Evening journal., 1901-02-09
For a Gold in IIle Head
Laxative BrOmO-Quinine Table
THE MARKETS
Letter on Stocks, Cotton, Grain, Pr,
Ntsfpua

Letter on Stocks, Cotton, Grain, Pr,
visions
Special Correspondence Evening Journal.
New York, Feb s-The week IN stock
speculation has been attended with re-
markable results. Not only has there
been a general advance In security val
ues. but the significant Feature has been
me successful outcome OF long penulns
negotiations towards the consolidation OF
transportation lines and industrial corpo-
rdtiOns. Southern railway gained control
OF Mobile and Ohio Union Pacific of
Southern Pacific, and undoubtedly the
lccted arrangements which will insure
harmonious relations. The sentimental
effect % these transactions has been a re-
yiyal Ot bun enthusiasm and a rampant
ouii market. while the real effect upon
the value Of these securities has been
discounted TO some extent it is obvious
that these consultations mean more to
me secuitty market than is evidenced by
current prices, as corporations, both in
dustrial and railway. win show yet great
en- returns to shareholders on account of
consolidation. economies practiced and
agreements between them which will in
sure harmonious relations The money
markets OF the world are showing evil
dences of a benignant force at work and
are assuming an easier tendency OF in-
terest rates As money cheapens, sccuri-
ties hu HlbutIs many considerations
doubtless influencing investors beyond in
trinsic worth and with the numerous
deals stimulus has been given specula-
ton which will undoubtedly carry prices
considerably higher before a natural set
back from technical causes occurs The
almost marvellous volume Of security
earnings is rapidly changing the views OF
the most conservative. and Il is no ex-
travagance 70 say that a unanimous esti-
mate OF proper stock values would be
N r1
BY step, one by one, corporation shares
are becoming more profitable .to their
owners, the foundation of general bust
ness Is so strong, the vista OF the future
SO bright that general conditions and
prospects alike warrant increased divi-
dends and higher prices for securities
Until money becomes much dearer and
business conditions unfavorable, faith ia
the investment future Is not likely to
be disturbed and the tendency of stock
values will be upward.
Usually favorable, English and South
ern markets, the realization Of a much
smaller crop movement thus far this
month and a great Improvement in the
dry goods trade both in England and Fall
/ River have been the sustaining features
this week and greatly aided in DESTROYING
! bear fallacics and giving a firm basis to
bull support. Beyond the strength dis
i played an the market by sheer merit Of
cotton ITSELF trading has been Inactive
and dullness has prevailed. This condi-
tioh NdH pc attributed 10 varied opinions
prevailing ass to future course OF prices
the seemingly complex situation and the
great activity Of the stock market which
Is absorbing the almost entire interest OF
the speculative and investment public
Any kind OF a result as to the crops nj
innate outcome can be deduced from the
movement to the 1st OF February. conse-
Quently both sides can obtain compara-
lively strong showings, but reliable ad-
vices from the South fatty contradict
bear estimates and a continuance OF the
lnow small movement will speedily make
small crop estimates popular and have a
stimulating effect upon speculation. the
Southern spot holder and spnners with
small supply theories borne out, and in
ldications now point to this result. the
lonly natural course Of prices will be up-
ward, but even II the crop should bear
lout the large estimates, consumption is
proceeding at such pace that the visible
lt any viii only be slightly larger than
THAT which prevailed the first OF this sea
son, the results of which are wildly re-
ton critically and judiciously in ali its
phases and Il Is not hard to conclude that
the forces Of investment and speculation
IN cotton can never be harnessed to p
bear chariot. English and American
spinners still need enormous amounts ol
cotton the staple being firmly held by ths
strong financial South. Our market IS the
cheapest In the world. In fact 80 chear
that conservative interests confidently as.
sert that an advance here Is positively
necessary to place our market on a part,
with Europe and the South We advise
our constituents to buy for a long and
: steady advance here, sheerly on th'
F. A. ROGERS & CO., Inc.