The Providence news. (Providence [R.I.]) 1891-1906, 1897-08-23
FINANCIAL,
New Buyers on Each
Decline.
The Public Interest Assures
Further Advance.
Summer Dizziness Characterize
Local Market.

The so.called "healthy reaction" that sew.
eral influential people have been advocating
seemed TO have come to.an end at the opening
this morning. The fact is that new buyers
have appeared at every slight decline, and as
long as .the public takes such AN interest in
affairs, even the big operators will be power
less TO prevent the advance
The belief that gold impUrtations may
reasonably be expected this week has had II
lost strengthening effect upon public opin'
ton, aud now that London Is showing signs OF
coming INTO our market asa buyer compelled
evel the most bearish contingents to admit
that the end is still, in all probability, far
distant.
During the coming week the G. rangers and
the southwestern roads will report a consid-
cradle increase in the grain shipments, and as
the sprin: wheat has begun TO move a car
mine in some states seems imminent The
July statements OF the ST. Paul, Burlington
and Reading companies will appear this week
md they are expected TO be unusually good.
The Reading statement will reflect an inn
NroveInent in the anthracite coal trade and
the general revival of business.
Stuart g. Paddock advise the purchase OF
the Coalers on any recessions, and in sneak-
ing Of Burlington they say: But few years
ago this stock was considered an excellent
purchase every time IL reached TO l0s and the
prospects for earnings were not nearly n IA
vorable as at the present time. The system
covers n vast territory and the only trouble
at present seems 10 be n shortage OF cars
Taking into account the large amount o.
bonds soon 10 be refunded, we consider tina
further advance of from 10 10 20 points is
more likely 10 occur in this stock than in any
other.Granger.'
Wheat was moreli han erratic today and fuctu-
ated between % and 99l4 without regard TO
the fraction. The corn and oats market was
also irregular, but higher. I'm comparison with
wheat The reports of the damage 60 the
wheat crop continue 10 come in at live
rate from all parts Of the country, but IL is
the general opinion that they have been Cx-
eggeratel. Bache & Co. say: THE former
stmntos given out by the noted crop experts
40 doubt were larger than the conditions
justified at the time they made their report
and while the government report is far too
Iow, we believe medium may be struck by
safely estimating the crop at 500, 0O0, 900 bush
us
This seems TO Re tho prevailing opinion
and IT is upon this that traders have based
their.purchases on every relction.
Albert +. Miller, Jr., reports that the local
stock market is still characterized by sum
mer dulness, and few changes in tho quoted
p-ices are worthy OF note. There is some 1T
tie inquiry for Providence Gas and Nara.
gansstt Electric Light, and the insurance
stocks are also sought for. Light offerings o.
the better grade Of securities are noticeable
and more activity, together with higher
prices, Is predicted for tie coming fall.
The talk Of bank cCn 'olidation, while by no
means new, is interesting, nevertheless. in
that il brings before the public the fact Of a
possible, If not probable move IN that dircc.
tion, and il is well 20 bear in mind the ex.
trohe'ysow piices at which some Of the
bank stocks are selling at the present time.