The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31
The fact that it was holiday in Lon

The fact that IL was holiday In Lon
don and a short day on this side OF the
water tended TO make the market in
! active today. Even sugar contented itself
with few sales and one would scarcely
have imagined that this was the same
bull market that has been so active in
price for so many weeks. The profess
sional contingent that has beon contest
ing the advance in prices for month and
longer and which Is composed chiefly of
large room traders was qLite confident
yesterday that the rise was over. Their
views seemed TO be strengthened by the
apatbv OF the Granger stocks and it could
not be doubted that the halt in St Paul
and Rock Island had made bearish i'm
preston.
On the other hand operators who fore
saw and who have profited by the bull
movement express tho greatest confidence
in its continuance and declare that the
tariff has had nothing to do with the ad-
vance; that il was entirely due 20 the
crop situation and that. therefore, tho
bullish sentiment has every reason for re.
manning unabated.
The announcement of the big gold ship
ments for this afternoon and Tuesday
next has had favorable rather than an
unfayorable effect upon the tone of the
market IL has been learned that the
gold is to DO used in payment for tho
imports that came In anticipation of the
passage of the Dingley bill. In view of
the crop conditions hero and on the other
siue this export of gold may we'll be re-
garded in the nature of loan as 1t will
soon be returned to us.
The simple fact is, as Dick Bros. ex-
press IL, IN bull market such as this
whens the tears realize that the business
t,,ta o. 4 bp fpv M bn a1c
In general are on more substantial
foundation than for years back. and
when London also appreciate this and
covers In earnest these present prices will
In no way seem too high and those who
are the most bearish now arc liaule to be
the most bullish then
1t now looks as il the Morgan interests
lad decided that tho time was ripe to
advance Northern Pacific with the rest Of
the market With the splendid crop of
spring wheat along the lines and tho
booming tendency of business in tho
Puget Sound region there is a substan tial
basis for big bull movement in the
stocks. Today Northern Pacific issues
were moro active than they have been in
some time and both the common and tho
preferred made good advances.
1t Is officially announce that there Is
no truth in the report that the New York
Central is TO lease the Delaware and
I1NusOO llDes.
There are tips TO purchase Manhattan
and TO sell General Electric, both coming
from good parties. Several excellent
people are of the opinion that there will
be a reaction in the Changers before they
go much higher. They can be sold safely
at any advance.
The bank statement today was do
cidedly favorable 1t was Reserves, dc =
crease, 81, Gal. 42o; loans increase, g., 92l, =
GOO; specie, Slla, 900; legal tenders, de-
crease, Sl63l, 100; deposit. increasl,
S5la, 800; circulation. decrease, SOB 500
The Chicago market today was quite
active and while provisions seemed dis
posed 20 work lower and cats do no more
than hosd its own, both corn and wheat
acted as II they were on the way TO
higher prices.
Wheat has more finish today than for q
long time pas5, but many are waiting
for a reaction on which to buy. The new
grain has begun 10 move in Nebraska IN
enormous quantities. Burlington alone.
one day this week, carried 1900 car Loaf a
OF wheat end 300 of corn out OF the state !.
The bIs pool OF st Louis grain oper. .
tO-s whose successful manipulation oI
the wheat market last year attracted
general attention is again in evidence.
David H. Francis a former secretary oi
the interior, IL at tho lead OF the comhi-
nation and 10 is authoritntivley stated that
the, pool controls no less than 600, COO
bushels Of the 10 coo. coo busbcls of Sep-
tembsr wheat available. Under these CIR
cumstancss whoat ought TO be pur.
chase ana should certainly 10 bought on
any reaction.
(For further financial news sec page 2)