The Providence news. (Providence [R.I.]) 1891-1906, 1899-07-01
BULLS AND BEARS.
The Weeks Phenomenal Business in
Railroads.
STANDARD Shares Show Effect Of Heavy
Investment EuJng.

Wall Street. July 1.-The week VIII
so on record as one OF the most inter-
esting and remarkable I'm the history Of
the Street. NeverSperhaps was there
seen SO steady. persistent and impress
sive rise I'm standard railroad shares
as the operations OF the past seven
days have Witnessed
The upward move which started off
| with New York Central around 1S5 finds
thas stock this noon strong at 40 with
| the dividend i'm additional. Pennsylva-
MIA Central which did not start until
yesterday is above 137 representing a
good i've point rise. The Changers have
gone steadily upward and represent a
gam for the week of from six TO nearly
eight points. Burlington which one
week ago was around 13l winds up
strong at nearly lSS. ST. Paul which
led the Granger movement has risen
from 10 TO 132, Rock Island which was
around fl2 on Saturday last is above
10 lnls noon. Union Pacific. Atchison,
Northern Pacific Louisville and Nash
VIE ana Missouri Pacific az well as
nearly all the minor properties Of the
rallroad class show proportionate gains
OF substantial character. Louisville Is
az "a better price than IL was at the top
ol the last bull wave. and higher than
IL has been for years.
Inc movement of the week began
uuietiy and has proceeded without any
sensational flashes and nothing ap-
preaching a peaction not TO mention
preak The railroad list has simply
gone up. That's all there is about -.
Neither the speculating with interest
a
ing bank statement today had the least
enect.The standard railroad shares and
all the little fellows too have been
strong without discount.
Ine industrfals have not shared at
all In the rise but there lis a feeling
tnat their turn Is bound TO come as IL
surely VIII IL the present movement
means that the market is going to take
on the enthusiasm of last fall and win
ter Perhaps the collapse OF the indus
triaI speculation has had something to
do with the taking hold OF the railroad
shares as sound and reliable invest
ment. For that IL was investment buy
ing rather than mere speculation that
accounts for the weeks move il is
pretty hard TO doiyot. What attempts
at manipulation were IN evidence
seemed to have been wholly on the
bear side and they have failed ridicu-
lously all through the week. The move
ment seems to be of "A character that
confounds all the familiar speculative
tactics.
None OF the industrials have gone
down. TO be sure. They couldn't very
Weii In the face of such a market Like
the Traction shares they have hung
around at the -ow figures they went to
two weeks ago. Manhattan being the
only traction that participated i'm the
rise, ana that has lost two points from
oh HGrIr
sugar has see-sawed between 1853 and
loo and on the whole has gained It's
future course Is Of particular interest
s.nce 1t Is at about the half way point
between It's price OF a year ago and
the price IL went TO In the spring.
Which way 1t is bound makes an in
teresting question for both stockholders
and spectators, especially perhaps the
latter.
If there is no special news to account
for the weeks boom there is less that
is reasonable To explain why it should
not have happened. Alunough the Phil
ppine operations are costing a matter
Of nearly a million of dollars day,
gold to the amount of s1S,O00,0 900 has
been exported, interest rates are hard
ening and the New York banks are
Down within some twelve million of
heir reserve limit. there Is of course
no question that American railroads
ire enjoying an unprecedented period
" prosperity. The Granger earnings
ire simply enormous and Pennsyl- |
'ania's showing is phenomenal More |
,ver the Jnly dividends are at hand |
md the disbursement promises to ex- |
eed all records. And although the |
government is spending O lot of moneI |
Z has lot to spend.
Wheat was stiffer.
SO was cotton.