The Providence news. (Providence [R.I.]) 1891-1906, 1905-02-03
FIN X AHCIAA.

Financial affairs. commercial affairs.
industrial Affairs and such other affairs
as are directly concerned In the rise and
fall OF mems fortunes have lately taken
on decidedly satisfactory aspect and
Rhode Island, like all the busy sections
of the country. has experienced fully the
beneficial influence Of prosperity. A pc
cullar problem in economics at present
confronts careful students OF the indus
trial situation and Is OF especial interest
10 Rhode Islanders.
Early last summer the looms In Fall
Rivers many cotton mills were abruptly
stopped by the striking OF tho opera
tives. Seven million pieces OF cotton
cloth were taken from the total produc-
tion OF the country's mills by the six
months idleness az the Massachusetts in
dustrial center. Curtailment In other mills
reduced the output by as many pieces
again SO the consumers OF cotton cloth
at home and abroad were 10 be supplied
from a stock depleted by some $4,000, 600
or 10. 900. 900 pieces. Those that followed
the market for finished cloth maintained.
al least the ma jority ma tai ined. that the
supply would be inadequate TO the de-
mand az that when the looms were once
more set I'm motion there would BE- need
OF increased productiveness 10 redeem the
shortage.
Not long since arbitrary influences es-
tablished such relations between owners
and operatives as permitted the resum-
ing OF work The mills were started and
every effort brought 10 bear TO advance
the production OF cloth a. rapidly rs pos
sible. Cotton men awaited the demand
for new cloth. which was theoretically
Inevitable. They are still waiting. II re-
port IL reliable In Massachusetts, man
ufacturers are wondering why no demand
Is made and Of course the failure OF the
consumer 10 respond 10 the expectations
OF the producer tends to depress the state
or affairs with the latter. The cotton
cloth market is peculiarly low when COM
pared with anticipa ted conditions
Authorities upon economical matters of
this sort are not n present settled as 70
the cause. One says that possibly the
IA pId increase in national prosperity has
made the public partial 10 ctoicer fabrics
and that cotton is not SO commonly
bought. No notable advance in the for
tunes OF the weavers and selless OF higher
priced goods. is al present noticeable so
that this theory harry is convincing.
Possibly the production of cotton cloths
was in excess OF the consumption so that
when the shortage came II made possible
Whatever explanation one accepts the
fact remains unchanged that since the set
tlement OF the Fall River strike New Eng
hnde's cotton mills have looked in vain
for an unusual pressure on their produc-
tive facilities. OF course this economic
problem is OF much interest 90 Rhode
Islanders as the conditions involved are
reflected in tf1e cotton situation here.
The cotton market has been active OF
aSa wiz tnv Dc
higher values Today II has advanced
moderately. but IS devoid OF spectacular
feature The unusual virility of the ma
tional financial market IL reflected in tho
pros spering fortunes OF a discouraged and
depressed produce market such az cotton
has undenably been OF late months
The situation in the general security
market has emphasized conclusions reach
ed on other recent days. The market is
advancing under the powerful influence
OF bullish interests that have not Yet ex-
erted their best strength. The public IS
out OF the market. select investment is an
underlying indication OF sterling Strength
and speculation Is directed towards the
working out OF the gigantic railroad prob
lens that will not he denied. Throughout
the list OF eminent railroad properties.
east and west. north and south. activity
OF a prosperous sort is broadly indicated.
Reading has lee all the rest today, show
ing exceptional trength and being extern
slvely dealt in. During the forenoon II
advanced steadIly point by point until Il
stood conspicuously high. being quoted
at 81 and more. Conservative opinion
maintains that this revived liveliness I'm
Reading Is purely speculation upon future
possibilities and in no sense investment
upon present merit. Reading = in line
for big success In the next six months
and with a cizable increase in dividend
extremely probable financial
Prometheuses await still higher prices.
Pennsylvania and New York Central have
been very strong today. IN fact all along
the list the most select securities have
been up and doin' to their material i'm
provement.
Extensive gold expectations during the
week have awakened a lively interest in
the bank statement TO be made tomorrow.
BY no means fearful for the integrity Of
American finance, men OF affairs are eager
to learn exactly what the result OF gold