The Providence news. (Providence [R.I.]) 1891-1906, 1905-01-30
FIN NAHCIAL.

The week opening tbs morning. btds fair
10 become a memorable one In the records
OF American finance. Day by day dur
ing the waning month has new evidence
been presented TO strengthen the nation
al conviction in the matter of real and
militant prosperity. Since the opening of
tie year there has been a notable ac-
cumulation Of force which. inspite of va
rious reactionary episodes. has brought
the American market to a fuller realiza-
tion OF its splendid privilege. Economical
ly considered. conditions have seldom IL
eveI been stronger in America than they
are today. Business. while somewhat
lethargic, a national and very reasonable
tendency in the world OF Industry and
commerce. Is OF a healthy character. The
relations between producer and consumer
aie today we'll calculated to enhance the
prosperity OF both; so Is the economic
Ideal moro nearly approached.
Conspicuous among the problems that
national leaders IN finance. industry and
commerce are debating upon and giving
their lively attention 10 Is the solution OF
the present railway enigma The casual
observer cannot fail to appreciate the ex-
trsordinary activity and dominating In
OF the stocks and bonds Issued by the
sleat railroad systems OF the country.
The Standard Oil lines. the Vanderbilt
lines and the Gould lines all are experi-
encing profound financial stimulation
through prospering speculative opera
tions. Men OF vast capital and power are
turning their eyes covetously towards the
securities OF the great railroads and are
accumulating large holdings OF them In
apparent anticipation OF an imminent up
hsaval out OF which they will be able to
reap a golden harvest.
The Chicago & Northwestern. the st.
Paul, Union Pacific. Southern Pacific
Erie New York Central, Pennsylvania,
RSadlng Cleveland, Cincinnati Chicago q
St Louis, all these great roads are ex-
tIavagantly represented In present stock
market transactions. the activity from
day 10 day centreing around their out
standing stocks and bonds. The prevail
Ing opinion In the matter Is that closer
relationship between connecting systems
Is to be established for the purpose or
creating a more satisfactory trans cont
rental service Today there Is an In
SIS tent rumor among spectators 10 the
effect that the Union Pacihc corporation
is presently TO take over the splendid chi
cago & Northwestern road, paying SSvO
n share IN 3h per cent bonds. The un-
usual increase IL quoted values or Union
Pacific and that other select Todo Sc
curities IL material evidence that either
.he above rumor or one substantially AKIN
&c Il IL freely accepted by the swaying
forces in the market. The rumor con-
nsct. the New York Central road with
these other two in most alluring fash-
ION. other possibilities hinted at are the
binding together OF the North Pacihc, the
ST Paul and the Erie roads, the Great
Northern, the Chicago. Burlington a
Quincy and the Pennsylvania roads.
There is a wealth OF economic advantage
sptsrent In all three OF these rumored
combines.
Today's market has been advantageous
20 security values. The opening showed
considerable advances In the more aggres.
sive stocks, with slight depression IN
those less active. At once Northwestern
and Union Pacific took the lead and at
tnined figures conspicuously higher thah
those OF Saturdays rise. From quota
tIon of 243 the former stock rose 10 1io,
lapsed a little in value, sank 10 zH ana
ther regained its lost footing, showing
much advance by noon time. Union Pa
ejlc reached l3 during the forenoon,
higher figure than any II has reached
sirce the memorable panic in 1901.
81. Paul Erie and New York CentraI
were all very strong this morning All
sustaining considerable advances and
skowine up we'll in a brisk and rising
market The Industrial securities, notably
steel and Copper were heavy during the
carlI. mart Of the day and failed TO re-
spond as fully 20 be prospering forces AT
NAV beneath the market as did the lead
Ing traction properties