The Savannah morning news., 1900-07-22
TURPENTINE AGAIN DROPS.
UNDER A LIGHT DEMAND THE
PRICE YIELDS Y CENT.


Also on, the Market Being Firm at
the DecIine-Cotton quiet and Tn
changed-InteriOr Holders Decline
to Sell +. o. b. for Less Than From
u to 5-10 Cent Above Local Prices.
Rather Than Accept Less Mill Men
Say They VIII spin Surplus Stocks.
Banks to Again AccOmm odate
Farmer--LocaI and TeIcgraphic
Markets.
Morning News Office. July 21.
The turpentine market is going down
hill precipitously. Another half cent was
lost at the opening to-day, when the mar
ket was posted firm on sales of consid-
cradle lot. To what extent the declines
will go is beyond conjecture, of course,
but the trade are not inclined to take a
very favorable view OF the outlook, which
is taken TO indicate that they will not be
surprised to see still further losses before
the price strikes bottom Liberal deliv-
cries seem to have affected the demand
to considerable extent. and the drop in
the market is said to be partly due to this.
= The rosin market followed suit in the
declining movement, and grades NJ and
above went down ten cents each. AT the
decline there was considerable sales.
showing that concessions had been made
to unload stuff Until to-day the rosin'
market has remained firm with the indi-
cations favorable for a maintenance of
prices.
No change was posted in the local cot
TO market. Futures were up and 70
points, due to a demand on the part of
shorts to cover. Advices from the crop
belt during the day were of doubtful
character, some indicating that mild
showers in certain sections were for the
benefit of the crop, while advices from
other quarters were different and had the
opposite effect on the market.
Locally there is no demand for cotton,
at least at the prices holders ask. Brokers
find that interior holders, including mill
men, are not willing TO sell for less than
from Il to 5-16 cent above local prices f. O.
b. Savannah. They will not make conces-
sicns. Mill men say rather than sell for
less they will spin the surplus cotton they
oHer. The uncertainty of the size of the
coming crop keeps consumers guessing
and they are after supplies as cheaply as
possible, believing that prices will drop
at the opening of the season under the
iNA 90 OlACIlASS tu6y anticipate wall De
thrown upon the market.
The few local bears who occasionally is
oIate themselves to venture an opinion on
the situation do not believe there will be
much holding of cotton at the opening of
the season, and hence expect prices to go
of sharply under liberal offerings. To the
argument that the banks throughout me
South will adopt the same policy they did
last year in making advances on cotton
the bears say they believe many farmers
Will not avail themselves of this for the
reason that interest and incidental ex-
penses of holding the cotton will amount
to more than the possible advance above
the seasons opening prices. 1t is known
that the banks are preparing to accom-
modate all corners, however, and the gen
eral belief is that the policy of holding
which was adopted SO successfully last
season will be repeated. Last year many
banks allowed the cotton that secured
their loans to remain on farms, but they
have given notice this year that they will
make advances only on cotton stored in
warehouses.
The wholesale markets were steady and
unchanged. Produce was quiet and in fair
demand. The following resume of the diff
ferent market will show the tone and quo
tauons at the closing to-day: