The Providence news. (Providence [R.I.]) 1891-1906, 1905-01-06

FINANCIAL

Wall street this morning was inactive
the market listless. prices practically
unchanged from yesterdays closing quo
tatlons. buying light. sensational specu-
lation and financial aggressiveness miss
ing features in the earlier hours OF trade.
Those who know the ins and outs OF
finance call today's market a "profes-
sionar' market. implying the predomi-
nance OF professional Spectators on the
stock exchange. The general public. the
great number OF individuals that dabbles
warily on the outer edge OF the stock
market. taking its gains eagerly and its
losses charity. easily affrtghted. Is not
indulgent at present and It's absence from
the market Is widely commented upon.
Such large commission houses as
conduct branch Offices In the lesser cities,
wire houses they are styled. are COM
planning today OF a considerable decrease
In their business. The market. when
under the discouraging influence or public
apathy. Ia easily bid up, there being so
little stock for sale: then Il is as easily
forced back for lack OF buyers outside
to take stocks AT advances OF one per
cent. or less. Thus the fluctuations are
frequent and Of slight magnitude in a
market such as today's,
AS was the case yesterday. hourly rise
and depression has furnished the prin
cipal matters of interest 10 followers OF
the ticker today. Speculative operations
have been lively I'm certain directions
gauged purely by the frequency OF petty
fuctuat tions In securities concerned. Such
trading is In no way profitable. gains
and losses being equally light and none
but the trader hopelessly stricken with
the fever OF speculation is capable OF sus-
tanning interest in 90 mconsequential a
pursuit.
Although the superficial aspect OF the
days trading has been trivial there Is
an undercurrent OF insistent and force
full traffic in a few powerful securities
that indicates favorable developments in
the near future and prompts financial
wiseacres to cheeriness. There Is a class
OF spectators and a class embracing
large numbers OF fnanciels II Is, too.
that conduct operations upon the swing"
theory. that the market Is swayed up
and down with pendulum-like regularity
and certainty On Dec. 20, the Amer
lean market reports showed a strength
nearly equal TO that attained on the Sd
Of the same month. on which day the high
point of the bull market for 1904 was
reached. The swing theorists look for
which shall carry quotations higher even
| than they stood on the Sd day OF last
month This confidence is tending 10
! restrain the traders OF the class referred
to 10 the dulling OF present activity.
Today's quotations have shown little In
| the way OF sensation. The earliest re-
pos showed an opening of the market
neither stronger nor weaker than yester-
| days close Thereafter the market rose
aY,1 Gall 10, Aat,. ltst
over the local wires worthy OF more than
casual notice. Amalgamated Copper has
| figured prominently. II opened al a. ex-
perienced a slight drop and then resumed
| its earliest condition. Comment is made
| that a bullsh movement in this inter-
esting and powerful security is imminent
The copper market is very strong. mining
reports indicating extraordinary plente-
BUSINESS OF the metal. Thomas w. Law
son OF Boston has ceased to terrorize the
financial world. and the time for n strong
advance In copper seems at hand
An agitation over unhealthy railroad
stories from the west, notably from Atchi-
son and Topeka quarters has stayed the
traffic In railroad securities TO a con-
siderable extent. There is evidence OF re-
course on the part Of certain weste ern
roads TO unsavory practices, the granting
OF freight rebates seeming especially
aggravating. This suspicionable informa-
tion has taken the life out OF the market
in railroad securities and a widespread
disgust Is apparent.
The market has been dormant. has
neither collapsed appreciably nor ex-
perienced a notable impetus, resting in
lasstude. Socially the effect OF dullness
has been very apparent. The tickers
have licked merrily enough. but they
have licked to little purpose and few have
| cared to listen TO their clicks and claclcs