The Providence news. (Providence [R.I.]) 1891-1906, 1897-10-19
The Stock Market Has a
Better Tone Today.
A MARKET FOR TRADERS.
With an Ultimate Advance Is Now
Strongly Indicated.
CHICAGO MARKET INACTIVE.

The stock market today was irregular in
every sense of the word, for while some Of tho
stocks were up others showed marked de-
clines. London came higher this morning
and there was an excellent purchasing spirit
displayed in Wall street, and tho result
our market was exceedingly strong. The re-
port that George NJ. Pullman had died at
Chicago was the cause OF the weakness in
Pullman stock, but the other securities acted
independently OF each other. Sugar and
Chicago Gas were weaker than they were
Yesterday, but several of the railroads were
strong in comparison.
London bought some Louisville yesterday
and has, in fact, boen buyer on balance OF
this stock for the past few days. The second
weeks earnings will be published today, and
it il expected that they will show a moderate
decrease, az comparison il made with heavy
earnings year ago, and also because the com.
pany has been and Is still hampered by the
quarantine regulations. One Of the officers
OF the company stated today that the road
was doing amazingly well and that dividend
would undoubtedly be declared IN January.
The amount OF this dividend has not yet been
determined, rs the wishes OF tho foreign
holders VIII be very influential in this mat
ter. and they have not yet expressed them.
selves on this question. IL is stared that tho
present earnings mean something like 4 per
cent for the stock, but IL is not believed that
this will be paid.
There has been some good buying Of New
York Central during the past few days. and
II is predicted that these securities will have
as big rise any stock the list during
the next six weeks. The company's net re-
turns are Is per cent greater than the Official
estimates and IL is almost certain that there
will oe an increase in the dividend In Decer-
Der. Several Of the big people VINO are be-
lieved 70 be close to the Vanderbilt interest,
have lately been active on the long side OF tho
stock ana they admit that they expect TO
see il selling at 10.
All the advices on Chicago e. Great Western
arc extremely bullish. The earnings continue
20 be record breakers, and il Is officially
stated that IL they continue TO increase rs
they have done there Is doubt but tf1ut the
company will be able to meet all its charges
and yet have l-l8 of per cent for the com
mon stock. During the recent bear raid q. a.
G.. W. held its own with tenacity that sur
prised its best friends, and this gives color
to the stories that are now being quoted so
freely in the columns OF tho financial press. 4
T. Z. Ward 4 Co. say today: 1.-The stock
Market mas Deen Rrh,u trhti'r Tor tne room
speculators during the week just passed. ow.
ing to Its steady fluctuations, which enabled
them to buy on the weak spots and sell on the
rallies. We advise taking profits on long
stocks and going short for turn on Paul
at 95Ii Burlington & Quincy Mt 95ai. Rock
Island at Ss, Louisville a. Nashville at 57lS,
Western Union at ssl9, General Electric at
35s., Tobacco at 81 rs. Leather preferred at
ca. Manhattan ought to work down toward
97si and Jer rsey 10 o.
Wheat Is n sale on every bulge, with a stop
loss order at 93i4. Passing this price il will
work higher. We are of the opinion that the
stock market will prove purchase today on
this weakness. Purchases made on Wednos
day morning ON extreme weakness will surely
prove good, but IL still remains traders
market with a lower level in sight bef ore
Congress meets"
The Chicago market was quite inactive to-
day, but prices were firm and not little buy
ing power was shown on every fractional con.
cesson,