The Providence news. (Providence [R.I.]) 1891-1906, 1905-01-13
FINANCIAL

The briefest expression OF the stock
markets condition this morning is that
It was close The Opening prices were
strong, some being I'm advance of yester-
days closing figures. others showing
decline. The trend OF the market during
the forenoon was favorable, towards high
er prices
The attention OF financial people was
directed at the opening OF the market to-
day 10 Manhattan traction securities.
which experienced quite boom at yes
terday's closing trading. The soaring
tendency OF this stock seems TO have sub
sided as this morning II showed no con-
spcuous activity.
The prominent Pacific stocks have been
quiet today. remaining at practically yes
terday's closing figures UP TO noontime.
Amalgamated Copper seems content to
rest at "A. and current gossip prevails TO
the effect that that figure is too high IL
anything, that stock paying but 2 per
cent dividend Dlligent inspection OF the
mornings report failed TO reveal any
special security worthy Of featuring.
The apathy OF the general speculative
public continues and today's market has
been professional" that word being
most appropriate. There Is a gradually
developing idea among followers Of the
market that the big men, the fellows
that own the market, are unloading their
holdings such state OF affairs, II true.
Is significant above any other aspect OF
the financial situation
The American market is unquestionably
bullsh. The financial writer's I'm the coun-
sN..f..
thusiasm and abandon the great and
abiding prosperity OF US. on all sides are
financial oracles declaring the brilliant
prospects OF the near future. soaring
prices. unequalled national wealth tre-
mendous crops and expectations of ma
tional products. etc. ad lib.
Shrewd minds pierce beyond the sur
face and see behind this optimistic rant
ing and superficially conservative proph-
ecy indication To arouse caution. As a To-
cal speculator remarked this morning, 'Gf
the market is so awfully prosperous,
why are not prices rising faster?" Bearish
folks look upon the situation as promis-
ing from their point OF view. The prosper
ity OF the country none can deny; but IL
seems as If the stock market has absorb
ed already as much OF that prosperity as
IL can swing to- as the Americanism Is.
There are indications in the general as
pect OF the market OF imitation, of abnor-
NAL values. The market has gradually
attained condition of expanded valua-
ton which promises poorly for further
rise. ''rhe market is ripe and ready for
the harvesting" said one local ticker fol-
lower this morning. Bloodletting was an
effective relief i'm cases of inflated blood
vessels in bygone years. so many consider
similar treatment as plausible under the
present condition OF the stock market.
and suspend activities in anticipation OF
a turn.
Those owning the market are apparent
ly unloading their holdings. as was said
before: they are expectant OF an opportu-
nifty to buy them back at a lower figure.
Such stock as St Paul at III may reach
175 I'm the next few days, but those who
are foisting IL on the market anticipate
such a fall in price that they can buy IL
back again at good profit. OF course this
is simply cited as an example OF what is
expected 10 occur commonly throughout
the list OF securities.
The market is expected TO gain slowly
for a little while: then will come a day OF
excessive trading. prices going up on
specific securities in a blaze OF glory; then
OF a sudden will come drop, not a panic
starting collapse. but moderate tumble
OF 10 points or so that will undue the
work of days, even weeks. From that re-
action the market will gradually revive
and will forge ahead TO higher prices
than ever. This is a brief expression OF a
sentiment that was felt among market
followers this morning.
Wheat was little less active this morn
ing than for some days. Cotton is inde-
Gently low still and dissatisfaction is
commonly expressed over it's condition.
At the chamber OF commerce. stock
sharps are fast acquiring proficiency as
weather sharps, the practice OF the dual
role keeping them very busy. Prevailing
sentiment among them this morning was
that IL was a mighty fine day. according
10 the map and their own personal obser-
vations.