The Savannah morning news., 1901-04-15
WEEKLY MARKET REVIEW.
Excitement i'm Stocks Keeps Up-Cot-
ton About Steady-Wheat Slightly

Following the unfavorable developments
during The holidays noted here week
ago, spasm of weakness attacked the
stock market on Monday, causing a smart
break throughout the list The decline
was SO general that many people jumped
to the conclusion that the end of the boom
had at last been reached, and that the
long talked of collapse was at hand. But
ample support was promptly supplied, and
the market Immediately afterward re-
sumed its upward career.
Many of the most active stocks again
made new records, Burlington 1924 Rock
Island 1864, and Northern Pachc within
Is of par. General Electric rose to 2S4, and
Consolidated Gas to 232. Colorado Fuel
added TO its recent remarkable squirt by
jump on Saturday of about points to
S21z; Sugar was also strong on Saturday,
reaching 147. Tobacco sold above 100 ex-
dividend Ia points, an advance of nearly
points. These are on.y some of the most
prominent features. Many other stocks
enjoyed gains almost as large. An unim-
portant reaction occurred a the close on
Saturday, due to realizing, but prices
mostly held SO near the top as to give
evidence of extraordinary strength.
A future hardening in money pub the
rate to and Z per cent; this, in turn,
caused reaction IL loans, so that while
the banks lost about $2,O00000 in cash,
the surplus reserve showed an increase
slightly larger than that amount. This
statement being much more favorable
than had been expected carrier, had much
influence in the late strength.
The growing tishlness of money and the
evident nervousness of the pubic are
signs that the eliminating point, gener-
ally speaking, is now not remote. And
yet a good many stocks are susceptible of
great enhancement. Why, for instance,
should Tennessee Coal be selling Is or 20
points below Colorado Fue4, when the for
mer must be regarded intrinsical.y as
vastly the better property? Other stocks
with great possibilities are Erie, Reading,
Wabash Southern Pacific Pacific Mail
and Continental Tobacco.
There were no developments of particu-
lar interest in the cotton market; prices
1uctuated narrowly within comparative
by restricted range. Old crop months
closed 5 points lower, May, sole; july,
1880. New crop months about unchanged.
The movement continues large, being
nearly double last years, giving evidence
that there is cotton enough in the country
TO make the crop about 10,500000 bales, II
IL dil COIueS ILL., IlepOItS On tue plOSlCSS
of planting are in the main quite favor
able, although the season seems slow and
backward. Despite these bearish inf1u-
ences, however, cotton has already de-
cnned so severely that no further mate
ria. decline ought to take place until il is
definitely known that the new crop has
had a good start upon a large acreage,
and this cannot be known for nearly two
months.
Wheat f1uctuated within narrow range,
and closed rather heavy at a fractional
dec,ine May, 702sc; july, 7U9sc. The bu-
reau reported the condition of winter
wheat 91.7, nearly 10 points above the av-
erage. This, on a large acreage, would
promise a rd-breaking yield, but the
fact of numerous reports of the hessian
fly causes some fears of serious injury
later from this source. With a contnu-
ance of present advantageous weather
conditions, the general drift OF the mar
ket would appear to be downward.
VIM. T. Williams