The Providence news. (Providence [R.I.]) 1891-1906, 1903-04-17
FINANCIAL NEWS
Lewi, H. Tappan g Co. in their week.

Lewis II. Tappan & Co. I'm their week.
ly stock letter say:
As suggested In our letter OF last
week, the effect OF the decision against
the Northern Securities company was
most keeny felt In the prices OF stocks
on Monday. and since that timo there
has been a gradual and steady recovery
I'm prices.
Advices from abroad are to the effect
that instead OF viewing the decision
against the Northern Securities company
with apprehension. investing interests
regard II favorably for the reason that
they opposed the continual organization
OF giant companies and the issuance OF
new securities. and testified their APP
proval by purchasing heavily the better
grade OF securities. Their opinion r. that
holding companies like the United States
steel corporation can easily be trans
ferred into operating companies. and be
without the pale OF the Northern Securi
ties decision. This view also seems TO be
held by western spectators who are
rather bullish on the market.
The decision may be the means OF In
teresting the public In the market osce
more.
In view OF ths general pessimistic talk
which-now that prices are Lows heard
on every hand. It should be well TO bear
In MIND the 1olloWing factS:
l. The country enjoys today the best
crop conditions ever known at this time
of the year The present indications are
for a winter wheat crop far In excess
OF any ever raised. Remembering that
crop conditions abroad are relatively un-
favorable. this is n favorable feature OF
the first magnitude.
2. Railroad earnings at the present
time are extraordinarily large, and indi-
cations point 10 larger net earnings than
were shown last year.
3. Foreign trade is in particularly sat
isfactory condition, and the returns for
the month will show exports 10 be far In
excess OF imports.
l. Foreign investments In our securi-
ties Is now proceeding on n steadier and
larger scale than for some time past.
8. The manufacture OF new securities
is at present at a standstill.
Considering the bright prospects for
general business. prices at the present
appear TO be very low. Taking the aver
age closing prices OF twenty-five leading
New York stocks:
The highest averagel for last year was
1885 (July 26th).
The lowest for last year was $3.50 (Dec.
1lth).
on Monday the average Of these stocks
was S4.24.
From the above Il will be seen that
prices are at the lowest level they have
been for many months and are in many
minds at what will later prove to be
hard pan. While a bull market IN
hardly probable now. IT seems very like
ly that good traders market will be
seen for a number OF days TO come. dur
ing which the tendency Of prices VIII be
to advance.
II the stock market ever was reason :
aby safe, II should be at the present
time, In view OF the severe liquidation
which has taken place during the past
week. and during which stocks have
gone from weak into strong hands. Inn
provement in the financial situation
ought to be very marked during the next
sixty days at least.
We are strongly advised TO buy on all
declines the better grade OF railroads ana
that such purchases made In Pennsyl-
vania. New York Central. the Atchisons'
Union Pacific, Baltimore e. Ohio, Mis-
souri, Pacific and Rock Island should
show, within a short time, good prohts'