The Providence news. (Providence [R.I.]) 1891-1906, 1905-01-27
FINANCIAL.

The American security market today
has been interesting more through what
has not been done than In real operations.
The state OF affairs is very satisfying
and gives much promise for the immediate
future. With the Russian business so
far subsided as 10 be powerless TO work
disaster and no longer menace TO the
nrmness OF the worlds great markets. the
one important cause for restlessness and
uncertainty Is rendered impotent Yes
terdsy was a day OF steady and rapid re-
cuperation. Petty weakenings OF previous
days. when excitement mastered dis
erection and depressed the market. were
discounted and at the close OF the day
conditions were most prosperous.
This morning the earliest quotations
were In advance OF yesterdays closing
figures by substantial fraction. A night
unbroken by disqmeting reports from
Russia had proved helpful 10 the market
| and had prospered II materially At once
the ticker set about the merry business
OF reporting rising prices. Successive
quotations showed unexcited advance and
the market reached higher and higher
with an assuring leisureness and lack OF
furry that Indicated restraining forces at
play within the whirl financial. When the
market sets TO work 10 attain higher
level. two courses are open TO IT. the one
the unnatural, unhealthy sudden rise in
which care Ia not taken 10 gather suf-
ficient sustaining power, and the other the
normal, unhurried, prosperous rise which
is advanced only so fast as internal re-
sources warrant. OF this last type is the
present gain in market values.
The great railroad securities still COM
mand the chief attention. The Erie Sc
curities. features in the trading OF recent
days. assumed leadership again this morn
ing and have passed day OF healthful
and promising activity. The advance In
values has not been extraordinary in any
way. tho chief cause for satisfaction being
the excellent fexability OF these stocks
and their prevalence in the market. Erie
common was quoted al noon as fraction
ally higher than ~, figure exceedingly
satisfactory 10 interested investors The
preferred stock of both Issues has pros
pered we'll throughout the day An
element OF uncertainty tends TO silence
financial oracles on the matter OF this
Erie activity and great good fortune.
Chicago and Northwestern was a
curty OF great virtue yesterday, making
an enviable record as an aggressive and
buoyant stock. Today IL forged ahead
at the start and asserted its right 10 at
tention. During the forenoon IL rose a
full point above yesterdays most pros
porous quotation, being sold a 227. There
is q new rumor in the field that a rear
rangement OF relations is imminent be-
tween the Union Pacific road. the New
York Central and this excellent North
western line. Economically union OF
the great links OF a trans tinental
possibility is matter OF pleasant CON
sideration. Present activity in the stock
OF all three railroads. progressive actiY-
ity IL is too, lends good ground 10 such
a report and any day may witness the
revelation OF actual plans for the move
ment so briefly suggested. Union Pacific
securities were aggressive and advanced
notably during the forenoon. Southern
Pacific was also an unusually daring
stock in the matter OF advance. Reading
was a strong stock. but made no stir
calling for undue notoriety. New YORK
Central is an agreeable proposition just
now and seems on the high road 10 great
prosperity
A novel feature OF the mornings trad
ing was the energetic rise OF American
Locomotive company stock. Recently
the interests of the Rogers Locomotive
works passed into the control Of the first
noted corporation SO its prosperity was
materially advanced and today its stock
has assumed place OF great prominence
in the front rank of the most aggressive
properties. Its common stock advanced
from 34& 10 81 and a slight fraction
within two hours while its preferred
stock. an excellent investment security
went ahead by more than 3 points. This
stock will be watched closely from now
on until IL attsins the full measure OF its
new found prosperity.
United States Steel Is a militant secur
ty Just now and this morning asserted
it's power 10 the very substantial better
ment Of its condition. Nothing short OF
an earthquake can seriously disturb
sleek and fat stock as this steel prop
erty Amalgamated Copper was up and
comm during the forenoon. but failed
10 gain notable distinction. Mr.. lawson
Of Boston is apparently the butt for
merry hee e-haws from all corners OF the
country through the dismal failure OF
his last windy writing on frenzied finance.
Mr.. Lawson evidently kept up his bonn
bastic utterance against the System"
too long. Wall street chuckles and the
magazine dealers struggle with an un-
saable burden of unread Every body's
Magazine A little touch Of comedy I'm
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