The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-04-06
REVIEW OF MARKETS
-oxDITIoN OF GENERAL TRADE
DURING THE PAST WEEK.
MAIN TENDENCY DOWNWARD
oyERPRODUCTION HAS IT'S UNFAIL-
ING EFFECT ON PRICES.

rne Cotton Market Rules Easy With
the Demand Light-spirits Turpen-
zine Firm at 33c, with the Demand
tdrht - Resins Firm and I'm
cbanged-CottOn Exchange Closed.
New York Exchanges Also Closed.
The Morning News Office,
Friday, April 5.
The receding markets which have been
+ba order of the week in local commercial
circles have brought the trade in all
branches which were affected, face to face
with conditions which have all along been
looked at askance. Lower prices and
unsatisfactory conditions exist in nearly
avery leading market, and the effect of
these unfavorable conditions is reflected in
other lines which depend entirely upon a
wholesome movement of the leading prod
nets for their support.
While the week brought no further ma
,erial declines in the spot cotton market
.orditions have by no means improved
ae compared with last week. Business
has been done at slight concessions on
rrevailiug prices. 1t is said that exporters
have few orders in hand, as result OF
the Indifference manifested on the part
Of SINNERS at present, their aim being
10 await the outcome of the present I'M
settled speculative conditions, which at
the moment promise to carry prices lower
In the naval stores market lower prices
and decreased demand are what the trade
confront. Spirits turpentine lis now firm
at &c A cent below the lowest last sea-
son. The demand to-day at this price
was not understood to be encouraging.
With the price at this level at the open
ing of the new season, and no sales or
futures as a support to the market the
more conservative of the trade are becom-
ing greatly interested in the possible out
come
Already the new crop is coming to
market. If the movement is hoefal ana
a continued dull demand prevails the re-
suit is almost sure to be an increase in
stocks and a further depression in the
market. Factors are wisely using every
possible means to guard against any I'M
usual piling up of receipts for which there
seems to be little immediate demand.
The conditions in the sea island cotton
market are mainly unchanged. While
there was some improvement in the de-
mand during the past week it was at
lower prices.
one word conveys the generally accept
ed explanation of conditions which have
brought about the declines, and that is
over production A majority of the local
trade are now inclined to regard the
government cotton crop estimate of TO-
100 900 bales with decidedly more serious
ness than when it was first given out.
The sea island cotton crop will also run
away ahead of last year. AS previously
stated in the Morning News the
naval stores crop, as shown
bv official figures from the
Board of Trade for the season ended
April 1, was larger than any previous
crop in the history of the industry With
full knowledge of the disastrous re-
suits to farmers to which present condi-
tons point, both the naval stores and cot
ton trades are bent on lessening the next
crop if possible. Whether they will sue
coed depends largely on the effect the
lower prices have had in disappointing
farmers. Probably nothing impresses
upon producers more forcibly the effect
of overproduction than a lower range of
values. and unless the pinch came in
time it may be that its work will be de-
ferred until the coming crops are mar
keted While the figures are not yet at
hand the sales of fertilizers so far point
to another big cotton acreage.
Activity has characterized both the To-
cal and outside securities markets. Sea-
board Air Line common and preferred,
the Centraps issues, and some of the To-
cal bank stocks have been active and in
demand New York sto &s ruled active
and feverish all week. The following re-
sumo of the different markets will show
comparisons for the week: