The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-01-10
TRADE AND FINANCE
WEDNESDAYS MARKETS
WELDING TENDENCY.
SpOT COTTON CLOSES LOWER.
rspoyDs TO A DROP OF 3 TO 1s
POINTS IN FUTURES.

4. the Decline offerings Are WITH
,.o,xn and Holders Again show n
,7,r,, Hnnd-Spirits Turpenttne
,,orLet Firm at 36c, With the I'm
.artone Quiet and Buyers Bidding
.,.-..-Rosins steady Mt Decline OF
IAN NJ and Below as Inside Price.
,ooI and TeIegraphic Markets.
The Morning News Office,
Wednesday, Jan. 8.
-., effective hammering in both local
..a outside markets brings the level OF
.-,ces for the day below yesterdays The
al snot cotton market responded to the
hack in the New York futures market
:. a decline of 1-16c on all grades at the
olosing. with moderate sales reported on
20 snot. In the naval stores market con-
5i+ions were such as to exert about the
came effect spirits turpentine closing hrm
-, Qsc with the undertone quiet and buy
lrs Kidding below the quotation, and ros-
,rs closing steady with mediums and lows
nc off as the inside prices.
The rise in the turpentine market does
,.ot seem to have been well supported, and
row that this has become more apparent,
bnvers have turned to hammering prices
with decided effect. Throughout the day
tbov were bidding a half cent below the
,notation. and while it was not the gen.
eral understanding that sales of any con-
siderable quantity were being made on
this basis. the fact that the undertone
was very quiet makes it possible that
Concessions may be made unless the mar
let receives sustaining force. Resins
we're about firm at the inside prices. The
wholesale markets ruled quiet, with bus
mess in moderate volume.
The New York cotton futures market
closed steady with prices to 10 points
lower After an opening show of strength
The market withered under stress of liqui-
dation, predictions of heavy receipts for
tomorrow, and rumors that spot markets
showed elements of pronounced weakness.
Speaking of the situation, Hubbard
Bros. & Co., say that-European markets
we're firm under buying by Alexandria
ogerators, causing the New York market
10 omen quiet and steady at an advance
of about 3 points. From this there was a
slow recession under the increase of the
movement at the semi-weekly towns and
the larger estimates for Houston and New
orleans for tomorrow. Notices were IS
sued by commission houses for the de-
livery of consigned cotton on January,
which after causing some liquidation, are
believed to have lodged with the concen-
Grated long interest. The local trade hao
bought freely during the past week ana
found few buyers on the break
Cotton advanced in Liverpool 1-16d on
spots and Sid on futures, say Murphy
< Co The New York market opened on
a range OF to points over last night $
close, locals being the principal buyers,
but prices eased off on selling orders
from Europe and the South. Notices for
about 5000 bales of January were circu>
lated. but a bull house bought little to
check the declining tendency. However,
later on they turned sellers, prices grad
ually declining during the afternoon ses-
sion net losses of the day being about 10
points from the high prices of the ses-
sion Memphis reports great preparations
being made for planting of large crop
next year but everybody is holding cot
ten for Toe basis middling. Port receipts
to-day estimated 25O00 against 5000 same
day last week and last year. Liverpool at
net advance of 212 points. No conspic-
uous trading here.
The following resume of the different
markets will show the tone and quota
lions at the closing to-day: