The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-01-07
WEEKLY MARKET REVIEW.
i'm stocks bordering on
COnfusiOn--COttOn, Grain and
Provisions Higher.

Far from showing any abatement, the
tinues to increase. On Thursday the mar
ket turned weak, chiefly owing to unfav-
orable financial news from abroad, espe-
cially the advance in the Bank of Eng
land rate from to per cent. On great
pressure to sell prices broke sharply and
the bears, if it may be assumed that there
are any bears left, thought their day had
come at last. The opening was again
weak on Friday, but very soon the won
derful inherent strength of the market
again asserted itself, and what looked
early like a panicky day developed into
the widest bull day probably ever known,
with the volume of transactions far cx-
ceeding all previous records. Saturday
was a day of tumult and confusion, sales
reaching nearly 1900 goo shares in the two
hours. sharp early advance was sue
ceeded by a feversh decline on enormous
realizing sales.
The latter part of the week was full of
sensations. The most important, as far
as effect on the market goes, was the APP
parently authoritative announcement that
the interests in st. Paul, Northern Pacific
and Great Northern were to be conSoi-
dated, and that st. Paul was to be guar
anteed 6 or Z per cent and the present
surplus distributed. The effect was a
jump of 1872 points in St. Paul from Fri
days opening to the close. 1t further adj
vanced some 3 points Saturday morning,
but fell back later, closing at 1874, a net
gain for the week of over 10 points.
Northern Pacific similarly rose nearly 10
points, to 80. closing at S7A.
Another bulliSh sensation was the an
nouncement of the lease of the Jersey
Central by the Reading Company, on
which the former closed II points higher.
But there were also some bearish de-
velopments. The Rubber stocks, which
were buoyant on Wednesday, turned weak
the same day on reduction of the divi-
dend on the preferred, and afterward
weakened further on talk of trade war.
| The result was a decline of IL points In
the common, to %, and 10 points in the
preferred, to 20. Sugar likewise broke
sharply on a denial of the reported set
| Element of the long-exisJing war with the
Arbuckles. 1t fell from 147A to 1856, and
closed at 1873. Tennessee Coal was an
| other weak feature on growing belief
that the dividend will be either passed
or reduced during the ensuing week. This
| weakness in Tennessee had more or less
| depressing influence on the other iron
| and steel stocks. New York traction
! stocks are also lower Thus the genera
| position is very much mixed, but the net
result shows more declines than advances
! The bank statement on Saturday was
| favorable and bullish sentiment is still
rampant. Conservative opinion faVorS
| buying on weak spots. There are many
! stocks which have so far been practical
| ly neglected and these will probably be
| taken up in turn.
| Cotton was somewhat more active, ant
| prices have improved, January closing 3
| points higher. at 992c; May, 26 point!
/ higher, at $3.50 The firmness was partly
| due to apprehension of manipulation o.
| January delivery, aided by smaller re
! ceipts. 1t is possible, however, that tn
movement has been to some eXten
| checked by the very Indictment weather
| The New York stock is increasing slowly
! but is still far inadequate to allay fear
of a bad squeeze on the part of Janu
/ airy shorts. Much now depends on tn
| amount of cotton which will be attracted
to New Work during the next two or three
| weeks.
There was increased animation in gran
and provisions. May wheat closed a
higher, at 79Ac. Provisions closed strong
pork $1.S5 higher, May, $1S.T1a; May rib
45c higher, at 500. 1t looks like dea
is going on in provisions and higher price
! are likely. AS for wheat, while 1t ais
may advance further, soc for the May op
ton seems a very good price under exist
| inc conditions. VIM. T. Williams.