The Providence news. (Providence [R.I.]) 1891-1906, 1905-02-08
FIN X ANCIAL.

Reports from yesterdays business give
further strength 10 the assertion freely
made OF late that business locally is dis
nially quiet. What business there is is
good business however. and there is no
real cause for grumbllng for fear OF the
future. The past week in real estate has
been dead. Fewer transactions were car
ried through than IN any week for many
months. There Is an effective embargo on
real property dealins which so dulls the
ACTIVITY OF local capital that il scarcely
moves at all.
IN other businesses the same lethargic
tendency Is apparent Banking is suffering
for lack OF energy and the whole financial
system OF the city is drowsy. In other
years these conditions. 80 Improbable
and dlscouraglng to all concerned. have
been experienced here and have seldom
been met with 90 commendable a spirit OF
forbearance and patience as is'at present
apparent in local business circles.
Underneath this reasonable depression
is quiet and persistent strengthening
force trelessiy at work improving the
to,e OF the situation and resisting effec-
lively the efforts OF reactionary influences
10 bring disaster 10 national business. In
oil quarters stability ~ indicated In hnan-
cial Industrial and commercial conditions
and a minute inspection OF the situation
as IL Is presented today fails 10 bring 70
lirht any reasonable cause for apprehen-
sion.
notabl trend in the attitude OF busi-
ness men throughout the country is that
IN the direction OF Improvement In the
moral tone Of businesses and Industries
great and small There IL widespread and
open effort 10 remove the stigma OF un-
righteous and illegal practice from the
conduct OF American business. The public
Is nightly stirred up over those great
rroblems before the national Legislators
concerning the ridding OF the country or
some very special evils. the matters or
railroad mismanagcment, corporation re-
strlotion and many more upon which coll
u;nns are daily Inserted in the papers. II
is gratifying 10 note this new and keen
interest which is being stirred up in the
lana and doubtless great good will come
from ~.
Every hour further evidence is forth
coming TO emphasize the extraordinary
r,trlt OF the industrial situation. Copper
Is forcing IT'S way 70 place OF highest I'M
portauce among national industrial posi-
y
grade copper is OF enormous volume at
present and a ready and profitable mar
ket IS providing abundant stimulus 10 the
III oducing interests Copper must be con-
slered in the same breath with coal and
iron as a ruling mineral product and can
be.wounted upon 20 achieve great promi-
renee as a source OF American capital ,
TIE evident subsidence OF conflict in the
T'ar East promises an early cessation or
the war; then will arrive a recuperative
period for both contestants In which ex-
travagant demands should be made upon
american iron and steel production. There
is every reason for predicting extraordi-
nary advances In the values OF Industrial
properties here in America during the
next year
with the raisers of crops similar pros
peTity is drawing The winter has been
severe and has at times Rravely imperiled
the prospects Of national farmers Wheat
and corn are substantiatial as TO the out
look and many thousands OF dollars
should be realized In excess OF recent an
nuL profit making. At present a large
e. "a OF the country Is laboring under the
trying visitation OF severe weather and
from the storm bound regions unrestful
reports are made.
Yesterday 1t was officially announced
that the total amount OF cotton ginned
up TO January l6 was 133oo.0oo bales. An
&. ormous crop; record breaking crop
by thousands of bales. With 40 much
marketable cotton TO be taken account Of
the outlook for fancy prices Is dubious
/ 1clay the market has been irregular, &C.
tive and quite satisfactory in that II re
spt nded bravely TO bullish operations and
at one time during the forenoon was re-
ported as standing at the high point in
valuation, that is being quoted at as high
a figure as any that has been reached
since this present rise commenced. Con-
soivatve opinion seems TO learn towards
lowering prices.
The security market has had vacilla ting
experience today. 1t opened decently
rong and Immediately entered upon an
irre gular experience In which Il ad-
Val ced more than IL retracted. Industrials
were strong and railroad stocks presented
many attractive qualities. Reading COM
mon was exceptionally active and made
good during the forenoon in a generous
fashion There was much reactionary
inurmuring early In the day but there
seemed little or no response TO the pessi-
M tic prophecies.