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

There has been a distinct decline in ac-
tiv'ty in the American market today. IL
Is IL continuation OF a depressing tendency
that developed yesterday after II was dis
covered that for the time being there was
less doing in the way OF combines and eN-
tensive transactions than had been COM
monty anticipated. Last week. as the
week end approached the attention of the
business world was held closely by the
developments IN the security values OF
those great money-making railroads in
the west At the time riImors and sugges-
tions concern ing big deals were faithfully
noted in this column. Today those stocks
are no longer principally active. their
prestige being usurped by other import
art railroad securities, notably those
whose wealth ~ derived from choice hold
ings in the coal fields
Reading has been the feature OF the
days trading. It's fortunes have risen
we'll and there has been a striking activ-
ity in the stock. Other great roads pro-
ducing coal and carrying IL have come in
for lot OF attention. Baltimore and
OHIO, Delaware and Hudson, New Jer-
sey Central. all have been buoyed up by
favorable operating Just why the tide of
favor has turned 50 abruptly in the direc
zion OF the coal fields is not reported. IL
IS commonly known that great wealth IL
daily revealed In developments, done IN
the coal producing regions and doubtless
property benefting by prosperous condl-
tions such az are known 10 exist therein
is favorably viewed by the powers that
be
Extravagant bartering in Union Pacific
stock and that OF the Chicago and North
western has subsided and those valuable
securities are today quoted az reduced
valuef that are quite normal in the light
% existing conditions. There is growing
behei among cautious ones that prices
are too high and that IL is favorable to he
on the short side Of the market Actual
quotations received from New York ana
reports OF trading done do not particular'
ly warrant such timorous view. the
could stocks have been generally strong
today.
Industrial stocks are quiet though
hishering moderately. Copper and steel
manage 10 gain A little on the long run
ana are attractive features In the mar
kt Much comment IS made upon the eN-
traordinary merit OF the recently Issued
quarterly report of the L. s. Steel corpor.
alton. A favorable movement In steer
would not be surprising In the near IL
ture The enormous success or that cor
norstiou in the way OF expanding business
and earning capacity is a delightful indl-
cation OF the great strength and sofia II
OF the national industries. A deal or 'alh
was heard this morning on the matter OF
cold eYport Vest erday an enormous snip
IN. nj was made and others are looked FOR
soon. II very many millions Of dollars are
10 be taken from the country. rich as II
is in money. a change Ia bound TO result
In the aspect OF the financial situa tlon
lele.
Cotton opened steady this morning
Prices were generally higher than at yes.
ter6ays closing. Liverpool responded Wen
,nd during the forenoon the quotations
maintained a pnoderate use and fall about
10 cents. The cotton outlook Is regarded
ts very favorable and IL seems as though
steady advance should be made in prices