The Providence news. (Providence [R.I.]) 1891-1906, 1905-02-24
FIN HAHCIAA.

Irreguarity and strength 10 resist re-
action were the two most striking char
acteristics OF the days operations In the
stock market. Further Improvement was
noted In the mornings Industrial reports.
The cotton market has been irregular and
slothful all day long while the state OF
Affairs with wheat and corn has been un-
interesting from the points OF view OF
sepculator and investor a. well.
The commercial situation makes for
greater confidence. The storms which in
late weeks have menaced and seriously
impeded railroad operation throughout the
country no longer are able 10 work dis
aster: their force Ia spent and propitious
weather prospers domestic traffic. Fnnan-
cially the present situation Is but little
changed from that which has prevailed
since the year opened. The supply Of
money is greater than the demand and
consequently rates continue low and prof
liable loans dif1cult 10 paloe.
Socially the approach Of the week end
brings little that is novel in the way Of
conditions. Business mon assert that
trade is picking up; manufacturers be-
liesve that prospects are genuinely better
and In banking circles confidence is gen
orally entertained. The week has wit
nersed little thus fer IN the way OF special
activity in local finance. trade or com
merce. Providence shopkeepers are busy
with spring stock and there Is an unusual
movement in that direction which pre-
saees husting season.
The security market as eyenplifed in
the New York stock exchange slumped
towards the close Of yesterdays fever
ish operations. This morning a strong
opening was followed by brisk trading
which restored the market 20 something
like It's best condition yesterday. II was
irregular during the forenoon and bade
fair TO respond readily to all influences
good. bad or Indifferent. specislties we're
furiously dealt IN. railroad stock seeming
10 meet with slightly more favor than In
dustrisl securities.
Professional int.rests continue 10 ma ke
the market. The public is either wise or
scared. Other years show that the public
Is not over wise whom dealing with the
stock market and also that II is easily
scared Values at present are 40 extra
ordinary that the invitation TO triie with
them IL too awe inspiring for timd
lambs" to accept. The ultimate develop
| ntnt OF this present bullish movement
rests on one thing alone; are real values
| row discounted by speculative values
Arc real values under speculative values ?
or are speculative values not yet as high
a. actual conditions would warrant? The
fate of the market rests with internal
forces rather than external II the power
beneath the market has over done its
| work then collapse must surely come. and
soon: otherwise nothing is to hinder fur
| tier progress
Union Pacific and attendant railroa
stocks with Colorado Fuel and Iron and
Tennessee Coal and Iron were feature Sc
curities In the mornings dealings. sharp
I drives ana sharp advances served 10 keep
| them at eevn level. All through the list
| OF very special securities gains were
made. The market is so strong that it's
dangerous, remarked one old broker,
! this morning, a man TO whom the ticker
and tape tell far more interesting tales
! thar TO less experienced listeners.
| Cotton was scarcely as brisk In its
| movement today az Yesterday. Demand
was fair and prices easier as shown by re-
ports. The cotton situation Ia so peculiar
that time alone can relieve its awkward
END unsatisfactory phases. The weather
In the South no longer hinders the work
! on the cotton crop and prospects are
bright in the producing regions. The de-
nand for manufactured goods increases
as the spring season approaches and the
manufacturers are hopeful that the diff
culties that have depressed cotton indus.
| trles are soon to be removed
Gossip is hot over the trend OF standar rd
| Oil affairs and the progress OF inquiries In
Kansas and elsewhere will be eagerly
followed throughout the east. Mr.. Lawson
OF Boston is freely discoursive on the sub
| 1ect and his words afford abundant mate
rial for talk. 1t was reported this morning
! that Standard OIL stock had tumbled ten
| points and more because OF threatened
! Investigations. Other sensational develop.
ments are expected In the near future In
a word. the financial situa tion today is
srlendidly strong and things are moving
| vigorously and fast