The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-06-17
WEEKLY MARKET REVIEW.
stocks IrreguIar-SOme Notable Adj
vEnces-Cotton Steady-Wheat Weak.

vEnces-Cotton Steady-Wheat Weak.
Following last weeks forecast, the stock
market was generally heavy early IN the
week, without any especial activity. Later
there was more doing, and the general
market rallied. with very decided adj
vances in some issues. st. Paul was
the leader, among the railroads, with a
rise of 10 points. Union Pacific and Mis-
souri, Pacific were also prominent All
sorts of rumors were aioat, but the pub
lie Is all at sea, for nobody knows wheth-
er or not any one or several of the big
roads may be cornered or in a condition
TO be cornered at the present moment.
There was more activity among the
industrials. Colorado Fuel being d fea-
ture with a rise from s91s to 1873. Tennes-
see Coal rose IL points to 60 The amaz-
ing report is made that the United States
Steel Company has arranged 10 absorb
the Colorado Company by giving for each
snare of the latter one share of the COM
mon and one OF the preferred stock of
the United States Company! 1t creates
a wonder as to what must be the intrinsic
worth of the United States Steel proper
ty II such terms are made to secure
control of a concern whose stock was
selling few months ago at about 40. The
prove upon the report of the valuable
acquisition.
There was much more doing in cotton
oil, and it advanced some points. Be
yond question this is the cheapest stock
on the list, and as has been pointed out
here before. any activity in it means a
material advance. 1t ought soon to be
over 60.
The bank statement was weak and the
market looks strained for the high priced
stocks. 1t seems sustained only by ma
nipulation and fears of corners. Stocks
are actually selling higher than bonds
as far as actual dividend returns are
concerned. OF course this is due to ex.
pectation or promise of increased divi-
dends on the stocks, but such promises
are deplorably slow of fulillment. Later
on it is generally announced that the
increased earnings have been applied to
improvements, new acquisitions, etc.. and
sometimes instead of the expected divi-
dend, there comes proposal to put out
some more bonds!
Thereupon, it behooves one to be very
careful about buying the stocks of these
suddenly high priced roads, concerning
which there have been so many alluring
tips alluding to extraordinary existing
earnings and future fabulous dividends.
Cotton was weak early, but turned firm
err later. July advancing from 795c on
Monday TO S.2Sc on Wednesday, finally
closing 10 points UP at S.19c. LATER
months show less Improvement. There
has been no marked gain in the crop
condition, on the contrary, accounts are
getting worse in the Eastern section. 1t
is dry in Texas and the annual cry of
drought from that direction is likely to
become audible in a week or two. The
precarious crop condition and danger of
July mauipula ton renders short selling
very dangerous in any position.
Wheat weakened on the government re-
port, declining nearly 4c, and closing at a
slight recovery; July, 701sc. a loss or
about Sc. The bureau report is figured to
presage a yield of about 650.000,000 BUSH
els, or little less than the record crop.
This is a good deal less than the bears
had predicted, but il is thought that the
weather since June l has added some
what to the prospect. Some reaction
would seem to be in order, and sales are
not recommended now except on adj
vances.
VIM. T. Williams.