The Providence news. (Providence [R.I.]) 1891-1906, 1897-09-28
IN THE WORLD
OF FINANCE.
Foreign Buying of Amer
lean Securities.
NO DANGER OF BEAR RAID
Ola and Experienced Operators
Have Turned BulIish.
SITUATION IN LOCAL MARKET.

As was evidenced this morning, London
wants our securities, and, as Bache says to-
day. the heavy buying from this source is
quite perplexing. especially as tho foreigners
have sold $l0O U0O, coo in the last three months.
The thlns Of the greatest importance To know
is whether this foreign buying il going TO con
tinue. II IL does IL will give a great impetus
TO the market, and will be followed by nm
other advance, but IL this does not take place
IL is more than probable that bears will he
heard from nealn IN the near future.
At the present time, however, there seems
10 be little danger of a tear raid. The bull
lish sentiment in the market has by no means
abated, and holders of securities are not
anxiots in. regard to temporary fluctuations.
Rlilroad earnings continue 20 make splendid
returns, and this alone is bound 10 keep the
market on tho upward trend. while the reac-
ticn of last week placed stocks in stronger
hands.
Union Pacific is speculative favorto to-
3ay. The kilograms from Washington indi-
cate that the government has agreed to tho
sale of the road and.its reorganization on the
basis defined by the reorganization CONN IL.
tee, and that by October we shall know
when 'he sale is TO be made. There is grow
placed on a money winning basis.
Stuart & Paddock are quite bulish on
Rock Island. They say: 1T Is reported that
.he company has accumulated "A surplus Of
nearly iour million dollars and will refund
thcr5 per cent bonds NJ 4 per cent, which
will result in the saving of $4,000 per an
mum. or over per cent on the stock Some
investors were disappointed because the div.-
Ien. W not increased to a per cent rate,
and selling orders were { rown upon ths
.harket shortly after the dividend announce
,ncnt was made. These holdings were
uuicSly taken by more conservative inves-
tors who rave confidence IN higher prices and
believe that Rock Island will sooi be quoted
NJ the same figure as c., b. s. Q. and st.
PAUL"
Wstson & Gibson have turned hullish again
and stare that they think that 1t is abo
I .ho 20 lesin buying 10 catch tho next up
,Srn Thoy regard Western Union with par
tioular favor and say: at Is weak becau,e of
"A fear that Baltimore x Ohio will sell its
manning stock but it ought 20 te u purchase,
as a per cent stock should not be nearly ten
points below Burlington"
In speaking OF the general situation, Macy
& pendleton sEy: THE worlds finances are
no iolg,r a net % exchanges with a group OF
tnsli IN capitalists in supreme control at it's
London cen re. New York. Berlin and Paris
take "A part in the manipulation, and not al
ways in coo. Grafton. The nearer the whoe
~ sem approaches 10 such financial indepcnd.
enco Of each country IN the world will
allow something approaching an information
al clearing house the sound,r the foundation
Of all trade with oJher countries. Now York's
position IA support Of The nations iHdepend.
cnce Is undoubted. The increase OF relative
strength IN both the United : %. .Cs and IN its
financial center IL being augr cu.ed every
day. We may confidently expect shat tie
genius OF our leading men will be equal to
sll emergencies, II any arise, an Will give
New York increasing advantage as tho weeks
IF this progressive period pass. II Is ia time
OF waitiae, perhaps but not one of inhorent
weakness"
The Chicago market showed considerable
weakness To-Day, but wheat and corn were
purchased on all the declines
in speaking OF the local situation today, AL
bert T. Miller, Jr. says:
Tine local stock market for the week hes
shown no important feature. Prices as "A
rule are frmer and the offerings continue
light. The bank stocks, whiIo quiet, are in
fairly good demand, and the insurance and
illuminating stocks are still much sought
for"