The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-30
FINANCIAL.
Market Now Acting Some
what SluggiShly.
The UndertOne Generally Con-
tinues Firm, However.
Many Operators Confident That
Higher Prices VIII Rule.


The market at present Is acting somo-
what sluggish but the undertone con-
tinues generally firm and several OF the
good judges believe that there II no foun-
dation for the opinion that the bull senti-
nent Is about TO subside In spite OF this,
lowever this belief does exist and 10 Is TO
be found In good circles. The opinion Is
that whsn such old rat-traps as Cheso-
peake IL Ohio Kansas Texas, Ontario ~
Western, Texas-Pacitlc and other such
properties are carried up while the first
,lass and high priced securities are on the
iecline 10 Is good evidence that the bull
market Is drawing to "a close This opinion
is based upon tie history of the stock
market and in years past has certainly
been an indication that could be followed
with profit. There are many good ope-
rators. however, who believe that this
market Will prove 20 be an exception and
that after the manipulators are through.
with the chief properties they will take
up the good stocks again and push them
still higher.
Watson a. Gibson are very confident OF
higher prices They say: mot having
Washington to watch for several months
business men can study economic facts
instead of political tips. They can follow
home and foreign crop news and the
development of local trade requirements.
They notably will see each day some
fresh gleam OF light, some new spot of
improvement and discover nav roads to
prosperity. These experiences while novel
will be exhilarating and the circle by
confidence will widen. Now that the flag
of political piracy Is hauled down the
country will hang banners of hope on the
outer walls" This sounds very pretty
but 1t Is impossible TO disguise the fact
that the people are getting long while the
professionals are becoming short OF the
market
London opened of today and 1t was ex-
pected that our market would follow.
While there were some lower prices, how
ever, the break did not come and even the
Announcement OF the big gold shipment
tomorrow failed to cause selling move
ment Chicago Gas, Sugar and some OF
the railroads were weaker but there were
strong points all along the board.
There has been no end of bear gossip in
General Electric OF late and there Is a big
short interest in the stock. Many people
believe that it will soon break but the
directors OF the company are authority
for the statement that the advance In tho
value of the treasury assets has been large
enough to facilitate the adjustment of the
corporations finances and that the stock
ought TO sell much higher. There was
certainly determined effort to stop the
selling movement yesterday and it sue
ceeded we'll enough To give the holders
confidence in their property.
ne mONtfutnb Vi NHe kTd1ns from the
west has already assumed sufficient pro-
portions to assure the railroads that they
will have all the grain that they can
handle and that there will be no excuse
for rate cutting as tho foreign demand
Il still great enough TO keep prices at
something like the present level.
All the grains were higher today and
We're freely purchased even on the ad-
vapces. A leading Chicago shipping
houNe wired yesterday: There are bids
here by cable on which No. 2 red wheat
in Chicago can be sold at rs. This doesn't
look much like wheat going out on
September contracts around 73 cents"
Continental Europe has led the United
Kingdom largely in bnying during the
past few days and il Is now the heaviest
holder Of Chicago whoat futures There
Is not little bearish sentiment I'm and
out of Chicago at this price Lowell, but the
reactions, IL Ia believed, will he light
and temporary IN view of the heavy
and continuous foreign ABSORPTION of
wheat.