The Providence news. (Providence [R.I.]) 1891-1906, 1904-12-29
FINANCIAL

The post-holiday activity in the general
stock market increases. This morning $
earliest quotations showed n gathering OF
strength throughout the financial system
The reports from yesterdays dealings In
dicated a trend OF affairs quite as solid
and unmistakable as 1t was satisfying
Today's market shows an uninterrupted
progress i'm the direction OF increased
prosperity and healthy stability.
The ticker today has dashed of scarce
ly any figures bordering on the sensa-
tionsl. there being apparently little de.
sire on the part OF the spectators TO EN-
ter into another such chaotic state OF af-
fairs as arose from the spectacular epi-
sode OF Lawson and Amalgamated Copper
a fortnight since Indeed. the chief feat
ure OF this mornings quotations was a
marked strengthening OF this very Anna
gamated Copper stock At opening II
showed a gain OF q Of a point over yos-
terday's closing figure and IL figured
prominently I'm the mornings dealings.
The reports from the cotton marlsat
were received with great interest locally.
The census department has published fig
ares bearing on the cotton crop which In
dicate an immence yield. The report
states that up to the 18th OF the month,
73T cotton producing counties I'm the South
had glnned 1l.S+S.li3 bales OF the snowy
fibre. Conservative estimates are made
placing the total crop as large as 13.0oo.0 600
bales, exceeding all previous figures.
Cotton has dropped To A siy-cent status
and its fall has been noted with much in
terest by the followers OF the ticker and
quotation board; not only by those who
are actively concerned I'm the market but
by many who see I'm the situation an at
tractive phase OF financial economics. 10
cally the opinion bearing on the subject
Is that even should Bear activity pull
market prices still lower, the reaction will
ultimately preserve the stability OF cot
ton stock II is significant OF extraordi-
nary prosperity.
The danger from climatic disaster to A.
nancial interests through the West has
so far abated as TO be unimportant All
securities threatened by the recent deartn
OF water have felt the strengthening in
fiuence OF the rising market and today ap-
pear In excellent condition. Hourly the
powerful force OF national prosperity
swings the entire system OF American n
nance ever upward towards absolute IN
tegrity. The prospects are most gratity
ing 10 all whose fortunes rise and fall
with the uncertain tide OF the stock mar
ket Each day serves to increase the evil
dence OF extraordinary Wtaihi'
and enhance the belief OF the people In
tho reality OF this much vaunted national
prosperity.
The growing plentifulness OF money to-
gether with the general soundness in the
business world Is "A most potent factor IN
raising the valuations OF securities and In
increasing the magnitude OF stock ex-
changes and sales. The expansion of ne
gotiable funds in the country, the increase
In the money market is not In any sense
due to a lessening in the demanD tor cur
rency in general business operations
which fact stamps the situation as most
favorable TO future developments rather
than detrimental.
The general gain was from one to three
and one-half points on increased dealings
Yesterday, n gain which has continued
this morning The market is uncommoniy
stable and proof against disastrous
fluctuations and the outlook Is locally re-
garded as a matter OF considerable salts
faction.
Barring the strengthening OF Amalga-
mated Copper stocks and the deprecia-
ton in cotton quotations the market To-
day shows little else worthy Of other tI1an
general comment.