The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-03-18
WEEKLY MARKET REVIEW
RAILROAD stocks StrOng-IndustriaIs
Qufet-CottOn Declines Further.
Wheat Firmcr

Quiet-CottOn Declines Further.
Wheat Firmcr,
Interest in the stock market during the
past week centered mostly in railroad
stocks, with industrials comparatively
neglected. A marked exception, however,
was American Tobacco which advanced
Z points to 1271k, closing at the top.
The feature was Burlington and Quincy,
which, after being strong all the week,
became buoyant on Saturday and sold
above $50, making a net gain for the
week of over. 10 points. Most of the other
railroad shares participated in the
strength, notably the New York fractions,
red by Manhattan with a rise of points.
The stocks which are to be formally
merged into the United States Steel Com
pany on March 20 We're inactive, as they
now offer little inducement for operating;
speculative interest is being transferred
to the future new concern. Other iron
stocks We're firm, with an advance in
Tennessee Coal of some points. Y Reports
from the iron trade continue very fat
tering, and higher prices are expected
for these stocks
Saturdays bank statement was rather
unfavorable, showing a decrease of over
10000 in surplus reserves, and the mar
ket generally relapsed little from top
prices. The undertone, however. was
strong, and the outlook favors a higher
market early in the week.
The downward course of cotton con-
tinues May sold as low as S24c, and clos
ed only points better at S.32c, a net de-
cline for the week of about 20 points.
The movement into sight was slightly
Ia CT Of1afGI CT toe ara
bnllish. Port stocks are now nearly up
to last year, and counted interior towns
100000 bales larger. In uncounted towns
end in farmers hands the excess is prob
ably $4,000 bales at least. The visible sup
ply of American cotton is now more than
it was last year, while the total visibl.
is nearly 100000 bales larger.
In the face of these figures it is not
surprising that reports of decreased con-
sumption owing to Improbable trade
should have depressing effect on the
speculative market, and efforts to bolster
prices by estimates of smaller
stocks in spinners' hands have nos
yet proved very effective. There seems
absolutely no fear any longer of a corner
in March, yet this may develop now al
most any day. 1t has been repeatedly
pointed out here THAI the bulls would re-
frain from anything like active manipua-
ton until too late in the month for much
cotton to be drawn to New York. 1t
seems to be simply a question of the ex-
tent of the short interest, and this ought
to be enormous.
Wheat ruled dull and heavy until toward
the end of the week. when some activity
and strength sprang up, resulting in a net
advance of about 2 cents May closing
7712c. Crop news is, in the main, favor
able, and danger of serious injury is be-
ing constantly lessened. No material per-
manent advance is to be expected under
such circumstances, and these little spurts
afford a favorable opportunity to sell for
a turn of to 10 cents.
Provisions We're strong and look like
going higher, but are too high now for
anything like reasonably safe buying.
VIM. T. Williams