The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-01-16
TRADE AND FINANCE
,.npENTINE MARKET JUMPS 4
CENT A GALLON.
nays SALES OF R0SIN LARGE
ovrR 1000 RARRELs REPORTED
SOLD AT THE OPENING.

Eirmness of the Turpentine
,,.r1,et Due to Lesser Receipts and
,.roved Demand-spOt Cotton
Easy at Decline of 1-1ec-Demand
cood and transactions satisfacto-
Stocks IrreguInr-LocaI and
Telegraphie Markets.
The Morning News Office,
Tuesday, Jan. 10.
rbe impetus the spirits turpentine mar
Yer derived from lesser receipts and the
,-,nroyed demand carried the price up
-sarnlv to-day. and opening being firm,
-. q-i5c and the closing firm and UNI
.hareed. with the tone very firm. The
,.r,,,d for supplies at the market price
.osned good, and the offerings were read
IL. absorbed. The rosin market closed
srp, and unchanged, with sales of over
,i.o barrels at the opening. The demand
mas from both foreign and domestic
soIrces. and seemed sufficient to keep
,rading active for awhile.
With to-day's decline OF 1-16c in the
snof cotton market, the way for business
from spinners seems to be opened. This
was shown by the inquiry for cotton
which followed the declines, and the sales
made at the lower basis. From the coun-
,ry there came freer offerings, at prices
from l1-l6c to SIC for good middling,
and the disposition to yield started trad
inc. which assumed pleasing proportions
before the closing. The demand was suf
fcient 10 absorb most of these offerings.
The cotton futures market closed steady,
with prices 261S points lower.
LIVERPOOL showed a better tone than
anticipated and the New York market
was expected to open higher, but the liqui-
dation OF yesterday continued, causing a
further decline. say Hubbard Bros. & Co.
The buyers were the sellers of last week,
but could not absorb the offerings The
semi-weekly movement is estimated at
5000 bales receipts. with SO 900 bales ship
ments showing another increase in inte-
rior stocks. Receipts at New Orleans and
Houston were heavy, as compared with
last year. Januarys were for sale in suf-
fcient volume to cause weakness with
the shorts slowly covering. Cotton con-
tinues to point 10 New York, consisting
Of shipments made last week. The de-
cline will probably check the movement
10 New York. The clique brokers were
sellers as opportunity offered.
Cotton advces from Liverpool of 1-52d
decline on spots, to 15-32d for middling,
and unchanged to a shade higher for flu
lures, was regarded as favorable, says
Murphy & Co The New York market
opened slightly above yesterdays closing
prices, but ruled weaker during forenoon
on further liquidation of speculative hold
ings for the Southern account; also local
accounts Short covering and some new
buying at the decline caused small re-
actions in price, but the tone of the mar
ket is nervous, owing to uncertain feel
ng about the outcome of the bull inter-
est in January and the premium for near
months in face of increasing stock of low
grade cotton here. Liverpool closed 2-644
3-6d below Yesterday. Receipts rather
free to-day, and any further decline is
expected to bring out Southern holdings
if the idea of obtaining Ice at home is
abandoned. 1t was rumored that fully 40
900 bales would be- shipped from Texas
to this market for delivery on January
sales If this is true it will have very
depressing effect upon that delivery. Re-
ports of large quantities being held In
Texas are gradually being confirmed. The
bull house on January are supposed 10
have sold very freely this morning-in
fact the market had very little support
throughout the entire session, and the
occasional rallies were due only to short
covering Estimated port receipts, $500
New Orleans expects tomorrow 1S.0OO TO
1900, against 6522 lost year; Houston,
$500 to $780, against 2,49S last year.
The New York stock market was ir-
regular with sharp declines i'll the steel
ers at the closing. Federal Steel fur
nshed evidence of the basis of the bear
raid Reports were circulated to the ef-
feet that a quarterly dividend would be
declared by the directors, instead of the
per cent lump dividend expected all
along On this and other reports sue
cessful drive seems to have been made
against the stock. After the market
closed a per cent. dividend was declared.
The following resume of the markets will
show the tone and quotations at the clos
ing to-day: