The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-03-01
COTTON SCORES ADVANCES.
LOCAL MARKET GOES UP Slice
WITH THE TONE FIRM.

At the Advance "A Good business Was
DOne-New YorlS's Estimated sales
Were 100000 Bales at the Adj
vance of II TO s3 Points-Apparent
Inconsistency of Wall Street
Firms Advices and Its Actions
Cause for Local Comment-Navni
stores Quiet and Steady-LOcaI and
TeIegrnphic Markets.
Morning News Office Feb 9S-The ad-
vance of S-l6 cent in the cotton market
was the best for several days past, and
was to some extent a surprise locally.
New York jumped at a lively rate during
the early session ON heavy buying, clos
ing easy and irregular at a net advance
of II and "a points, with sales estimated
al a million bales. which is the largest
business, with few exceptions, in the his.
tory Of the cotton market. Liverpool also
advanced, notwithstanding the fact con-
siderable cotton is being received in that
market at present to the great relief of
shippers.
The general opinion among the local
trade is that the price of middling basis
which Closed to-day at 91-l6c, win reach
ten cents in a short time. The only fac
tor that may prevent this is the heavy
receipts, but it is not currently believed
the receipts will continue large a great
while.
Attention has been attracted several
times this season to the special kilograms
of Price, Mccormick & Co., the New York
brokers who led the bull campaign up to
few weeks ago, when they changed
front, much to the surprise of Southern
cotton men, by advocating that the mar
ket, then about eight cents for mddling
was at its highest. Few took the same
view of the situation, and did not there
fore follow the FIRMS advice to sell at
prevailing prices. The market continued
steadily upward, and the tendency has
not changed since the opinion was given
out The local trade still receive advices
from this firm as to what is best for them
to do with their cotton. The last was re-
ceved Tuesday, and is as follows: I'm
view probable large planting and present
large receipts further advance cotton inn
probable. Regard purchases present prices
dangerous" The surprise of the recipients
of these messages may well be imagined
when. private advices were received yes
Il
the firms account at the highest prices
of the day. 1t was said their purchases
run into the thousands of bales. The
above message was supposed TO be filed
| in New York after the closing of the ex-
change there, or at least, 1t was received
as night message. This fact caused COM
ment, and had many dealers wondering
how the firm bought so freely this morn
! ing when they considered it dangerous"
according to their advices. In comment
ing on the large buying Murphy & Co.
say that the absorbing demand for South
! ern and local account kept New York ac.
|. tive and firm, and being followed by very
| large purchases, supposed to be for the
| account of Price. Mccormick e. Co., start
ed prices up to 800 for August, at which
liquidation was free. The daily New York
| cotton comment says the feature of the
| buying in that market was the business
| of Wall street firm, which bought enor-
mously with apparently limitless and
| special demand for August contracts The
reported action Of the firm was subject
| for discussion among the local trade
Naval stores was at a standstll until
| after the closing when a few sales of
| resins were made below quotations for
! three grades, and % cents above for N.
| Spirits turpentine was quiet at So cents,
Z with a light demand. The wholesale
branches were firm and active. The fol-
! lowing resume of the different markets
| will show the tone and quotations at the
! close to-day: