This
stock was selling two weeks ago at 81 TO "a
and today transactions are reported AZ 90 and
above. Such a rise would not surprise as
much i'm tho New York stock market. but in
local securities where transactions are sup
posed 10 be for investment and liquidation
only, people are naturally led 10 believe that
something unusual has occurred. They nat
urally argue that man DESIRING to buy stock
woui! not wish TO bid IL up, but that he
would go quietly into the market and make
his purchases at the lowest figure possible.
Nevertheless, this much is certain, the local
. insurance companies deserve TO sell at higher
I rices than have prevailed OF late years.
This fact has been repeatedly pointed out in
these letters. Just how far the present
n ovement Will continue II is difficult 10 say.
1t is for the holder of stock 20 ascertain
rs many facts about IL as possible, ana then
TO determine at what point TO capt. ilize his
profits.
In ihl New York market today there were
soma higher prices, but not much activity.
London showed but few changes in its quota
tions, and the strength on that side encourag.
ed American traders to bid prices up ut the
opening. The later reactions, however, prove
beyond question o. AZ the day for the renewal
OF the bull movement has not yet arrived
OF course iho yellow fever III the Sou th
has had tendency TO depreciate the price OF
the railroad securities in that section, but at
present prices IL is believed that they are
we'll worth attention. There is every eyi'
dence that trade Is improving along these
lines. and the movement Of sucD commodi-
ties a. cotton and iron must increase the
earnings. Those who at the inside in
Louisville tS Nashville affairs state that the
earnings for October will show big increases
aud thnt the resumption Of dividends next
January is already practically assured. The
company has been clearing of its worthless
assets, and the physical as wei as the fiuan-
cial condition Of the road could scarcely be
better.
The general opinion is that the bear move
ment in Chicago Gas has been overdoDe.
TIE company Is certainly canning per cent
on the stock, and, as Haight e Froese say.
while the Eastern capitalists have undoubt-
ely gained control of the Mutual and the
Unlversal Gas companies OF Chicago, il is
not believed that there wilt be lower prices
for gas in that city. The market today
nc'ed as II the bears had raided the stock
beyond the limit. and II is believed that big
advances In prices will soon be recorded.
Bull tips are out on Cotton Oil, General
Electric and Pacific Mail. General Electric is
dong n simply immense business, and IL Is
stated that the Pacific Mail directors are
liable TO increase the dividend from 20 8
per cent, as the. ability OF the company to
ray the higher amount is not questioned.
PAINE webber e. Co. say today that the
present wheat buying indifference, in the
iaco of tho strongest position for the crop, has
had many cNuuterparts in the past. The lit
tie operators the world over are as averse to
purchases On reactions the big opc rators
arc inclined thereto. The latter buy around
the bottom and around the top. and the
former only too frequently approximate the
opposite. II is the aggregate Of purchases by
small traders that often largely make a bull
market and their sales bear market.
Wheat and corn were both strong today,
Though little activity was exhibited. Under