The Providence news. (Providence [R.I.]) 1891-1906, 1903-07-31
FINANCIAL NEWS

N. Curtis Fletcher q Co In their week
upon the market had not so completely
discouraged attempts 10 oppose demon
strations by the bear operators there
would seem TO be some assurance OF SAT-
ETY. In buying the dividend paying stocks.
either for permanent investment, or at
least for a profitable turn In the market.
But there is apparently no one who Is
willing TO assume the leadership of a bull
movement
European investors. who have been
watching the course OF our market. are
already placing orders for tho best OF
the stocks. domestic investors are with
drawing their money from savings and
other institutions and purchasing divi-
dend-paying securities, and some or the
commission houses report cautious buy
ing by their customers
Ii would seem that these purchases
could soon become general II stock bro
kerage firms OF repute would interest
themselves In this direction: thereby they
would materially assist in imparting
more stable tone 20 the market
This Is no time for encouragement.
The country is prosperous. commercial
and Industrial enterprises are improving,
crop conditions are most promising. the
banks throughout the country are pre-
pared for all emergencies. and outside OF
Wall street no financial cloud exists.
Even this cloud, might. 1t would seem, be
easily dispensed IL influential bankers and
capitalists would unite In an effort To
give confidence TO the faint-hearted.
Lewis III. Tappan a. Co.. In their weekly
letter say: With the crisis Of the bear
market last week, and the announcement
20 hao dHCfdad
turn in sentiment regarding the market
resulting in better buying this week than
there has been for months.
Investment buying particularly has
been a prominent feature and enormous
quantities OF the better class OF railroad
securities have been taken and paid for
by corporations and individuals. This
factor has been OF tremendous import
ance TO Wall street. and has. OF course.
kept the floating supply OF stocks at
low ebb
Throughout all the hard times which
wall street has experienced in this de-
cline, striking contrast 70 II has been
drawn by the condition OF general bust
ness all over the country.
Reports from the exponents OF manu-
featuring and trade interests are particu-
larly bright and speak very encouraging
ly OF the future Good railroad returns
are, OF course, a result of all this. and as
a whole. the present reports have never
been equalled. Officials OF the roads are
now ordering large number OF cars and
general equipment and look for a contin-
uance OF this substantial trade.
Although not more than about 20 per
cent OF a normal corn crop is generally
expected. yet other crops are in excellent
condition. Wheat In particular looks very
good and when contrasted with condi-
tions abroad speaks large profits for the
farmer and Increased business for the
ra .lroads-
While II Is seen that general conditions
and prospects are instead Of as Wall
street prices would suggest them being,
poor. are on the other hand particularly
good. While in view OF the developments
In Wall street for the past months,
bull market can hardly be expected at
oEce, yet a much higher range OF prices
would seem warranted by actual business
and crop conditions when coupled with
the fact that the largest moneyed inter
ests In the country have around these
levels. bought enormous amounts Of Sc
curtues. which is rather conclusive evi-
dence how they regard the whole situa-
ton. Certainly stocks purchased at
these prices should show a good enhance
ment in values for some months TO come.
The wheat condition In this country and
abroad means a great deal 10 Union Pa
cifc The enormous business which this
system has been handling will apparently
be increased 10 a very large extent by
the extensive export trade in grain.
One can readily see what this means on
the stock when the gross earnings for IL
months OF this year are s4s, 574. .0l8, as COM
pared with $50 for the correspond
ing time last year. an increase Of 81, $50, :
1T. =
Besides earning and paying per cent
on preferred stock the company Is earn
ing e.S per cent for the common on which
4 per cent In being paid.
The Union Pacific Railroad company
has declared the regular semi-annual div
idends OF 2 per cent on the preferred and
2 per cent on the common. payable octo-
ber LIST.