Evening journal., 1901-01-12
THE MARKETS
Letter on Stocks, Cotton, Grain, Pro-
visions

visions
Special Correspondence Evening Journal
New York. Jan l2.-The aecurity mar
lSet continues 20 break all records abso-
lutely ar to activity, IN many cases as 70
prices and Notwithstanding some occur
ences that had an adverse effect upon
sentiment, the general tendency OF the
market has been upward. with many
notable advances recorded. Higher in
terest IN London, the recent course of
other foreign exchange rates and The
relative conditions OF the leading money
markets has pointed to the possibility OF
gold oxportation from New York, but
even the probability OF such a movement /
was viewed with eQuanmlty by our fin /
anciers, and it's occurrence will not AFFECT |
the stability of our monetary conditions |
as evidenced by the continued ease OF
our interest rates. However, during the
latter part OF the week. the above de-
scribed foreign money conditions and the
denial OF some of the more extravagant
rumors have had their effect upon senu-
ment. and speculation has been reduced
TO "a more sober spirit Tremendous re-
alization OF profits has taken place under
which prices have reacted, but declines
are not disproportlonate 20 previous large
advances and such recessions as occurred
we're really conducive TO the markets
lhealthfulness Almost all OF the local
news bearing directly upon security val
ues has been favorable and included en-
lcouraging reports Of corporation earn
lings and indications OF continued ease OF
money rates, and Irrespective OF the mar
kcts momentary fluctuations, us DOM.
lnant characteristics are soundness and
lstnbility. and all indications point TO an
exceeding prosperity and high level or
J values for an indefinite time. The actual
conditions Of @ property are its earning
power and physical condition, and TO
one who recognizes the stability OF our
= corporate Industries and their respective
lmoney making abilities, readily realizes
: that the intrinsic worth VIII make future
stock values. and the course OF the mar
J | CoTTON.-The first part OF the week IN
cotton was marked by bull supremacy
, land an advancing market, but liquidation
of long contracts, some bearish pressure
, and indecision on the part OF operator.
generally. were influences not conducive
, to permanent higher values and, In con
sequence prices have reCeded somewhat
D from the high level recorded and were
e only prevented from going still lower by
p the shear merit OF cotton itself In th'
p entire absence OF speculation during th'
latter part Of the week the market ma
been Influenced 10 great extent by TN
[ lcrop movment, spot situation and cottoi
goods trade conditions. that these funda
been unfavorable is indicated by the firm
ness OF the market I'm the face OF larg
sales OF a boarish and profit taking ma
@ ture. The experienced and consefNatV
N element Of the cotton trade predict tha
| future prices will hinge on receipts an
>, the attitude of Southern spot holders
d that receipts are slowly but surely f0llin
a on Is evidenced by the daily crop move
ment. that Southern spot holders recoe
ni7e every feature OF the situation is ais
rs indicated hy the strength Of spot couo
q and small offerings OF same to the hlght
:, ana urgent bids of spinners. The domest
and foreign cotton goods trade IS improN
n ing, increased consumption from now O
is assured and efforts are now natural
being made to show how the probab
supply OF this season may be made 10 =
around. With this laudable object
view Mr. Ellison has worked down his q
innate OF consumption to l0lW.O00 bale
this, however, even upon the bureaus q
Innate OF the crop. would leave us az u
end of the season as bare Of cotton
we We're last year, with nothing wha
IN. ever done toward filling up the reducti,
40 of 100000 bales American cotton whlI
rt Mr.. Ellison rcckons occurred last yea
ai Even accepting the most bearlsh stati
"a tics representing the influences OF q
~ market one becomes convinced that a
81. cllnes will be small. healthful and sh0u
55I be taken advantage OF and higher valu
~ are ultimately inevitable.
30 GRAlN.--rhe course OF the wheat ma
IN ket during the past week has been g.
IN tremely erratic, prices huctuating with
.ry a radius OF cents, but making rap
I'D changes from the highest 20 the 10
Ia point as technical conditions influence
pr. same. Speculation continues active, bu
ul- ing appearing upon declines and sal
ca upon bulges and naturally we can attri
nc ute any change In values almost pure
Iol to the speculative account especlallv
foi there As SO little in trade conditions
loi present that indicate any variation
~ wheuts actual worth.
~ +. A. ROGERS & CO., Inc.