The Providence news. (Providence [R.I.]) 1891-1906, 1900-09-15
FINANCIAL NEWS
BULLS AND BEARS.


wall Strect, sept. lo.--AS was Indicated
by the course OF the market in yesterday \
last hour there was something doing. and
today's short session showed great ac-
tiyity among the bear contingent who
hammered prices at Will all over the
board
No particular stocks were selected for
attack, but the raid was general. and.
coming after long waiting market. stop
orders were close UP. and were early
found and pushed through.
The week now closed has developed a
change In the immediate prospects 80 far
as the relation of money to securities is
concerned.
Through all the dull summer money has
been cheap. 80 cheap that the taking OF
a large share OF the fifty million dollar
loan with the consequent shipment OF
gold was not felt IN the money market
and only to very slight degree was II
an influence 10 stiffen rates.
The proposed new German loan. how
ever, suggests that gold exports IL they
now come will not find the market so well
able 10 stand the outgo.
TO be sure the resources OF the banks
irf New York are great. Not In recent
years for a very long time have the banks
had so large "a surplus at this season as
now exists. But the South is calling for
money more and more loudly and the
West will certainly be heard from al
though both these sections are said TO be
better prepared TO carry their business
and market their crop than ever before.
Transfers OF funds are not expected 10
reach anything like the aggregate that
used 10 be the case when the South and
particularly the West about drained the
financial centre for the purpose OF moving
the crops. But the talk that the planters
and growers are independent Of the New
York banks is no more true than IL was "A
year ago when at the top OF a bull mar
ket I'm stocks, 1t was declared that the
wheat growers would need no money but
that their local banks had plenty on the
spot.
Hence while II is not expected that
there will be any panicky calling OF loans
this fall, IL is pretty sure TO be the case
that money will not be so free In the
vicinity OF Wall street as IL has been all
this summer and that money rates Will
stiffen. They cannot well become any cas-
Ter at all events And the record OF the
summer now closed is that with more
and cheaper money than ever before the
pools and big operators In the market
have been gingerly about embarking on
any large operations, but have stayed out
of the street.
Another thing Is made evident by the
talk OF foreign loans in our market and
that is that the disposition of Europe is
not just at present TO buy American Sc
curities. but to turn their own securities,
hot fe aft tssax N w "A -
the only kind Americans would be likely
TO care for into American cash. Ii rs
money, not stocks that the foreigner
wants from America just now.
IL is striking reversal OF the usual OPP
Grafton when America buys European Sc
curities instead OF Europe buying Amer
lean securities. And this situation must
be reckoned with as factor and radi-
cal departure. IL is said that Europe has
few stocks OF American Issue to send
back. that is stocks held for speculation.
Europe. however. is a large holder OF Am
erican stocks of an investment kind, held
for dividends, and bonds also. and per-
haps the able financiers I'm the street will
find some way of getting some of these
back at lower prices than they were sold
for.
IL has developed that the syndicate
which has been handling the British loan
naQ MADE the second payment WITHOUT
the necessity OF shipping gold. the pay
ment being made In the form of cables
which were purchased In the exchange
market in great volume. liz is also assert
ed that In event OF the satisfactory con-
clusion OF negotiations for taking the
German loan of $3.50 900 no gold will
need TO be sent abroad but this payment.
also can be made by exchange. II is
likely TO occur to the casual observer.
however. that with these millions going
into foreign bonds there will be so much
less available for operations in Wall
street.
The "Sllver terror" still hangs over the
street though in very different wSy
from that which characterized the Bryan
panic OF 1896. In 1896 IL was the anticipa-
ton of 16 TO 1 which caused disaster. 1t
didn't happen and confidence was restor-
ed with the result of succeeding years OF
hoistng prices.
This time, however, there is no serious
apprehension. The stock market actually
went UP when Bryan was nominated and
il has kept strong all summer. Big odds
are offered on Mckinley's election. Every
body has faith that the gold standard is
secure. But in place of the terrifying fear
and anticipation of the summer of 1896.
there now seems to be creeping into the
street an appreciation of the fact that
Bryan's election Is a possibility, howeveS
remote. and that the realization thereof
would be even worse than the anticipation
OF '06
Following is the v>--asNcyu -vr<
RANGE OF PRICES FOR THE WEEK