The Providence news. (Providence [R.I.]) 1891-1906, 1905-01-09

FINANCIAL

Following we'll established precedent the
stock market has been dull since the COM
Ing OF the new year. today's operations re-
pesting the general hstlessness OF last
weeks trading. The market opened In
practically the same condition as at Sat
urdays closing. A slight strengthening
was apparent in railroad securities, while
traction stocks. Metropolitan securities
were perceptibly weakened.
The first hours trading showed little
energy. The professional operators were
| active In buying and selling on tiny
fluctuations. the reports indicating a con-
tinuous agitation OF slight Importance. AT
IL o'clock the market seemed 10 have little
| ambition 70 achieve notable activity and
| the ticker licked lazily and uninterest-
insly There was nothing about market
quotations prior 70 noon to arouse enthu-
siasm.
Shortly after the sun had crossed the
meridian tho market brighteaed up and
| prices began TO rise as though new.
powerful force had been exerted on the
New York exchange. a force OF bullish
| inclination and efficient strength. Prices
| on traction stocks went UP and the whole
market rose from one TO two points in a
comparatively short time or course.
such turn was favorable for a revival
OF speculative activity. and I'm some local
| offices traders Strengthened up. an
| ticipating a boom, which didn't ma
teriahze.
| BY o'clock the dullness Of earlier
hours had returned and the outlook for
the remaining portion OF the days trad
| ing was disa ppointing. The only possible
/ value Of the miniature boom OF midday
was that II indicated a genuine liveliness
Of the market and promised increasing
activity as the week progresses. II broke
the monotony OF stupid day with
| brokers and spectators. Amalgamated
| Copper with United States Steel were fea-
tures during the morning. their quotations
being successfully stronger and stronger,
though trivial fallings kept the prices
| from reaching disturbing heights.
The present condition OF the American
market Is worthy OF far more careful
analysis than the crowded columns OF the
| daily press can accommodate. The
earliest January trading Is always char
acterized by scepticism and restraint.
| Great activity Is never looked for at this
period OF the year. fluctuations being
slight. though frequent and uncertain.
Whmsicalities are prominent from hour
| TO hour during the busy periods in Wall
street. Single securities spring strangely
| 10 the front from time 10 time. are ex-
plotted vigorously. fell the force OF favor
ing influences for a little while and then
drop back into the general run OF affairs.
Those who follow the ticker with more
| enterprise than shrewdness are often
times led 10 regard this early January
lassitude as sign OF weakness and TO act
| accordingly, much 10 their disappoint-
ment, when little booms drift along The
market weakens and strengthens curious
| " from day TO day under conditions that
defy clear explanation. and usually the
close of February finds the general situa-
ton unchanged from that at January S
commencement. The market during the
late winter months Is prospective more
than retrospective The promise OF spring
is the chief stimulus at work in the finan-
cial world.
Although the market is at present
simply living up TO the precedents al
recent years. II is far from improbable
that before the world is much older a
decided upheaval will be felt in the larger
financial circle. coming from sources un-
suspected and unappreciated, working
vitally In the market and accomplishing
a striking change. 1t is this possibility
that buoys up tagging interest in present
deadened speculative operation.
The success and failure of the fall har-
vests throughout the world have been
fully guaged and their effect upon the
market practically settled. The fortunes
OF coming spring harvestings are the most
vital matters for contemplation in finan.
cial circles and until approaching warm
weather brings more reliable information
bearing on the matter spectators will lay
low with watchful eyes and restrained
actions
One other interesting. dulling influence
at work upon the market is the activity
of national and state legislative bodies
The possibilities of powerful legislation
favorable and unfavorable. governing tho
financial world IN its operations are un.
usually startling this year. the strength
of the administration being so great as tc
arouse misgivings as TO the fortunes OF
many measures now before the public
eye.
Underneath the dullness OF the market
there is a subtle sense OF strength, rest.
lessness, potential energy liable to find
expression In violent and deeply effec-
tive upheaval There is a plentfuness OF
money I'm the land that grows daily and
would seem fit TO remove the ban OF indo-
lence and inaction from tho dormant mar
ket
At the chamber OF commerce today the
members following the ticker quotation
have had pleasant diversion through the
arrival and placement OF the new weather
map The affair is some ten feet long and
eight feet wide being large chart OF the
United States destined 10 bear each day
the records OF the weather bureau.
THE BOSTON MARKET.
Boston, Jan. 9-There was very little
commission business noted in the early
Boston stock market today. The tone was
irregular. Arbitrage houses were the
principal buyers OF Amalgamated. There
seemed TO be pressure to sell United
States mining In the general market
American Telephone was the weak feat
ure, declining on scattered selling.
The loaning rates reflected the short
selling of late There was a decided In
crease In the short interest of Amalgama-