The Savannah morning news. (Savannah, Ga.) 1900-current, 1900-06-23
REVIEW OF THE MARKETS.
BIG CHANGES IN THE PRICE OF
MANY LEADING PRODUCTS.

During the Early Days Cotton Went
Upward on Firm Liverpool Adj
vices and UnfavOrabIe Weather
Reports From the Cotton Belt.
wheat Scores Big Advance.
Spirits Turpentine Declines stead
lily Throughout the Week-EHpOrt-
Ing From Gulf Ports Has De-
pressing Efect-ROsins Firm and
Unchanged.
Morning News Office, June 22.-The' past
week was crowded with surprises in COM
mercial circles. Conditions backed very
strong bull movement, which carried prices
upward throughout the week, the closing
to-day showing substantial gains over the
closing last Friday The effect was not
only felt in the futures markets, but spots
were marked up quite generally through
out the South. The main support of the
rise in the price of cotton was the firm
Liverpool advices, and the continued wet
weather which prevailed in the cotton
country
Phenomenal advances were reported in
the wheat market, which started upward
Northwest became known. That the crop
will be greatly damaged in those states
is not doubted, and the effect of this mas
been to impart strength to the market that
has carried prices skyWard Trading was
on a large scale, and fortunes were made
in proportion to the ones lost AS a result
of the advance in wheat, flour went up,
the prices of all grades being marked up
during the early days of the week
Turpentine dropped steadily throughout
the week for lack of demand but it was
not altogether apparent what the trouble
really was The price to-day is firm at
42d bid, with the indications almost surely
pointing TO further losses shortly.
The cause of the drop is the large ship
ments which are being made. or will soon
be made from the Gulf ports, including
New Orleans, Mobile, Pensacola and Tam
pa. An entire change has developed in
the handling of naval stores at these
points, due to the withdrawal of the Stand
tard Oil Company, which, until a short
time ago, took the entire receipts of fac
tors at these points on a basis of SaVan-
nah quotations 1t is well known that at
the beginning of the present season the
Standard notified the factors with whom
it was doing business that contracts for
stuff would not be renewed after their ex-
piration. The effect of this decision was
not felt at first, for the reason that few,
IL any, contracts expired for several weeks.
They are now running out at a rapid rate,
however, and stuff is beginning to accu-
mulate In quantities, as shown by the
stocks at these ports which makes il ne
cessary for factors to act promptly.
Anticipating the inevitable it is report
cd the more important factors have es-
tabished business relations with foreign
houses, and are shipping direct all busl-
ness being done on basis of the SaVan-
nah market The fact That marine insur-
ance rates are higher al all these ports
than il is in the port of Savannah makes
against them. but 1t is said concessions
in prices are being made. which makes il
to the advantage of foreign buNersto take
stuff there, at least for the present.
The minor markets We're firm. ana main
~ unchanged. 1t is noticeable that little
preferable fruit stock is reaching this mar
ket. the shipment of the best mostly GO
ing North. UntH choice stock is received
u is not likely the demand for early fruit
will be very great. The following resume
of the different markets will show the tone
and quotations at the closing to-day: