Evening journal., 1901-01-19
THE MARKE rs
Letter on Stocks, Cotton, Grain, Pro
visions
speclol 10 the Evening Journal.

Special to the Evening Journal.
New York, Jan. 1S.-During the present
week the market has been exceedingly
variable, making quick changes from
Neloping many eddies in the current Of
prices, same seeming to be the only natu-
raj result of continued liquidation OF long
accounts. bear aggression and new ven
lures ON the bull side. The tendency Of
the market, however, has been toward
lower values. the apprehension Of trouble
In the steel world resulting from increased
carnegie competition and the irregular
foreign markets have had an adverse in
Iuencc upon sentiment, inducing heavy
selling Tor both accounts which could not
be absorbed by the prudent and cOnser-
Naute buying now existing, so in cOnse-
quence. price values have suffered The
teNcrisnnceS or this weeks markets indi-
Gates heavy realizing and in considering
the volume OF it, 1T can but seem that
past speculation pure and simple. induced
by exaggerated gossip, had reached reck-
leSsncss, however the substantial reaction
has totally eliminated this denlora hle
condition. strengthened the market tech
nically by placing IL ON a firm founda-
ton ana what promised to be o specula-
tive Orgle has now adjusted itself to the
calmer and healthier conditions of pru-
uence and conservatism. Money cOntin-
ues TO move toward this centre in a re-
markably large volume, and notwith-
standing the actual expectation OF q
both call and time funds is towards
greater ease Railway and industrial cor
poraton earnings continue highly satis-
factory. the business situation IS gratifv-
ing and our gold exports viii rebound TO
our advantage as we are undoubtedly
still the creditor nation so It would seem
ON the surface IN the absence of any de-
Velopment unfavorable. that technical re-
adjustments i'm stocks were the principal
element in influencing fiuctuation In olo-
tatiOns and as offerings have been grow
Ing notlceably smaller. and above de-
scrihed technical conditions healthy we
judge the rock bottom had been reached
and the general market will enjoy a sub
stantial reaction.
COTTON.-There has been no occur
renee during the present week of suffi-
cient weight TO arouse either great bear
or bun activity and while the market
mas undergone various price changes, as
strength or weakness prevailed II has not
huctuated within a very wide range when
we compare current prices with the final
ones or last week. In other words, specu-
lation is dormant for the moment and
While cotton appears to be fits own best
friend, being undeservedly neglected it,
real position Is one ~ strength and VIII
ltaullN lorce recognition al the proper
time. The declines OF Monday and Tues
day produced a wave of bearfsh enthu-
siasm which was promptly checked bv the
ADVANCE OF wednesday and the. firm mar
kets since then. Now an elements of tho
trade appear TO be waiting on their oars
IN hopes that something tangible will
turn up either favorable or adverse that
VIII influence the market A beneficial
effect has been had upon the market bS,
the decline of the first part OF the week.
IN the first place large quantities Of long
cotton upon the recession, then the sem
timental effect upon the southern spot
holder and bear contingent by the quick
recovery Of prices is also an encouraginp
FACTOR. The question of receipts IS an All
important factor and Notwithstanding the
lower tendency of the market and heavy
receipts. the far sighted conservative ele-
ment OF the trade express confidence IN
the final adjustment of values on "a basis
OF a crop not exceeding 1010o.000 bales and
consumption in excess Of that amount
The profits Of sevcnty-seven Tnglish
spinners for the year averaged lOii ner
cent. on capital invested. 70s, 900 new spin
dies were started last year and .095 O0o
spindles are IN the course Of consfrnc-
ton. Mr Tattersan the Lancaster an
thority, says the dark cloud for England
IS the prospective inadequate supply of
American and Egyptian cotton. and thai
supply Is not keeping pace with demand.
+. A. ROGERS q CO. Inc.
No, ss Wall street New York.