Evening journal., 1901-01-26
THE MARKETS
Letter on Stocks. Cotton, Grain, Pro
visions
special to the Evening Journal

cRGtAdA 70 the Evening aouAuhAs
New York, Jan. 25-The unexpected, OF
rather the unprotected, generally always
happens. The Wall street oraCles In say
ing that pandemonium would reign when
Queen Victoria passed away and that in
vestors and spectators would scramble
to sell. stocks We're never more In error
In their lives, for beyond a little natural
seHng I'm anticipation of such All occur
renee the actions OF stock investors were
entirely to the contrary, and the reality
was met with the strongest market of
this week Monday Tuesday and We'd
organization Of the bull forces and an
upward movement upon conservative.
prudent and orderly lines, and While the
higher prices brought about have been
shaded somewhat by the wave OF profit
taking they induced, the tone Of specu-
latiOn has been strong, the market solid
and healthful and with an upward ten-
dency Beyond the deplored death of
England's good queen and its temporary
sentimental effect upon speculation the
other influences and aCtualities have had a
most potent effect upon sentiment and
many strong and important conversions
nave been made from the bear to the bull
side. Money continues extremely cheap
lt is evident that there Is an improve
ment in the steel and iron companies re-
lauons and community Of interests will
be established i'm this important branch
or our industry as is at the present time
being perfected in our numerous trans
portation lines. and 10 is natural to con-
clude that the work Of revivifyinE the
railroad and other corporate property now
begun by tho large financial interests win
not be abandoned until the work Is salts
iactorily completed and shown in direct
results. Railway and industrial stocks
are showing almost constant and inter-
fuP1ed gains over the corresponding per-
lod OF a year ago, and while manipula-
tion is evident in the market and al the
present time bearish forces are working
Tor substantial decline, IL should be re-
membered that manipulation OF this
i Shsracler Is liable to change radically
and suddenly, especially when the legiti-
mate situation taken all in all does not
warrant success on the part of profess
sional elements now working 10 carry the
reaction further
COITON.-The humors OF the profess
slonal element i'm control of the market
during the first OF the week were eN-
tremely variable. but led to net results
while beneficial were yet disappointing
and though the actual conditions existing
We're friendly the pit crowd and bears
We're not However, they were desperately
afraid 10 90 short. and IN the absence Of
outside support. such conditions brought
about ieatureless market with the eN-
ception Of strength shown by spot cotton
and the snail varied price changes The
feature OF the entire week has been the
RUE or spot cotton as reflected in the
January, February and March positions
ittte- he~-uinei went out m blaze. of
glory and a satellite pulled Tanuarv ur
with H. Now Fehruarv Is actinr ueiv
as flr as hearifh hopes &C. and oven
March is Being Influenced favor1bly Ths
Bear contingent points out the fac. that
aplnners are not taking cotton WHY
should they when thoy can buy February
contracts 81 80 cheaper. and Nav con
'racts S2.50 cheaner2 Necessarily they buy
their supply az the future delivery com
Ter and The luckless seiler. who has sola
WHAT wasn't Ills. f.sf
TO prison. then the still more luckIcss