The Providence news. (Providence [R.I.]) 1891-1906, 1900-08-04
FINANCIAL NEWS
BULLS AND BEARS.
The Week C.osss With Stocks Very
Firm, With but Little ACTIVITY.
The Psclncs, B. & 0. and Railroads GsnsT-
ally Held WslI-Sissl Also Bracsd Today.


Wall Street. August 4.--The close of the
week in the street shows every class OF
stocks firm, IL not violently active. with
higher figures I'm the railroads than pre-
vailed earlier In the week and brace by
the steel stocks 10 close operations to-
day
The bank statement continues good al
though expectations OF an especially IA
vorable showing today were not borne
out by the fact The Chinese news mas
had no effect on values either way ana
the assassination OF King Humbert ala
not cause even a quaver.
The heavy deposits shown 10y the bank
statement Indicate that there Is very
much decreased demand for money either
for business or speculative purposes
Whether easy money will induce trans
actions i'm the street on rather larger
scale than has recently been evident Is
question. When general business doesn't
demand funds, Wall street usually makes
use of them TO create a boom ana theh
turns the money back TO general business
when the street quits booming and busi-
ness demands grow.
The increased dividend on Union Pacihc
and the dividend on Baltimore and Ohio
tended to strengthen these stocks ana
gave a stronger tone TO the whole mar
ket which has been growing since Thurs-
day. There were no other Influences, put
the market walked mp on these ana. while
gains have not been large, the raiiroaus
OF every class showed firmness and bore
an aspect threatening higher prices.
Whether the threat win be made good
or not, II is rather too early 10
prognosticate But at any rate shorts
have been nervous, and there has been
considerable covering by the light weight
ers who do not take much risk when
danger Is scented. There has undoubtedly
also been good deal Of commission house
buying for long account, especially In Un-
ion Pacific and Atchison.
The week began with discouraging
collapse of the little Sugar boom. Sugar
lost ten points from Its highest, and
CLOSES the week with net loss OF nearly
seven points, 1t looks very unlikely that
the Sugar prices expected ten days ago
will be reached. Spectators who covered
their shorts at the top figures or went
long are not altogether devoid of hope.
but they are not so sanguine as they were
that Sugar Is going on it's annual grand
rounds to the sky, just yet.
Volume OF transactions continues TO
dwindle daily, and the little food of quo
tations is not backed up by heavy trans
sactlons. There has been heavy dealings
I'm Union Pacific for two days, but the
rallies in the rest OF the list have mot
been accompanied by anygreat amount of
enthusiasm. Somebody is taking the
stocks, however but whether buyers are
anything more than tired shorts remains
to be seen.
On the whole, the changes for the week
have been small. and are about evenly
divided between gains and losses.
The subjoined table shows these changes
and demonstrates that the market is still
in n state OF uncertainty Although some
stocks are still tending downward and
some upward, the fluctuations go,
there is no concerted movement either
way.
The Boston & Maine railroad COM
pany has given notice that IL will pay
quarterly dividends OF IL per cent. on the
F'itchburg r.. r. preferred stock on the
first of each January, April. July and Oc-
tober to stockholders OF record of the
FIRST OF each preceding month.
Manhattan elevated will be running ex-
perimental trains by the third rail sys-
tenn so IL is announced, on part OF the
Second avenue line before October l. The
Metropolitan St Railway will furnish the
power
The Union Pacific Company has survey
ed and will build a line TO Salt Lake
City eliminating the steep grades at Echo
canyon. When occupied Ogden will be on
"A branch line
Another strike on r. r. T. is threatened
by printed but unsigned circular sent
to President Rossiter demanding small
or schedule of work.
Russell Sage celebrates his Sith birth
day. today. He SAYS he is good for 110 and
so is Manhattan. There are more believers
IN Russell than I'm Manhattan, just now,
however.
Norfolk e. Western, fourth week in
July reports increase OF $63,6l1.