The Providence news. (Providence [R.I.]) 1891-1906, 1905-02-20
FIN X AHCIAA.

Those expectations aroused by the
excellent conduct OF financial affairs on
Saturday last have been nicely fulfilled
today In a very creditable opening OF the
present weeks operations. Ffrmness was
looked for this morning and hrmness was
manifest from the start: hrmness sea-
esoned with irregularity. This irregu
larity is natural in view OF uncertainties
now influential in financial circles.
The mornings trading centered around
the advancing OF Union Pacific and the
sympathetic improvement In other rail
road securities indirectly involved In the
affairs OF the Northern Securities com
pany. Today the supreme court has en-
tertained the case before II bearing upon
the settling OF Northern Securities af-
fairs and Wall street has hesitsted. being
anxious of knowing exactly the attitude
OF the court towards that case In which
such vast interests are involved
A hearing has been opened today al
Washington in which arguments OF coun-
sci are 10 be presented TO the court on
the merit OF the arguments will be based
prac ctically the decision OF the court as
20 it's disposal OF the matter. II It de-
cides 70 waive its decision pending an
examination OF the mass OF evidence pre-
sented IN the lower courts then delay Of
some length will develop before the Anal
sediment will be reached. Should II
waive the examination OF evidence de
cision would come before many days. II
report is reliable
This phase I'm the Northern Securities
litigation Is most important in view OF
the effect the flnal decision must have
on the status Of certain securities in the
market II has served as restraining
influence on operations today. All special
stocks showed up creditably during the
forenoon and further advance was made
In values There is a sense ot doubtful
ness gaining strength IN financial circles,
a doubt as 10 the ability Of existing
prices 70 prevail for lons. Imitation Is
talked OF today more than for some
time. Trade reports this morning gave
still further conviction thar business is
looking up Industrially the country Ia
prospering grandly and there is absolutely
no cause for frettng or worrying among
those whose interests are most nearly
concerned with the industrial progress
I'm the land. Iron and steel reflect most
notably the progressive tendency Of the
day.
IN cotton there is no particularly new
word 10 be written. The market this
morning opened with strength. advanced
sharply for on hour and then relaxed
under reactionary influence. settling back
TO a normal level as levels 50 nowadays.
Irreg,llarity is apparent I'm the cotton
market and unusual uncertainty. Every
thing now centres about the attitude Of
the growers
They remain arm In their determina-
tion 10 hold on 70 their cotton until high
er prices develop and by protesting firm
belief IN the necessity OF acreage reduc-
tion make their bid for better values The
South has yielded a crop which provides
2,000.cCo bales OF cotton in excess OF that
aomunt estimated as the need OF the
world. That Extraordinary surplus is the
stumbling block IN the path TO higher
prices. Spectators maintain that they
who hold the surplus in their keeping
must either sell or lose IL as those 2,000.oo0
bales cannot be carried over.
Locally the cotton situation continues
dull and OF little promise. AS long as
prices remain at their present level their
will be little doing heresbouts. An en-
Couraglng feature Of the situation Is
found in the evident advance OF the dry
goods demand The spring season with
cloth merchants is destined 10 be decid-
edly busy one ana with the market for
fnished goods brisk and active the market
operations within narrow confines are pre-
GIcted for the week
Pertinent TO para graph In this column
during the past week the following data
concerning the relations between the New
York New Haven and Hartford and the
Pennsylvania railroads are OF timely in
terest
Ths great Southern New England road
Is capitalized at Ss0ooo.nD0 The outstand-
ING stock is largely held in small lots by
modest investors In Connecticut and In
Rhode Island Lately President Cassatt
Ct the Pennsylvania road purchased suf-
Ncieut stock in The New Haven road TO
command a representation on the direct
crate He probably purchased s2,0n,0p0
worth Of material interest. II is obvious
that J. 100000 can have but little say In
tho management Of an 900 corpora
tion
Undoubtedly there have been more
friendly relations established between the
two sreat roads which viii be very bene-
ncal 10 the New England railroad situa-
tion but as for a merger IL seems as
though the time were not yet ripe. The
strike rumors threatening the peaceful
nesr OF the New York. New Haven and
Hartford system have not influence hnan-
cial affairs in the slightest degree and
seem TO have lost their virility since their
first appearance.