The Providence news. (Providence [R.I.]) 1891-1906, 1905-01-23
FIN X NCIAL.

A marked nervousness and apprehen-
siveness has characterized the general
stock market today. Reports from st.
Petersburg OF a nature calculated 10
breed uncertainty and anxiety. reports
than which no ones of greater moment
and vital import have in recent times
emerged from eastern Europe, or from
sny other corner OF the world, for that
matter. stayed the general upward move
ment OF American finance.
On the opening quotations this morn
ing a depression OF from large fraction
OF point 10 as much as two points, in
the case OF st. Paul. was apparent de-
preston by no means surprising In the
face OF that tremendous Russian ealam-
ity. The market was weak at the start.
News OF a declining American market
caused London holders OF American Sc
curites to unload heavily in this country.
Seventy thousand shares were thus sold
at the opening and there was but little
foreign buying to offset so unwieldy an
acquisition of foe ting securities. AS the
morning progressed the foreign reports
betokened a strengthening -reassurance
which abated somewhat the Influx OF
foreigniy offered securities.
The American market was shocked vio-
ently and nothing but the unusual sta
biHty, the potential force of IL prevented
a grave collapse. The initial falling of
of prices stimulated bearish activities TO
t. the end that IL was nip and tuck during
the forenoon between the great forces.
Recent prosperity had endowed the mar
ket with a resilency. an elasticity which
permitted Of a marked degree of specu-
lative manipulation
A bearish assault in one direction
was met apparently with a resistance
sufficient TO reestablish the. integrity OF
the security assailed. The mornings
trading was brisk. lively and strikingly
feverish. All the feature securities were
active though generally weak. Opening
at disadvantage there was little oppor-
tupity at hand for sensational advances.
II was early apparent that the market
was doomed 10 pass through trying
and unsatisfactory day. The first de-
cline was rapid. alarmingly abrupt; then
the market braced itself and, as though
reluctant to trust It's fortunes 10 the turn
OF extensive and stupendous speculation.
lapsed into feverish inquietude feeling
continually the stress and strain OF its
great agitation. There was no grave
tumble In value on the part OF any Sc
curity, thus lending courage TO con-
victions bearing on the health OF the gen.
eral market.
Apart from the Russian sensation there
Vas little in the mornings operating 10
exploit particularly. That expensive Chi
cago and Northwestern stock, which was
-conspicuous In tha latter part OF last
weeks trading. vacillated during the
forenoon. Opening at a disadvantage IL
fell off for two points, selling at 200: then
Il rose to 225 that figure being but
point below its best quotation of last week
Cleveland, Cincinnati Chicago and st.
Louis. the big Four" experienced
slump, failing during the forenoon to meet
the antcipations of its enthusiastic
friends. Erie. which was one OF the
most active securities last week, labored
| under a disadvantage. Copper was weak
| this morning. Union Pacific. Rock ISL
| and ST. Paul and New York Central were
notably active Reading enjoyed a fair
| share of attention.
1t seemed as though the market was
restrained from taking fullest advantage
| OF It's prosperous condition. through ap-
| prehension Of profound and far reaching
| developments In the Russian situation.
Critical comment Is freely made this
! morning on the extraordinary substantial
ness OF the American railroad situation, a
| reflected confidence being expressed rela-
| tive TO the other securities on the major
/ list