Evening journal., 1901-03-16
THE MARKETS
Letter on stoclSs, Cotton, Grain, Pro-
visions

STOCKS The market this week has
shown great strength ana continuous
upward tendency; he influences AMI de-
VelOpments which have appeared nave
been most helpful for those anticipating
"a rise I'm values Private advices from thc
coal district indicate that there Us little
Likelihood OF sctrike Of the minera and
cables from London are TO the effect that
the end of the South African war is at
hand. TO be followed by an immediate
resumption of the Rand mines. Inc
action of the ST. Paul directors, whose
conservatism IS "a watch-word ln- the
street In placing their stock on an In
creased dividend basis was recorded as
at once significant and suggestive, more
especially I'm View of the fact that the
action was taken at "a time when the crop
situation is stlll uncertain. However, 81.
Paul is on SO prosperous a bass and As
increasing its earnings so largely, Ga gain
of 100000 for the first week in March heng
that II can we'll afford 10 make The in
crease Indeed, IL rs limited that six
months hence. should the crops be good,
81. Paul stockholders may be lurther re-
warded The same interests who have
been huVing Chcsanoakc a Ohio lately are
now purchasers of Norfolk " Western. II
is selling to-day at its highest record
price N appears as N these purchasers
lin the open market are by Pennsylvania
intescsts, who are seeking TO obtain abso-
Lutte control of the property. Manhattan
has been consistently purchased every
day this week, and many blocks have
changed hands at l2l. The general COM
sition ON the part OF some largo buyers
whose Identity remains as great O. mys-
terry as ever. TO accumulate as much
stock as possible afu.na 'i present is-
uros. The continued strength of the
southwestern issues. notably 81. Louis,
Southwestern and Missouri, Kansas q
Texas. we believe TO foreshadow an an
nouncment shortly to be made of the
merger of an the southwestern proper
ties. The statement OF President Gould.
lnf Missouri Pacific, that conaolida-
,tiuns are inevitable 70 this time is appar-
lcntlv chiefly responsible for the relief
/ that these properties will next t cons1l-
I COTTON Speculation in coiton during
| tho past week f1s been exceedingly
lactive. the market has broadenad. new
/ ielemcnts on intuef ' leNe been brought
lahout. and while t,e bears are still ag-
cressVc confidence and adhcrents to the
i bun ranks are returning. The movement
IcCminucs liberal but rapid marketing.
lmcans equally rapid depletion of stocks,
land the large receipts al the ports Indi-
cate an active demand for foreign ac-
lcount, as we'll as disposition on the part
lcf the Southern Spot holders to part With
their cotton before the commencement of
a NV crop. In fact, this is clearly dom
lonstratcd ana the eagcrneSs with which
lhoth domestic and foreign spinners are
taking cotton is assuming that the much
discussed bear theory Of great loss IN
lconsumntion has been greatly eXagger-
lated. Mr. Ellison. the great and accepted
lauthority on consumption assures the
lcotton world that there has been de-
lof cotton of 100000 bales including a de-
lncit OF $4,000 bales in American mil
lstocks. Mr.. Neill has also issued a bull
statement that u these eminent authori-
tiles may be accepted. the visible supply
first of next September will show eX-
lhauSted stocks both In spinners LANDS
land at centres Of accumulation. In ths
ldry goods trade the Spring business Is
Having a stimulating effect and The un'
satisfactory condition Of this branch o
lthc cotton market Is giving way - en-
lcouraging Improvement The period o
speculative Indifference In cotton ha'
lseemingly passed and one OF the most nota
lhlc and cncouraCing features OF the wCcl
lhas been the return ~ good. subs anita
Investment support and with these pri
, lmary and an important influences hein'
lin favor of a further Improvement IN
lcutton pficcs. beyond the small advance
, lalrcady recorded. but &c Is neutral tina
ltho future course of prices VIII continue
toward a higher level
T. a. ROGERS & co. Inc.
I New York Friday. March 10, 1901.