The Providence news. (Providence [R.I.]) 1891-1906, 1905-02-01
FIN * HCIAL.

January February and even March
may be termed the months OF sloth,
lethargy and Indifference where business,
finance. trade and commerce are con-
cerned.. No matter how gifted the coun-
try may be with unmistakable signs Of
prosperity: no matter IL there is con-
tlnual allurement cast before the public
for IL 10 abandon its blind adherence 10
tradition and enter into that lively ac-
tlvity which conditions would sanction,
there is still a marked restraint in the
commercial and industrial world which
will not be aba ted
From Wall street comes the cry against
pubic apathy and the failure OF the coun-
Try 70 rouse itself 10 present opportunities
IN the way OF money making. commercial
expansion, Industrial progression and gen
eral prospering OF It's material condition.
This cry from the heart OF things financial
may well be regarded as yoicing the state
OF affairs provincially In the lesser mar
kets or the country the same dearth OF
public asserdyeness r. remarked upon and
bemoaned while In places like this city
and Its environs the sluggishneSs OF busi-
ness Is accepted as natural and unavoid-
able.
In New York today financial interests
are conspicuously directed towards the SO
luton OF the great existing railroad
puzzles No other episode in the opera
tons or the rational financial situation
can command attention at all compa rable
TO that directed towards the rising and
falling fortunes OF the nightly railroad
interests. Not long ago the highest court
In the land rendered its Decision upon a
matter ut vttI import TO the railroad In
terests. That decision stayed the consun-
nation OF pending transactions TO the end
suned again its curious activity, apUy
termed speculation upon rumor.
Yesterday IL was noted In this column
that Wall street had accepted an insistent
"A gigantic
pass in which great railroad interests
would combine TO tho inestimable advan-
rumors have so far tumbed from grace as
10 lose n fair measure OF their potency as
influences In the market Great railroad
deals seem TO be az a standstill that is
agitation. The market is depressed and
apparently at very critical point In its
career.
Prices opened fractionarIy changed from
yesterdays close. The greatest changes
were towards lower quotations. II has
been brisk and lively day and a valuable
day in the matter Of extensive transac-
tions 4 great deal of stock has been
a dearth Of securities accessible for spec
ulative purposes. The quotations during
the forenoon were declining ones. The
great railroad properties seemed 10 feel
the depression most keenly. Traction
stocks led the list in energy and extensive
operating. Industrial securities have ap..
torpid action 1t was apparently a case
of gathering conviction that prices in
some directions were abnormally high,
gradual decision in favor OF a restoration
Of normal prives. and. OF course, heavy
selling for realization on the reaction.
Northwest and Union Pacific were ac-
tive but depressed. The former stock,
which yesterday rose TO 249 and more. was
down 10 Al1a before noontime today and
vacillatinR about that valuation. Union
Pacific rested uneasily at l2l and 10. The
Vanderbilts have virtually denied that any
deal with Chicago and Northwestern and
tho New York Central roads is pending
This denial has dampened speculative en-
thusiasm apparently. other lately feat
ured railroad stocks we're active and tend
noon. The failure OF the directors Of the
Cleveland Cincinnati, Chicago and ST
Louis road 10 increase the dividend rate
above per cent. on the common stock
resulted In a decline In the quotations on
that excellent security.
The quarterly report OF the United
States Steel Corporations affairs was out
yesterday and exceeded optimistic expec-
tation- II failed 70 exert any great in
fuence on the condition OF steel stock as
n was quoted this morning. Copper ia
again asserting it's right to prominence
and indications point 70 an imminent as
sumption Of chief notoriety Amalgaznated
Copper is bestlrring itself though It's
morning experience today was not con
vincing az great proweSs. The cotton
market has had an off day.